Slovakia Property Investment News

Slovakia set to join the euro

Slovakia is celebrating the latest step in its EU membership, as it looks set to adopt the single European currency in the new year. According to the European Central Bank, the country has met most of the criteria which are required for euro membership. This means Slovakia will be the 16th member of the euro zone, and augurs well for investors in Slovakian property as the step is expected to boost the country’s economic growth, in addition to reflecting growing confidence in the country’s future.

The country's entry into the euro would help to raise its international profile and potentially lead to renewed interest among overseas property investors.

Joaquin Almunia, EU commissioner for economic and monetary affairs, commented: "Slovakia has achieved a high degree of sustainable economic convergence and is ready to adopt the euro on 1 January 2009."

After it joined the EU in 2004, Slovakia enjoyed the traditional boost to its property market that has been seen in many EU entrants. Unlike some other relative newcomers to the EU, Slovakia allows the purchase of real estate by foreign nationals without restriction, which has made it an appealing choice for potential investors. Indeed, the country as a whole has an investment-friendly culture which means it has received considerable inflows of foreign investment from businesses, all of which has supported the strong economic growth seen in recent years.

Although the organisation has said it is concerned about the rate of inflation in Slovakia, it stated that it does meet all the other necessary economic conditions. The final decision on whether it will become the 16th member of the single European currency will be made later this year.