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Slovakia
Market sizing
Slovakia
Europe
Invested stock
(Total stock)
n/a
n/a
EUR 3,335bn
(EUR 8,201bn)
Liquidity ratio
(10y average)
n/a
n/a
5.6%
(4.6%)
2014 volumes
(10y average)
EUR 571m
EUR 290m
EUR 187bn
(EUR 142bn)
Market pricing – Bratislava (Q4 2014)
Office
Retail
Industrial
Current Yield
7.00% 6.25%
8.00%
Min/Max (10y)
n/a
n/a
n/a
Yield definition
Net initial yield
Source: DTZ Research
The investment market has recorded a
significant upswing in 2014, mainly driven by
retail transactions. The largest transaction
was the sale of Eurovea by Ballymore Group to
a private investor, followed by the disposal of
Aupark Košice and Aupark Tower Košice offices
by HB Reavis to NEPI. It is likely that yields
could compress even further in the coming
quarters on the back of investor appetite across
the CEE region.
Slovakia is benefitting from the Euro currency,
which was adopted in 2009 as well as solid growth
prospects of the economy. Slovakia was the fastest
growing Eurozone member within the last 10 years.
The country gained the best position among the
Central and Eastern Europe (CEE) countries in World
Bank’s Doing Business Report 2008 – 2013.
PROPERTY LAW
Types of ownership
Freehold
Ownership
• The Slovak Civil Code defines ownership as the right to hold,
use, enjoy the fruits and benefits of, and dispose of a property
in the most absolute manner, subject only to statutory
restrictions. All owners shall have equal rights and obligations
and shall be provided with equal legal protection.
• Ownership rights, right of lease of a land plot (if it exceeds
or is expected to exceed at least five years in duration),
easements, mortgages, pre-emptive rights and other rights
regarding real estate are registered in the Slovak Land Registry
(kataster nehnuteľností).
Co-ownership
• Pursuant to the Slovak Civil Code a property may be co-
owned by more persons (legal or natural), rights and
obligations of which are determined by the ownership share
to the property (podielové spoluvlastníctvo).
• The ownership shares of co-owners are equal, unless
otherwise provided by:
–– statutory provisions (e.g. as a result of heritage); or
–– agreement of co-owners.
• The co-owners decide upon the management of co-owned
property by a majority decision of co-owners based on the
size of their shares.
• If one of the co-owners wishes to transfer his/her share, the
other co-owners have a statutory pre-emptive right, unless
statutory exceptions apply (e.g. transfer of the share to family
relatives).
• The co-owners can agree on termination of the co-ownership
and on mutual settlement.
• Ownership of buildings with apartments and/or non-
residential premises is accompanied with a specific type
of statutory co-ownership. The units in the building (flats,
non-residential premises) are owned by the owners of such
100 Investors Guide to Europe 2015