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Slovakia’s growing GDP is being underpinned both by a Government committed to completing a major reform programme, and high levels of foreign direct investment.
A recent parliamentary vote to confirm a 19% flat rate for corporate and personal income tax from 2004, will mean that Slovakia has one of the lowest and simplest tax regimes in Europe. The new Hyundai factory, which will start production in late 2006, will be a major contributor to the country’s economy.
"New jobs and increasing income generation underpins a rising real estate market"
In mid-January, the South Korean group Samsung announced it was re-locating the majority of the group's production from northern Spain to Slovakia. And French car manufacturer, Peugeot, is to produce 300,000 cars a year in Slovakia.
Such new jobs and the significant accompanying increase in income will underpin a rising real estate market. Moreover, the capital city Bratislava is only 40 miles from Vienna in Austria, making them the two closest capital cities in the world. Now that Slovakia has joined the EU, investors are expecting a sharp rise in commuters travelling to work in Vienna, which in pushing up earnings, will further feed property prices in Bratislava.
Ballymore’s Eurovea development is leading the shaping of a new riverfront in the city. Stretching over 2,000,000 sq ft, and planned to include residential apartments, offices, retail space, park areas, theatre, hotel, and cinema, Eurovea exemplifies the level of commitment and belief Ballymore has in the future of this increasingly vibrant city. Source:
Ballymore Properties
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