Slovakia Completes Only 2,368 Apartments: New Construction Starts Plunge by More Than 40%

Slovakia completed only 2,368 apartments in the second quarter of 2026. The Slovak Statistical Office (ŠÚ SR) reported on Thursday a decline of more than one-third compared to the same quarter last year. The figure was more than 40% below the ten-year average. “The number of housing completions was the lowest for any second quarter since 2000,” ŠÚ SR reported.

New construction starts were even weaker. Developers began construction on just under 2,400 apartments. According to preliminary data, this is more than 40% less than a year earlier. The long-term average is twice as high. Here, too, the quarter marks the weakest figure since 2000.

Single-family homes are driving the market

The market is shifting toward owner-occupied housing. Of the completed apartments, 66% were in single-family homes. For new construction starts, the figure was 63%. Private investors accounted for nearly all of the construction. Publicly owned housing accounted for less than 1% of the completed apartments.

The decline is evident across the country. Seven out of eight districts reported fewer completions than in the previous year. Trenčín and Prešov each saw a drop of more than 50%. Banská Bystrica, on the other hand, saw a 20% increase. The number of new construction starts fell in all eight districts. In Bratislava and Trenčín, they plummeted by more than 60%.

The existing housing stock is providing a buffer for the current year. As of the end of June, 76,800 housing units were under construction, 0.7% fewer than a year earlier. In the first half of the year, 4,849 apartments were completed, a decrease of 29%. Construction began on 4,839 apartments, one-third fewer than in 2025.

Prices are rising more slowly

The tight supply is keeping prices high. The National Bank of Slovakia (NBS) reported an average price of 3,041 euros per square meter for the second quarter. That was 1.2% more than in the previous quarter and 9.5% more than a year earlier. Apartments cost 3,430 euros per square meter, while single-family homes cost 2,163 euros. The year-over-year growth rate was the slowest in more than two years.

For German suppliers, the market is shifting. Those who supply bricks, windows, insulation materials, or building services to Slovakia are seeing a decline in volume in new construction. The backlog of 76,800 units will keep capacity utilized through next year. After that, there will be a shortage of new construction starts. Demand remains in areas where renovations are taking place and in the single-family home segment. Suppliers to developers in Bratislava should review their sales forecasts. There, the number of new construction starts fell by more than 60%.

Sources: Štatistický úrad SR, Residential Construction in the 2nd Quarter of 2026; Národná banka Slovenska, Residential Real Estate Prices in the 2nd Quarter of 2026 (SK/EN).

SK, Frankfurt