Rising costs and uncertainty hindering housing construction

Rising construction costs—mainly labor—and uncertainty about future demand are hindering housing construction, says Pavol Kováčik, head of the local construction union ZSP. Developers reportedly have many ready-to-build projects but are unsure if they can build/sell them profitably. Buyers are waiting for further mortgage rate cuts. Developers have also delayed permit applications until the new Building Code came into force in April. Kováčik expects a rebound in residential construction next year.

(hnonline.sk)