Prices for apartments in the Czech Republic have increased

Prices for apartments in the Czech Republic, and especially in Prague, have always been expensive. Now apartments in the Czech Republic, namely in Prague and in regional cities, have risen in price by 15.8%. A high growth rate was noticed back in the spring of 2018. In the third quarter of the year, the most expensive apartments were in Prague – 94,300 crowns per m², and the cheapest – in Usti nad Labem – 22,800 m².

Since 2014, prices for apartments in the Czech Republic have grown by an average of 84%. The study was carried out by Deloitte, which, through a special portal, analyzed information on sales prices from sales contracts registered in the real estate cadaster.

In the second quarter, 6187 apartments were sold in development projects, brick and panel houses for 26 billion CZK. Already in the third quarter, 6,284 apartments in development projects, brick and panel houses were sold for 27.8 billion crowns. This number is up 20.9% over the previous year.

The prices rose the most in development projects – by 18.6% year-on-year to CZK 83,500 per m². Prices for apartments in panel houses increased by 16.1% and amounted to 54,800 crowns per m². In brick houses, they grew by 11.4% to 69,000 crowns per m².

Prices for apartments in the Czech Republic

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Most apartments are bought in Prague

Most of the apartments in the third quarter of the year are bought in Prague, the total percentage was 60% of all sales of apartments in the Czech Republic. After the capital, apartments are most often bought in such large cities as Brno – 11.5%, Plzen – 4%, Olomouc – 2.5% and Liberec – 2.4%.

Compared to the previous quarter, prices in the Czech Republic increased by an average of 4.9%. Most of all – by 8.3%, in Usti nad Labem – by 7.6% and in Liberec – by 7.5%. On the contrary, prices fell in two cities: in Pilsen – by 5.8%, in Karlovy Vary – by 1.8%.

The most expensive apartments in Prague 1 and Prague 2

Not surprisingly, apartment prices in Prague have increased by 10.4%. The most expensive apartments were sold in the area of Prague 1 for 148,100 crowns per m², and in the area of Prague 2 for 137,900 crowns. The cheapest districts were Prague 4 – 85,000 crowns and Prague 9 with 86,600 crowns per m².