The beginning of 2025 brought growth to the construction industry in Slovakia, which was the highest since April 2024. January construction production reached 436.1 million euros, which represents a year-on-year increase of seven point two tenths of a percent. This growth was mainly due to dynamic growth abroad, while the domestic sector grew only slightly. However, experts expect a turnaround no later than mid-year.
The Slovak real estate market struggled with high interest rates and investor uncertainty in 2024, leading to a 19 percent year-on-year decline in investment. However, some sectors showed resilience – retail and residential real estate saw growth. 2025 should bring a revival in investment activity, mainly due to falling interest rates and growing interest in larger transactions.
The new Construction Act, which will enter into force on 1 April 2025, brings with it a number of significant changes that should significantly affect construction and construction procedures in Slovakia. The new Construction Act has a positive impact on the efficiency of construction processes, promises a significant reduction in the administrative burden and should strengthen the professionalization of the state construction administration. Are brighter times ahead?
The third annual Green Roof of the Year 2024 competition, organized by the International Climate Adaptation Research Institute, brought awards for the best green roofs in Slovakia. The winners of various categories were announced at the international conference in Bratislava, including two-time winners Matej Erd from industrial stavieb.sk and Richard Masár from Landart in the categories "Public Green Roof 2024" and "Green Roof 2024 - Innovations".
The year 2024 was a challenging one for the Slovak real estate market, as the total volume of real estate investments reached EUR 484 million, which is a year-on-year decrease of 27 percent. The main reason was the tight monetary policy of the European Central Bank (ECB), which kept the base interest rate at a record high at the beginning of the year. This affected investment activity and caused several investors to reconsider their strategies. The change came only in June, when the ECB, after a long period of tightening monetary policy, proceeded to reduce interest rates for the first time.
Penta Real Estate began construction of the first phase of the Chalupkova office building project in late 2023, which will transform a long-term unused location in Bratislava's Old Town. In early February, it submitted the Environmental Impact Assessment (EIA) documentation for the second phase of the office building to the relevant authorities. Preparatory work on the land is planned for the second half of 2025.
There are already 200 buildings in Slovakia with international sustainability certificates. Most of them – up to 76 percent – have received the BREEAM certificate. In addition, the LEED and WELL rating systems are also applied in our country, informed the Slovak Green Building Council (SKGBC).
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