Bratislava’s Downtown began to gradually emerge as a cradle of premium projects around 2010. Projects such as Sky Park, Panorama Towers and Tower 115 were built on the site of a former industrial zone, which was classified as a brownfield at the time. 

This time other plots are also heading to the final stage. “Work on the Metropolis project has been underway since 2008, with the preparation taking several years, during which time we honed the project to its current state, the type of flats and units we see today,” said Jaroslav Mida, investment director of Mint Investments, the company that is implementing the project, in describing the course of the project on Bottova Street to HN back in December. 

At that time, the building was concreted up to the level of the ninth floor. Today, however, two M-shaped structures rise on the site, and as construction progresses, so do the numbers of housing units.

They could afford to raise prices

As recently as last year, Mida confirmed that 59% over the apartments in the project had already been sold. At that time 177 apartments had already found their owners. Today, this figure represents more than 65% of the total offer. 

“We are currently selling at an average rate of one apartment per month, which, in relation to sales in competing projects in Bratislava, we assess very positively. There are also projects that do not sell even one apartment per quarter in the current period. So we still have continuous inquiries,” Filip Žoldák, founder of the real estate agency Herrys, which has exclusive representation of the project, told HN.  

The prices at which the flats are currently offered have changed over time. The developer did not offer an inflation clause in the project, which would allow the developer to increase the prices of already contracted flats during construction, but the sale was gradually phased in packages. 

Both pricing and sales strategy thus followed demand, which is constantly reflected in both prices and the supply mix. Demand, in particular, therefore determines how sales develop. However, according to Katarína Lindbergh, partner at Mint Investments, the investor could even afford to raise prices. 

“So far we have only increased prices, and this has happened 13 times. We are aware of the project site, which is unique and limited. The second reason for pricing is that we have built a project that is qualitatively the best of all the surrounding projects that have been built or are currently under construction. The prices of quality materials are high and quality costs something,” Lindbergh explained. 

Clientele from all over the world

Regarding the client mix, Žoldák confirmed that the amount of cash clients versus those who finance the purchase with a mortgage loan is in the ratio of 50:50. However, there are also clients among them who are financing only a small part of the price of the apartment with a loan. 

“In terms of age, at the beginning we noticed the predominant age category as lying between 35 and 45 years, whereas currently the largest group consists of clients aged 45 and over. They are mostly couples or families, businessmen and high-ranking executives. But there are also artists or people from similar industries,” continues the office head. 

Some 99% of them are Slovaks who are looking for a second property or who live outside the country and are planning to return here or are looking for a long-term investment here. For other countries, however, demand is diversified from around the world. 

“Apart from Australia and Africa, we have had enquiries from all continents. However, for a large number of clients, this is not their first home, but an upgrade of their old home. Either they are selling their old property and want to move to the Downtown, or they are buying our apartments as additional housing, for example of their children live in Bratislava and they are looking for housing in the case of a visit,” added Žoldák.  

Terraces will be maintained by climbers

When completed, the project will bring two 63-metre-high buildings with 292 flats and apartments to the site. The first two floors of the buildings will be complemented by commercial spaces. On the ground floor of the project there will also be a semi-private garden with a children’s playground. Some of the apartments will also have terraces with greenery, which will be maintained by climbers. In July this year, the developer erected a topping-out tree on the highest point of the building. 

Since then, however, the skeleton of the project has been completed with the installation of windows and insulation. Apartment owners will be able to move in as early as autumn 2024. However, during the course of construction, the developer reached the decision to increase the standard of equipment and the building itself in the ceiling cooling and heating in each apartment and commercial space. 

 

Source: Hospodárske noviny