How did the coronavirus affect real estate prices?
The coronavirus pandemic has not only affected people's lives, but has also affected real estate prices in the real estate market. If you thought that the rise in prices had stopped, you would not be surprised.
Real estate prices are still rising
Living in your own family house or apartment is a dream idea of an increasing number of families, but also individuals. For many, buying real estate is a good way to invest and value your money.
In the real estate market, prices rise every year. The coronavirus pandemic did not help to improve the situation either. According to the National Bank of Slovakia, average real estate prices rose by as much as 11.9% year on year last year. Real estate prices have risen throughout Slovakia. The largest increase was recorded in the Bratislava region.
The coronavirus affected real estate prices
Real estate prices are rising every year. One of the main reasons is the constant demand for one's own housing. In the real estate market, a small supply of apartments has been a problem for several years.
Due to coronavirus, the supply may be even lower. Developers or construction companies are also affected, as they have been forced to reduce their investments or postpone planned constructions. Another problem is the increase in the prices of building materials and their lack on the market.
Precisely because of the coronavirus pandemic, many banks have taken action and allowed deferrals of loan repayments. Also, the offer of banks for applicants for mortgage loans is still very favorable. Low interest rates and a long-term shortage of real estate will cause further price increases.
Are you thinking about buying a property?
Buying a property needs to be carefully considered and thought through, as it requires a considerable financial and time investment. Making the right decision and fulfilling your dreams and ideas about your own home is sometimes challenging. When buying, it is necessary to evaluate your financial situation and get as much information as possible about the market and real estate you are interested in. This will prevent unpleasant surprises that could increase your budget.
