Slovakia Basks in Sunshine

The FT’s most recent ‘economic weather’ map showed some poor climatic conditions for many parts of Europe. Rain clouds cluster over Ireland and storms gather over the UK and Denmark. The economy’s ‘weather’ generally improves as you travel east and Scandinavia, the Netherlands and Poland are enjoying some sunny spells. But there is only one place to go if you want full-blown sunshine –Slovakia.

This central European state basks in the sun because it is the only European country to meet the FT’s criteria for total sunshine – economic growth and falling unemployment. According to FT figures, Slovakia’s predicted GDP growth for this year is 7.6%, a figure many of Slovakia’s fellow EU members can only dream of. The FT predicts unemployment of a mere 3.9% for 2008, a level that is not far off full employment, again wishful thinking for some European countries.

Slovakia, once one of the continent’s poorer nations and under the shackles of communism, now finds itself at the forefront of the world’s fastest growing economies. Since joining the EU in 2004, Slovakia has seen great changes. The world’s biggest per capita car producer, Slovakia is enjoying new-found affluence, mainly created by the plentiful job opportunities in the west of the country, particularly in and around the capital, Bratislava.

Hand-in-hand with the new prosperity and job creation goes a booming property market. Since joining the EU, Slovakia – in common with most new member states – saw massive hikes in property prices with housing in some areas doubling in value. 2007 saw the impressive increase of 25% with 2008 set to witness an impressive rise of 20%. “A combination of excellent economic conditions and the strong demand for quality properties means the Slovakian property market can be expected to continue to perform very well. I would say that Bratislava and its outskirts represent one of the best investment opportunities in emerging markets,” comments James Gonzalez, Market Analyst at Obelisk.

There is plenty of potential for further market growth, particularly in Bratislava. Set to see a huge rise in population as increasing numbers of migrant workers move to the capital, Bratislava suffers from a shortage of housing – some analysts quote a shortfall of over 200,000 units. Unsurprisingly, the capital is one of Slovakia’s hot spots and is currently enjoying a very sunny property market.

At a time when many countries are bracing themselves for the stormy weather that accompanies the effects of the global credit crunch, Slovakia is in a class of its own. Set to join the euro in January 2009, the future – as well as the present – certainly shines brightly for Slovakia.

For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE)

Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com/

For press enquires, please contact Obelisk’s Marketing Department on (+34) 952 820 319 or email press@obeliskinternational.com