The dynamics of Slovakia’s industry continues to slow. While in February the an‐nual growth of industrial production slowed 6.5 percentage points m/m to 10.8%, in March the pace decreased to 6.8%, informed the sta‐tistics office SU. (HN/14)

Construction

In March, construction output grew for the first time this year. Compared to March 2010 it increased 0.5%, informed the SU. In 1Q of 2011 however, construction out‐put dropped 2.5% y/y. (sme.sk)
Trade Foreign trade ended the first quarter of this year with a surplus of €354.6m, 20% higher annually, informed the SU. Exports were up 24% to €13.209bn, and imports grew 24% to €12.854bn.
Last year the trade surplus came to €137.5m. (HN/5)

Trade

Foreign trade ended the first quarter of this year with a surplus of €354.6m, 20% higher annually, informed the SU. Exports were up 24% to €13.209bn, and imports grew 24% to €12.854bn.
Last year the trade surplus came to €137.5m.

As a result of the balanced economic growth in Slovakia during the boom times, there was no significant real estate bubble created which could be compared to that in Ireland or Spain.

73% of real estate transactions in the country are performed in Bratislava and surrounding localities.

80% of all mortgage contracts are realized in Bratislava.

People living in Bratislava earn 50% more than those living in the countryside by average.

The price of real estate in Bratislava is double that of the countryside.

The number of unsold newly build apartments decreased from 5,000 to 3,000 between 2009 and 2011.

Unemployment rate in Bratislava is 4%. In Slovakia it is over 10%.

Mortgage sales rose by 18% this year.

85% of the Slovak population owns property without any mortgage.

For those who are thinking to sell their Slovak property, it seems to be the right time, if they purchased before the prices went to the peak during the years 2007-2008. Investors who purchased at peak prices are advised to wait until the prices start climbing again. According to industry experts the growth

Source: various speakers at Building Forum conference – April, 2011 Bratislava

Overall the service is excellent and I am very impressed with Michaela and Zuzana. Thank you! Ian J. B. – 2010 England

I am very impressed with ceinvest and hope to continue a happy relationship for a long time to come.Congratulations! Keith K. – 2010 England

Hi Michaela ,
Just a note to say that we got all the Sale money through today and I thought that I would take this opportunity to thank you very much indeed for the excellent Service that you have given me over the years.
We have found you always very helpful and you have given us very wise counsel and advice!

So many thanks again. Take care , Kind Regards , Chris – 2010, Jun

Make sure, your electric bills are paid on time

1. The electricity provider disconnects the service.

The invoice is due upon 14 days of issue. A reminder will be delivered 3 days after the due date via sms and e-mail. A registered reminder will be sent 7 days after the due date, where the date of disconnection is specified, with a warning, so customer has 14 more days.

1. The fee for the reminder is 1.73 EUR.
2. Reconnection costs 56.60 EUR and it takes 2 or 3 days.

TIP

If you know in advance, that you won’t be able to pay your bills, get in touch with the electric company as soon as possible – in most of cases they are flexible to agree a settlement. If you have a big outstanding amount (more than 100 EUR) – you will be able to negotiate a payment calendar, which you can require over the phone.

Slovakia is coming out of the crisis, the GDP is rising, the growth rate in the first quarter of 2010 was one of the largest in the EU – 4.6%. Property prices have begun to rise in the spring of 2010.

Since there was a dramatic increase in property prices during 2007-2008, a bubble was on the property market. This caused an average 20% drop in 2009-2010. Construction projects have stopped, except for a few exceptions; there has been a lot of downsizing and restructuring in the industry.

Mortgage in Slovakia

Not right now. A 60-65% LTV can be expected. However, you have to count with several restrictions. For example banks currently take into account when applying for mortgage only incomes in the country of your residence. If you are self employed, your mortgage application might be rejected if you are non-resident.

Legal Services Slovakia

Between 1 – 1.5% of the purchase price.

The fee covers drawing up the contract; verifying the information on the property, the identity of the seller as well as buyer; handing in the purchase documents to the Land Registry; and following through until new ownership is registered.

Legal fees in Slovakia are paid in advance by the buyer.

Property tax is payable every year to the local government (local municipality). It is based on square meter area. The tax varies from town to town, in many places there is no tax on residential property, unless it is rented to a business.

It is not required. However in most Bratislava buildings a certain amount of insurance coverage is included in the mandatory common costs payable to the building. When taking a bank loan, it becomes a requirement.

Flat Insurance in Bratislava

CE Invest will not manage apartments without a valid homeowner’s insurance. There are reasonable annual insurance packages which are tailored for rental apartments.