There's a good article on the present state of the property market in Slovakia. You can find it here...
http: / /www .spectator .sk /articles /view /35310 /21 /real _estate _market _returns _to _earth .html

The central theme is that too many apartments have been built for the higher end of the market - more than demand exists for. Also that the specs of studio and one bed apartments have been too high i.e. not affordable for many.

The article states: 'People are now looking for ordinary residences at reasonable prices'.

It's basically commonsense - build or invest in what the market wants and can afford. It's the first thing that should taken into consideration in any property investment anywhere, but too often it seems it's given little thought.

I've just returned from looking at my appartments in Bratislava old town. The bad news for me was that the rental market is down about 25% and I have a 4 month void on one property.

one agent said to me that the less central new build properties were popular for the foreign execs who want a parking space and like the facilities at some of the newer blocks (she sited a pool at one for instance). Of course I met someone else who thought this was an oversimplification - but I can see that some will like one and not the other and vice versa. Thats life!

What they did agree with however was that many locals don't want to buy the new build appartments because they are expensive and also they prefer to move out of town where they can get a house with a garden. Because Bratislava is relatively small, commuting from such places doesn't take too long.

Some new build appartments have been discounted by 50% (those on the river park or Ballymore sites that were in the worst positions).

On the plus side I bought my appartments just under 3 years ago for £135k each. spent about £25k doing them up. Yesterday I was offerred 245,000 euros for one of them but I'm sure the guy is flipping it to someone else (why not!) so I hope that means that someone else is prepared to pay more for it. At todays rates thats about £213,000 which given the market is very quiet and depressed I was actually quite pleased about.

All in all I've decided to hold mine rather than sell. The Old town was busy and buzzing on tuesday evening and the low pound has put off the boozy stag parties that were becoming a problem for the city, which is a positive. Some of the grander but decaying old buildings have been restored since my last visit 2 years ago which I was impressed by and an indication that the city continues to improove.

On the way in from the airport many of the fledgling retail and business parks are now finished and the place had a positive, modern feel to it.

The taxi driver seemed to think the economy was still 'good' rather than 'bad' which I wasn't expecting.

the main downside was that everything seemed expensive - the high euro relative to sterling doesn't help that of course and as the locals say it is still better that they are in the euro than out of it given what has happened to the independent currencies in CEE.

I hope that little update is useful to someone!

Both very useful articles for myself. I have recently had to reduce the rent on my apartment in Bratislava to keep the tenant in. It is now costing me money to run, so I enquired about selling the apartment. Having bought it for £56,000 (in 2005), add say £3,000 to fit it out, I was quoted 125,000 euros as a selling price, which is £108,000, give or take.

Given the state of the market I was more than happy as the ROCE would be very good, but I was strongly advised not to sell at this time. So stick it is, for now.

This makes interesting reading and really helps, so thanks for the information.

I was in Bratislava in December and very impressed with the city and the improvements that had been made since my previous visit of 12 months earlier. I did notice that the old Town seemed quieter than expected during the build up to Christmas, but I gather the city was taking a breather prior to Euro adoption.

I have an off plan apartment in mid construction (completion mid 2010) and nervous about the market. I was told if I flip I get my money back which I suppose is pretty good when compared to most other markets, but there is a glut of apartments for sale and rent which makes my decision tougher.

On balance I still believe in the city and the reasons why I bought have not changed and so I will see it through providing I can get a mortgage in the autumn. One of the deciding criteria for me was the "Vienna factor" which has not been mentioned so far. It is so easy to commute to Vienna from Bratislava especially if you live within striking distance of the freeway and so as long as Vienna is expensive there will be those who would "rough it" in Bratislava! What hardship.

I'm not sure I buy the Vienna factor. The local agent I spoke to on Tuesday said that shops in Bratislava are now so expensive people are starting to go to Austria to do their shopping!

Are there any stats that say how many people live in Brat but work in Vienna?

Property in Austria (inc. Vienna) is much cheaper than many european cities. Bratislava is not far behind now.

Of course wages are still much lower in Bratislava so I don't really understand the price / wages dynamic at all.

I remain to be convinced. The Vienna factor sounds like the sort of thing property agents tell foreign investors!

I'm not sure I buy the Vienna factor. The local agent I spoke to on Tuesday said that shops in Bratislava are now so expensive people are starting to go to Austria to do their shopping!

Are there any stats that say how many people live in Brat but work in Vienna?

Property in Austria (inc. Vienna) is much cheaper than many european cities. Bratislava is not far behind now.

Of course wages are still much lower in Bratislava so I don't really understand the price / wages dynamic at all.

I remain to be convinced. The Vienna factor sounds like the sort of thing property agents tell foreign investors!