Detailed information - Slovakia
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The rise of Slovakia
and in particular it’s capital city, Bratislava, as an important centre of
economic, political and cultural life has been an impressive transformation.
Key points to note
Official Language is Slovak (Hungarian and
English also widely spoken)
Time Zone - Central European Time:
GMT +1 hour
a continental climate with hot and humid summers and cold and dry winters.
- Average Temp in Summer 19C to 31C
- Average Temp in Winter -3C to 2C
In areas of high altitude snow is often present for up to 130 days of the
Bratislava - 600,000
Slovakia - 5.4 million
located at the precise geographic centre of the new
Europe and borders five other countries:
Austria, Czech Republic,
Hungary, Poland, and Ukraine.
became a sovereign state in 1993 following the collapse of communism and the
dissolution of the Federal Republic of Czechoslovakia - following the
"velvet revolution" which led to the creation of two seperate states - The
Slovak Republic and The Czech Republic.
With a population of around 5.4 million the main
centres of population are:
(capital city - population circa 600,000),
Kosice, Zilina, Presov and Banska Bystrica.
Due to it's climate and high mountain ranges
many ski resorts and winter sports.
The currency is the Slovak Koruna, the Euro is
expected to be adopted in 2008/9.
As a parliamentary democracy the head of state is
The main ethnic groups are: Slovak (85.8%),
Hungarian (9.7%) and Czech (0.8%).
Since its separation from the
Czech Republic, Slovakia
has been undergoing a transformation from a socialist to a free-market
economy with privatisation now accounting for up to a third of the nation's
enterprises and 85% of GDP.
joined NATO in March 2004 and was one of ten new countries to join the
European Union (EU) on 1 May 2004.
high economic growth, forcast to be around 5.5% for 2005 , has fuelled a
growth in living standard and a low unemployment rate in the Cities.
According to CSOB analyst Silvia Cechovicova, the high retail sales growth
has already indicated a massive growth in household consumption, also
supported by higher real wages and growing employment.
Slovenska Sporitelna analyst Maria Feherova says that
capital is gleaming with foreign investment. It has become the eastern
European darling of the multinationals - and foreign investment is expected
to total about £1.5bn (2.2bn euros) this year, twice the amount attracted in
the World Bank,
had the fastest transforming business environment in the world in 2004/5,
and already comparisons are being drawn with Ireland's economic
transformation in the 1990s.
have been in car plants. Fifty km outside
a vast car manufacturing plant for Peugeot-Citroen has sprung up in less
than a year.
Demand For Property
Property demand will vary across the regions of
and the types of housing on offer. For example many experts believe that in
Bratislava there will be demand for at least 45,000 apartments over
the next five years, at a conservative estimate. It means, every year about
9,000 apartments would have to be built, which is physically almost
impossible. Last year only about 900 apartments were completed. However,
demand for old communist blocks is low and likely to continue to weaken.