Recently released market study: Slovakia Real Estate Report Q4 2013

The Slovakia Real Estate report examines the commercial office, retail, industrial and construction sectors throughout the country in the context of a market stymied by regional weakness.

With a focus on the principal cities of Bratislava, Kosice and Trencin, the report covers rental market performance in terms of rates and yields and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of regional dynamics on a market that looks set to comparatively outperform its regional peers.

Investor sentiment, the business environment and infrastructure are also explored. Our data covering fullyear 2012 performance show that on the whole, rents for commercial real estate in Slovakia remained broadly flat: the office sector remains in a quagmire of inactivity; the industrial sector has lost its shine; and the retail sector had a comparatively strong year.

Full Report Details at
- http://www.fastmr.com/prod/689082_slovakia_real_estate_report_q4_2013.aspx?afid=301

Key Points

* Our core scenario for the Slovak construction sector envisages a decline of 2.0% year-on-year (y-o-y) in industry value in 2013. The infrastructure sector will take a hit from continued delays, the uncertain policy environment and funding shortages, while residential and non-residential construction activity will suffer from weak demand. Over the remainder of the forecast period to 2021, we expect modest 2.5% yo- y average growth in to mostly come on the back of government's support for residential and nonresidential construction.
* We remain bearish on the European building materials market as conditions for firms continue to deteriorate in light of ongoing eurozone austerity. The sovereign debt crisis, lower domestic demand from peripheral countries and tighter financing conditions are constraining our construction outlook for the region and will continue to limit growth for the foreseeable future. Overcapacity, increasing production costs and falling sales volumes have hit the bottom lines of producers since 2009, and we see no immediate end to these phenomena.
* Stagnating domestic demand and disappointing data from the eurozone have prompted us to downgrade our 2013 growth target for Slovakia to 0.6%, from a previous 1.2%. We have also pared back our target for 2014 to 2.0% from 2.4%, Though the downturn should bottom out this year, high unemployment and fiscal tightening will continue to weigh on domestic demand, while the stuttering recovery in the eurozone will undermine export growth.

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