slovakia property market looking like one of best in europe
News Posted On: 05 July 2010
When we look around Europe now for emerging market property investment opportunities, they are pretty thin on the ground -- anything to really get excited about anyway. One country that keeps on coming back to us is Slovakia.
We ran a look at countries with investment potential at the end of 2008 when we proudly proclaimed that Slovakia was the best in the bunch. At the time we said that while growth forecasts weren't as big for Slovakia as they were for other countries, that its current account was in a better condition than its main competitors and its economy on a more stable footing.
Since then all the countries we looked at back then have suffered a recession of varying severity. And while Slovakia has not avoided such fate we have still been completely vindicated in our recommendation. This is because Slovakia fought off the recession far quicker and easier, and its property market was far less affected than its competitors (Hungary, Romania, Poland et al). In fact, Poland is the only country out of this group that has done anywhere near as well in our humble opinion.
Since returning to growth in the second quarter of last year, Slovakian GDP was 4.5% up year on year in the first quarter, according to Eurostat's first estimate published recently.
The Knight Frank house price index is also positive on Slovakia. It shows prices down 8.3% year on year in the first quarter, 2% down in the six months ending Q1 and 0.1% down over the quarter. While this isn't the best in the world it is the best in that group and does show a likely return to growth in the near future.
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