Bratislava: Europe's best-kept secret

Bratislava may not spring to mind as you search for a holiday home, but Slovakia is the latest hunting ground for those in the know. Ginetta Vedrickas reports

While Bulgaria seems to dominate the Central and Eastern European property scene, poor old Slovakia gets hardly a mention. Formerly part of Czechoslovakia, its EU membership in May 2004 has led to a booming economy and attracted growing numbers of UK buyers.

Flanked by the Czech Republic, Hungary, Austria, Poland and the Ukraine, this land-locked country technically sits right in the heart of Central rather than Eastern Europe. There are few well-known cities apart from its capital Bratislava and its proximity to Vienna has made it a strong contender for UK investors.

Yet the rest of Slovakia boasts some of the cheapest property prices in Europe so it's no wonder that recent attention has focused particularly on the east where some of the country's best ski resorts are found.

Petra Gajdosikova of Slovakia Investment Property warns buyers to pick their areas carefully. "In the east, much of the infrastructure is poor but, if you buy within striking distance of good ski resorts, it can be a very good investment," she says.

Eastern Slovakia's High and Low Tatra mountains, boast some of central Europe's best and highest skiing. Along with well-known resorts such as Jasna, there are hundreds of smaller ones, but many have just a couple of ski lifts and few other facilities.

However, the government is investing heavily to improve many of its resorts: Donovaly recently received around £9m worth of investment and Velka Raca and Skipark Ruzomberok now boast world-class facilities. "We have some of the highest resorts in central Europe. You can ski for four to five months of the year and some of the skiing is of an international quality yet still very affordable, "says Gajdosikova.

It is not just cheap skiing that is attracting buyers. Many realise that this is also a great summer destination. British buyers are now discovering the Slovak Paradise park's forests, waterfalls and lakes and many new leisure activities are opening up here says Gajdosikova: "They are introducing all sorts of sports such as hovercrafts on the lakes, but you can of course also go horse riding, rafting and mountain biking."

As growing numbers of tourists discover Slovakia, hotel rooms are in demand and this is fuelling interest from buyers keen to let. Property prices have risen steadily and look set to boom further, although buyers need to be aware that the country has "a split market". In the less popular areas, such as the far east on the Ukrainian border, prices are less likely to rise in the near future.

Slovakia Investment Property is selling a range of properties in key areas such as the Liptov region where new two-bedroom holiday homes with gardens start from £85,000 including VAT. This spring, Joyce and Phil Jennings from Cumbria bought a new house in Velka Lomnica in the High Tatras mountains through SK Properties. They have since bought a plot of land in the small ski resort of Bachledova where they plan to build one or two properties and are looking for other investments.

"I sold my restaurant and decided to invest in Slovakia where I think the potential is fantastic," says Joyce.

She regularly reads property magazines and watches programmes exploring overseas markets but chose Slovakia precisely because it has not been heavily featured: "Usually by the time you read or hear about these places it is too late as everyone else has already bought there first."

Phil used to be a ski instructor and the whole family, including daughter Sophie, enjoy skiing, which is a major incentive for buying: "Phil was once a professional skier so I'm sure that if he thinks the skiing is good then it is," says Joyce. "He likens it to Austria in the 1950s before they joined up the resorts which I hear they are about to do here." The family also enjoy the area's aqua parks, which are open all year round. Aqua City in Poprad, the newest, attracts 500,000 visitors a year.

The Jennings paid around £80,000 for their house, which has already risen in value by 20 per cent. Joyce is now keen to buy in one of the area's loveliest spots, the medieval town of Levoca, 25 kilometres (15 miles) from the international airport at Poprad.

Peter Seliga of Exploring Slovakia specialises in the sale of period buildings in this region and is selling a 15th century, six-bedroom house, which needs restoration, near the town square of Levoca for €90,000.

Also in Levoca, a fully restored, five-bedroom house, with a large cellar and loft space suitable for conversion is for sale at €210,000.

"We're getting so many buyers here now from Britain and other European countries as people realise that prices here are the cheapest in Europe," he says. "Towns such as Levoca are a great base to enjoy summer and winter activities and there are so many beautiful examples of Baroque architecture."

Slovakia Investment Property: 0207 152 4014 www.slovakiainvestmentproperty.com. Exploring Slovakia Ltd: www.realestateslovakia.net 00421 908 563691

SK Properties: 01865 821592 www.buyslovakia.com