Buying Property In Slovakia

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buying property in slovakia

Slovakia is popular for its natural thermal springs and world-renowned spas that draw a multitude of visitors each year. The country is also home to many natural attractions such as the Tatra mountains, hundreds of caves and areas that have been classified as UNESCO heritage sites.Since Slovakia is a member of the European Union, anyone is allowed to buy property in the country. There is no discrimination on the basis of citizenship in the real estate market. This applies to all types of property, ranging from countryside homes to apartments in the city. However, agricultural and forest land is exempted from this rule, since the law states that foreigners are not permitted to buy or receive such land as gifts. However, foreigners can buy or receive such land if the buyer has conducted business on the land for at least three years and also has temporary residence in Slovakia.

Residential property prices in the Slovak capital Bratislava jumped during the Covid-19 pandemic, driven up by strong demand, low supply of residential real estate at reasonable prices, and cheap mortgages.

not true..more info bellow or on request Since joining the European Union, virtually anyone can buy property in Slovakia. The real estate market is open and does not discriminate neither citizenship, nor place of residence. Also, it does not matter whether the potential buyer wants an apartment in the city, house in the countryside or cottage in the mountain area.The only exception is agricultural and forest land. According to the Law on protection and use of mineral wealth (Mining Act or so-called Water Act 184/2002 Coll), foreigners can not buy or receive such property as a gift. However, from the 1st of May 2007 foreigners can buy (or get as a present) agricultural and forest land, provided that the potential buyer conducted business on the land for a minimum of three years and has temporary residence in Slovakia.Also, according to the legislation, legal persons (companies) having registered seat in Slovakia, are also considered as Slovak residents and as such, can purchase agricultural or forest land without any restrictions. So, for foreigners there is another option of establishing a company in Slovakia (which is very easy) just for the special purpose of buying such a property. Either way, if a foreigner wants, he/she can buy (directly or indirectly) any property in Slovakia.The property market was fully liberalized in May 2011, when the transition period negotiated with EU ends. But even nowadays, it offers some of Europe's best opportunities with low prices and solid growth (for the right type of property in the right area). And, of one thing foreign investors can be sure – as virtually all property sales are sold to locals, and 95% are owner occupiers in their family apartment or house, so investors will always be able to sell their property on to a Slovak buyer, ensuring a safe exit.

Property Buying ProcessBuying property in Slovakia is not very different of buying property in any of the EU countries. It is actually quite simple. Here is a step-by-step guide:The process of searching for property is successfully completed, the buyer made an offer and the offer was accepted by the recent owner. Buyer and seller agreed to all terms of trade.The buyer then lodges the whole price (or an agreed deposit) to a notarial custody or to a bank account where funds are kept till the property right is transferred to the buyer. At this time, there is an official pre-contract agreement signed by both parties. This sets out the terms of the deal, as well as locking both the buyer and seller into the deal. (If anyone changes his/her mind after this, he/she will have to pay any agent's costs to the other party.)Buyer should make sure to have a survey carried out through an independent surveyor. When the surveyor's report is arranged and sent to the solicitor in order that the sales contract can be compiled. All of the documentation should be translated into the buyer's language.Both sign the sales contract. The seller's signature must be verified by a notary or the registry.The purchase price is released to the seller after the buyer gets an extract from the cadaster (Slovak national information system) denominated in the name of new owner or the purchase contract was confirmed by the cadaster with an indication of ownership permit. This process usually takes about 4 weeks.For legal certainty, buyer should never pay cash before the transfer of property ownership is finished.If someone sells or buys property through real estate agency, the agency will ensure a comprehensive legal service and prepare all the documents necessary to transfer ownership of the property. Another possibility is to contact a lawyer for preparing the contract, but lawyers will not monitor the sale itself.[Moderated]

Too often, abandoned buildings are left to fester for years, with no attempts to remediate its condition. The problem is both an issue of money and will for both the municipality and owners of the property. Protection may be allotted for certain buildings in the form of a historic registry, but this does not always allow for rehabilitation of the structure and definitely does not include all buildings that have positive emotional value, e.g. many rail stations in Slovakia are abandoned and do not have historical protection. Whether a building is historical (registered) or abandoned, there is a need to incentivize people to invest resources into the objects that would benefit both the owner and society as a whole. This suggests the need for active intervention rather than bureaucratic indifference. From this perspective and the literary review, we have highlighted some of the tools that could be used to gain interest in these objects according to the level of intervention (Tab. 1).

The mayors of commuter zone mentioned the good location, close to the city with plenty of job opportunities, good infrastructure and good services as the main reasons for their attractiveness. The mayors of the hinterland area cited beautiful nature, good infrastructure, and good services as the main reasons. Both groups agreed that they consider it less important: the possibility of buying real estate at a good price, a lively social and community life, or a nice architectural appearance of the village.

The mayors from commuter zone mentioned the good location, close to the city with plenty of job opportunities, good infrastructure and good services, as the main reason for their attractiveness (Fig. 2). While, the mayors of the hinterlands cited beautiful nature, good infrastructure, and good services as the main reasons (Fig. 3). Both groups agreed that they consider it less important: the possibility of buying real estate at a good price, a lively social and community life, or a nice architectural appearance of the village.

But, after 2005, the fate of this and other cinemas in Slovakia have been sealed by modern multiplexes that offer efficient cinema operations. Today, the only functional cinema, Europa Cinemas multiplex, suffices to accommodate Banská Bystrica and its surroundings, and the House of Culture was abandoned. The city of Banská Bystrica expressed interest in buying this building, in 2007, but its original owner, the Trade Union KOVO, received a better offer from the development company VAV Invest, s.r.o. This private company presented an ambitious plan to restore the House of Culture, but eventually it went bankrupt. The city of Banská Bystrica has expressed interest in purchasing this building several times, but was discouraged by the high price demanded by the seller. Since 2017, this building has been on offer with its price being presented to interested parties upon request. Even after many years, the future of the House of Culture remains uncertain and without a vision for future use. With the current financial crisis caused by the coronavirus pandemic, the problem of this object may be extended for years to come. (Cervenansky, 2020).

Research has shown that the number of inhabitants in the municipalities of the hinterland is decreasing more than in the commuter zone, which was also confirmed by data obtained from the Statistical Office. But, this fact has not influenced the abandonment in the researched municipalities, which is in line with McLeman (2011) who states that municipality abandonment is a possible result of population decline but is not inevitable. One of the main goals of our research was to map abandoned buildings, as well as to identify emotional value of these building and the instruments needed for their reconstruction or removal. The emotional value of a place or building brings a nostalgic sentiment, which is a main concept of so-called nostalgianomics. Nostalgianomics explains that nostalgic sentiment can be used as an economic and creative force, as an incentive for investment, housing and urban planning (Krugman, 2017; Murray Svidroňová et al., 2019). Buildings that are important for the inhabitants and have a positive relationship with them (e.g. from the point of view of history) and require repairs, are registered in their municipality by up to 93% of mayors in the commuter zone and 84% in the hinterlands. Nostalgic sentiment can incentivize people to invest resources into the objects that would benefit both the owner and society as a whole. This is mostly happening due to activities of non-governmental organizations who find the ways of repurposing the unused buildings, e.g. an old bastion for a literary café or return the property its original use (Cole et al., 2020; Horvat, 2020); and also activities of communities and informal initiatives (Borseková et al, 2016, Murray Svidroňová, 2021). 041b061a72