Residential Market in the Capital Cities of Visegrad Group

The average price per square meter for a new building in Warsaw grew up to 2.641 EUR within the first half of 2008. Resulting in the Polish metropolis gaining the  title of “the most expensive residential destination”. Recently, thanks to the welcoming attitude of Warsaw City Hall, the city caught the attention of world famous architects such as Zahra Hadid, Norman Foster or Daniel Liebeskind. Daniel Liebeskind is the architect of prestigious skyscraper called Złota 44.  Following Warsaw, Prague is the next most expensive capital, with the average price of new buildings equating to 2.486 EUR per square meter. Unlike Warsaw or Bratislava, the historical centre of Prague is not suitable for the construction of new buildings. The construction usually takes place in the wider city areas of Prague 3, 6, 7 and 8. Bratislava is quickly reaching its Visegrad partners. The average price for new buildings rose during the first half of 2008 up to 2.165 EUR per square meter. Last year the prices of residential buildings increased by 23, 9 percent, which is the biggest yearly increase within the Visegrad capitals. The main reasons for this increase are higher cost for development and demand for new living in Bratislava”, said Michal Padych, Head of Residential Department in the Slovakian branch of King Sturge. One of the most prestigious residential locations in Bratislava is Dunaj’s waterfront where the Eurovea development scheme is situated. Eurovea defines the new quality of luxury living within Central Europe. However, most apartments are built in the Bratislava suburbs. The lowest average prices of residential living are in Budapest, around 1.290 EUR per square meter. That is only a 2.1% increase compared to last year.