 Zilina Real Estate Market overview
Some of the most interesting real estate opportunities currently in Slovakia can be found in the region of Zilina. From 2006, the main factors influencing the real estate market in the Zilina region are the continuing development of the area, due to the South Korean automotive company KIA building a plant near to Zilina, and the general progress in infrastructure from using European funds. It is also worth mentioning the decision of another automotive company, Hyundai, building a plant in Nosovce, in the Czech Republic, which is a neighboring region of Zilina.
A summary of the most important areas of construction is as follows:
- Building of the KIA company together with those companies of its suppliers
- Building of the highway between Bratislava and Zilina
- Building of sewage in almost all villages close to Zilina
There was a gradual price increase in all parts of the real estate market, in 2006. The prices of older and smaller flats in Zilina and Trnava are the second highest in the whole of the Slovak Republic, after Bratislava. There is a smaller demand for larger sized flats (3 and 4 rooms), because there is currently not the buying power of the people from this region.
There is also more problematic financing, because the National Bank of Slovakia raised basic interest rates from 3.00% to 4.75% during 2006. However, this should just be a temporary increase, because the Slovak economy had strong economic growth at the end of 2006 and it also has very positive predictions for 2007.
Investments and development
Several buildings in bad condition changed ownership and were reconstructed in Zilina city centre e.g. Hotel Polom, Hotel Dubna Skala and the residential HV Residence 21 (under reconstruction). There is also the newly built Hotel Holiday Inn, in Zilina. Newly built residential projects in Zilina, Villa Dome I and LBG, Sasvarka, are already under construction and planned projects include Amfiteater, Renox, Europalace and Color Park.
Zilina Airport
The major factor in the usability of the airport is the length of the runway. It will be necessary to extend the runway in order and it will be provided in two phases to the length of 2100 meters. The width of the take-off and landing runway, 30 meters, and take-off and landing strip, 150 meters, will remain. These parameters will enable the provision of flights with a capacity of 120 -150 passengers between Žilina and the whole of Europe as well as holiday resorts in the Mediterranean.
Find more information about the Industrial park at Zilina Airport.
Prices in Žilina
Prices in Žilina rose from 10% to 15 % in 2006. Behind this increase was large investments in the automobile industry in this region. The biggest demand is for 3 and 1 room flats. Older 3 room flat costs around 1.1 to 1.2 mil. Sk, smaller house costs from 2 mil Sk, the prices of newly built apartments are around 30.000 Sk/m2 without VAT.
Among the sought after addresses in Žilina are Hliny V a VI, the city centre, especially Holleho street, old and new Bôrik and the Budatín suburb. The prices of flats and houses in this location are higher because of better quality of living then other parts, such as Solinky and New Žilina, can offer.
The prices in villages around ŽIlina are lower. You can buy a property cheaper here by 20%.
In 2006, the prices of older flats have increased in Žilina by around 20%. The developers already believe in this region and currently new projects with hundreds of flats are being built here. The prices are much more lower than in Bratislava as well. A newly built flat in Žilina is cheaper by 20% then the cheapest newly built flat in Bratislava.
If you would like more information about purchasing property in the Zilina region, then fill out our inquiry form and an English speaking representative will get back to you.
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