JTRE most successful apartment seller – Downtown Yards leads the way
J&T Real Estate (JTRE) sold 207 apartments in the first six months of this year to become the most successful developer for residential real estate sales in Bratislava (BuiltMind rankings). In Q1 ‘24 JTRE sold 96 apartments, while 111 were sold in Q2. Downtown Yards represented the biggest success, followed by strong interest in Trnávka Orchard’s second stage.
"After two years of stagnation in the residential real estate market, we have seen signs of recovery this year - both customers seeking a new home and investors looking for growth opportunities in coming years. Sales figures from the first six months of 2024 have confirmed a market reset," says Ivan Bratko, director of JTRE’s residential real estate sales.
Since year-start, BuiltMind has recorded 874 sold apartments in new buildings, with Downtown Yards the most sought-after: its 159 apartments sold represent almost a fifth of new residential market sales in Bratislava in the first half of the year.
"A recovering segment coupled with an exceptional project represents a promising investment opportunity," says Pavel Pelikán, JTRE’s executive director. He adds that buying new property in Bratislava at the start of construction from a proven developer in an excellent location ensures a good lifestyle and excellent returns.
Downtown Yards "High Fashion of Living" was unveiled by JTRE in December 2023. A green sustainable urban district with a balanced mix of living, working, leisure, amenities and public spaces offers premium family living in 656 residences, as well as diverse offices and commercial spaces, plenty of parking, and over 6,000 m² of green space.
“Downtown Yards has recorded outstanding sales thanks to a combination of attractive introductory prices, apartments’ high material and technological standards, and added value and numerous benefits that residents will enjoy. The successful pre-sale reflects our project team’s hard work and the project entry of an external financing bank, which, in addition to JTRE, will also become the project’s guarantor," adds Bratko.
BuiltMind found that the successful sale of larger apartments continued in Q1 ‘24, hence the popularity of Downtown Yards’ spacious living space.
“Four-room apartments (110 sqm) will excellent layouts, as well as 130 sqm and 160 sqm family properties are available – we were inspired by the similar range on the London real estate market. Smaller property can mean lower prices but also less amenities, and our target buyers for this project are not willing to compromise on high standards," explains Peter Píš, JTRE's sales director.
The successful sale of apartments in the first two quarters indicates that 2024 will see gradual growth, which could reach double-digits again in 2025. BuiltMind found that while the total supply of new buildings in the capital is growing, even this growth falls short of demand (about 25% higher). The price of sold apartments increased by 7.2%.
"New buildings in Bratislava city centre could maintain prices at a relatively stable level, even with rising interest rates," observes Píš.
The popular Ovocná sady Trnávka community project also supported JTRE’s first place position. This project sold 22 apartments in six months, excluding the sale of one building (102 apartments) to Kooperativa insurance company to strengthen its position as a leading rental provider in Slovakia.
BuiltMind expects continued growth in the Bratislava market in terms of units sold. "After the summer lull, we expect further growth and for the 550 sales mark to be passed at year-end 2024, with the prospect of 700+ sales growth in 2025," says Martin Decký, BuiltMind’s CEO.
