Delaying the purchase of a property in the capital city can be very costly, given that the prices have been increasing in the long term. In certain city districts, these prices rose by up to 33% in the course of the year. Despite this fact, more than 89% of potential buyers plan to buy their property within 3 to 12 months or are in no rush to buy at all. Only 10% of potential buyers are actually willing to make a purchase immediately. These are the results of the survey of preferences held by HERRYS agency at the end of 2021. Does it pay off to wait?
The real estate market in Bratislava has long been characterized by constantly rising real estate prices caused by increasing demand and deepening shortage of affordable properties on the newly-built market, as well as on the secondary market. As demonstrated by the survey of preferences and market organized by HERRYS agency in 4Q 2021, almost two thirds of respondents expected the prices to rise further in the capital. Paradoxically, up to 80% of respondents planning to buy a housing property continue to hesitate and delay their purchases. Unlike them, the investment buyers make prompt decisions and do not hesitate to buy. Nevertheless, the analysts warn that the prices are not going to drop any time soon, which means that if someone is serious about buying a property, especially for his/her own housing, s/he should not wait.
As concerns financing, more than 70% of respondents intend to finance their purchase by taking out a mortgage. Up to 75% of respondents continue to consider buying real estate as the money best invested and a low-risk investment. And nearly 30% of respondents plan to buy a property as an investment, protecting their savings against inflation.
The demand for larger apartments does not reflect supply
The majority of people looking for new housing are in their thirties, followed by people in their forties. The survey showed that most of them are primarily looking for larger apartments. However, the current offer does not reflect their needs or their budget. In the end, the majority of them is forced to make a concession or compromise, many times at the expense of location. Despite the fact that location remains the key and most important factor when choosing a property. The buyers prefer easily accessible and, at the same time, quiet locations with the Old Town remaining the most attractive location, closely followed by Ružinov. The survey results thus copy the trend seen in real estate sales, as observed by HERRYS agency.
The survey was conducted online. A total of 1133 respondents participated, of who 52% were female and 48% were male. More than half of them were respondents aged 31-50, residing in Bratislava. More than two thirds of respondents were also university graduates.