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Since Slovakia entered into the EU in May 2004, there have been no restrictions on foreigners purchasing property in the country other than for the purchase of forestry or agricultural land, for which permission is required.

The Slovakian property market is relatively undeveloped, with many observers stating that the capital city Bratislava is at least a couple of years behind the markets in neighbouring Prague and Budapest. This means there is very strong property investment potential in the country.

Due to the undeveloped nature of the market it may be difficult to find an estate agent in Slovakia that speak your native language as most Slovakians speak do not speak secondary languages. This being the case it may be advisable for you to seek an agent in your own country who will be able to assist you with your search. Furthermore, many estate agents in Slovakia are not vetted so it would be safer to employ the services of a fully accredited agent in your own country.

Once a property has been found that you wish to purchase, you will want to request your estate agent to begin the formal checks such as that the property is registered in the name of the purported seller, etc. If the property is a resale property, you will be expected to place a 10% deposit. The contract will need to be sold by both the seller, and buyer, it must also be witnessed and notarised. The property will then be updated at the land registry office in your name, which can take between 15-30 days. Once the final contract has been signed, the funds will pass from the buyer to the seller.

If you are purchasing an off-plan house, the deposit is usually split into additional segments. The seller will expect a deposit of 30% and you will need to sign two contracts. You will then typical pay the remainder of the property price in instalments of 30%, 20% and a final 20% once the final contract has been signed.

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