Despite the global pandemic, the volume of mortgage loans in Slovakia rose in March to more than €31bn, a 10 percent increase from March 2019. The pace of growth in mortgages rose only slightly, however, compared to the month before. Poštova banka analyst Jana Glasová told the daily Pravda that consumers can expect interest rates to go up, citing comments from several banks around the country. She said that the level of household debt is growing faster in Slovakia than in most other European nations. She said this has been supported by low unemployment levels, rising wages and falling interest rates. The trend forced the country’s central bank to make conditions for qualifying for a mortgage tougher in 2018, but Slovaks have continued to buy property. Ten years ago, the total volume of mortgage loans was less than €10bn.
