Buying a property in Slovakia and obtaining a Slovakian residence
Purchasing a property in most countries, including Slovakia, will not lead to a residence in that country. Slovakia does not impose any restrictions on citizens of other countries who want to buy a property, so people who live or study in this country can buy a property. However, people cannot apply for a residence permit in Slovakia by getting a residential property. Currently, only a few nations grant residence through the purchase of a property. These countries issue visas as visa vases program or golden residence for individuals. Among these countries, we can mention Portugal or Spain, which also has provided excellent conditions for people. One of these appropriate conditions is that you earn the same amount that you paid for the purchase of a property after five years. We suggest that if you want to get a residence permit by buying a property, you can choose one of these two countries.
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Buying a property in Slovakia and people who are qualified to buy a property
When it comes to buying a property in Slovakia, the critical point to know is who can buy a property in this country. Since joining the European Union, almost anyone can buy a property in Slovakia. The independent real estate market in Slovakia does not discriminate between Slovak citizens and foreigners residing in Slovakia. It also does not matter where the buyer intends to purchase a property, whether it is in the cities, the suburbs, or mountains of this country. The only exception for foreigners is that they cannot buy agricultural land and forests. According to the Law on the Protection and Use of Mineral Wealth, foreigners and non-Slovaks can only purchase these properties if they reside in the country and have been in business for at least three years. In any case, a foreigner can (directly or indirectly) buy any property in Slovakia.
Slovakia pays a lot of attention to development, the reconstruction, or construction of real estate and has done a lot of work in this area. In the following table, we discussed the expenses that this government has made for reconstruction, modernization, production, and construction form 2005 to 2008:
| Construction development | |||
| Year | New structures, reconstruction, and modernization | repairs and maintenance | Total domestic production |
| 2005 | 3,108 billion euros | 756 billion euros | 3,886 billion euros |
| 2006 | 3,850 billion euros | 813 billion euros | 4,689 billion euros |
| 2007 | 4,320 billion euros | 798 million euros | 5,136 billion euros |
| 2008 | 4,945 billion euros | 1,074 billion euros | 6,040 billion euros |
The legal process for buying a property in Slovakia
As mentioned, there are no legal restrictions for foreigners on buying a property in Slovakia. There is a huge variety of apartments, studios, and villas (usually with a small hallway, a single room, and a kitchen) to multiple apartments and large penthouses. Usually, the prices do not depend on the number of bedrooms. For example, the price of a three-bedroom apartment is the same as an apartment with two bedrooms and a living room.
Once the buyer chose a home, one must pay 10% of the property price as a deposit to secure it for the legal process and initiation. At this time, the parties will sign a pre-purchase agreement.
If the buyer changes one’s mind, then one is responsible for all the expenses that the property owner made. It means that the expenses for all the legal work will be deducted from the deposit, then the rest will be returned to the buyer. On the other hand, if the seller changes one’s mind, one will be responsible for paying these expenses, and the deposit will be returned fully to the buyer. The next step in the legal process of buying a property in Slovakia is the process of preparing a property report by a surveyor. The surveyor will submit a copy to the lawyer so that one can prepare the final contract. Both parties will sign the deal, and the buyer pays the seller the set price at this stage.
Cadastral registration (katasternehnutelnosti) indicates that the land is secured by mortgages, other legal transactions, and the property owner is exempt from government loans for the property in question. Currently, all Slovak agencies have prepared these documents to provide a cadastral document (Kataster) containing the legal status of the property before the sale.
The submission of a cadastral document may not take more than three months to protect against any legal dispute. It is recommended that the buyer request and obtain a copy of the cadastral document before paying the rest of the property price. After four weeks, the certificate of the desired property is transferred to the buyer.
The cost of buying and renting a property in Slovakia
It is necessary to discuss the rental costs, as well as the purchase price of a property in Slovakia. Usually, the first city that comes to mind is Bratislava in Slovakia. The price of a property in this city starts at around 120,000 euros and will go up to about 400,000 euros. It is even more expensive in larger properties. Slovakia grants loans to foreigners to help them buy property in this country, just like other European countries. The interest on these loans will be between 5 and 7 percent; these loans will help people a lot. Foreigners can buy a property in this country in two ways:
- First: the applicants can buy a property and rent it to tourists or for investment.
- Second: the applicants will buy a property to use on vacation for fun and relaxation.
The following table shows the prices of buying and renting a house in Bratislava:
| Renting and buying a property | Prices (euros) |
| Rental fee of an apartment (one bedroom) in the city center for every month | 590.91 |
| Rental fee of an apartment (one bedroom) off-center for every month | 453.55 |
| Rental fee of an apartment (three-bedroom) in the city center for every month | 978.28 |
| Rental fee of an apartment (three-bedroom) off-center for every month | 709.62 |
| Price per square meter to buy an apartment in the city center | 2,878.46 |
| Price per square meter to buy an off-center apartment | 2,065.32 |
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