Construction Boom in Ljubljana and the Suburbs: About 700 Apartments to Be Built Until the End of 2018
Investors are geared to the construction of comfortable business-class and premium-class housing, while cheaper offers in the primary market are bought out before the houses are put into operation.
As before, high demand for housing is stimulated by favourable conditions of bank loans. The price for 1 m² in the primary market (apartments of improved planning) is from 3,000 from 4,000 euros. Despite the large number of construction sites, the initial supply of housing does not cover the demand in Ljubljana and the suburbs.
One of the largest housing projects Belle vie Tivoli (195 apartments), which is currently being under construction in the Spodnja Šiška neighbourhood (operators: Kolektor Koling and Gorenje Projekt), has been already sold out completely. According to Zoran Djukic, from the Stoja real estate agency, buyers first bought 2 and 3-room apartments, and then 1-room apartments and studios. Currently only a 5-room triplex apartment with an area of 217 m² with external premises with an area of about 200 m² on the attic floor is put for sale. The owner asks 780 thousand euros for this apartment.
Apartments of the Ypsilon residential complex located in the Župančičeva Jama neighbourhood (operator: Zlatarna Celje) have also found their new owners.
In total, 113 apartments of the Zelene Jarše residential complex near Šmartinska cesta (operator: Kostak) have been put into operation this winter. According to a Kostak’s employee, Sabina Žibert, only three 5-room apartments with an area of approx. 120 m² in a small residential neighbourhood Gabrje pri Dobrovi are left for sale with a price of about 1,700 euros per 1 m².
In the Črnuče district, the residential complex Med Češnjami (operator: Lin Nepremičnine), consisting of seven residential buildings and adjoining infrastructure, is under construction. The commissioning period is until 2020. Two houses are already fully occupied. At the moment, all 120 apartments in the first five houses have already been sold. There are also 49 apartments put for sale in the remaining two houses, which will be commissioned in December 2019 – February 2020.
Blaž Miklavčić’s GH Holding has built the Tribuna/Luwigana residential complex of premium class. Currently, it sells 63 apartments of improved planning ranging from 44 to 189 m² at a price slightly below 4,000 euros per 1 m².
In different districts of Ljubljana and in the suburbs, investors are building or have already built small complexes of low-rise club houses, for example, Vila Salamander in the Rožna Dolina neighbourhood with 10 premium class apartments costing from 200 to 600 thousand euros. Another 10 premium apartments costing from 140 to 400 thousand euros are sold in the residential complex Vili Fortuna near Bežigrad.
In the immediate vicinity of the residential complex Zelene Jarše, Kostak has purchased a plot of land for the construction of another complex of 340 apartments. Zlatarna Celje will also continue the construction works. The works will begin next year. The project provides for the construction of a residential complex with 140 apartments ranging from 35 to 120 m². The complex will be located in the Pri Ruskem Carju neighbourhood near Bežigrad.
In the territory of the former Šumi Plant, in the city centre, the construction of a similarly-named residential complex with 96 flats (mostly 2-and 3-room apartments) ranging from 95 to 165 m² and a few small-sized 2-room apartments will start this autumn. At the same time, it is planned to launch the sale campaign. Although the commissioning of apartments is planned only for the second half of 2020, preliminary negotiations with stakeholders are being held now.
Zoran Djukic says that buyers have shown considerable interest in apartments offered at the primary market because a “slow burn” period has been observed in the real estate market for about 8 years since the start of the 2008 economic crisis. Now, advantageous bank loans allow the purchase of housing even for those people who have not planned to buy an apartment at all, while prices reach their peak values.