Flats in the Czech Republic have become significantly more expensive

The price of new flats and older units in good condition did not end last year either. However, sales were at historic highs, developers report. The number of completed units was also high, but it was not enough to meet the enormous demand.

On the other hand, the average annual supply of vacant flats fell to an all-time low, dropping to 3,300 last year. The estimated value of apartments sold exceeded CZK 57 billion.

On average, a square meter in Prague costs around CZK 140,000. The situation is very similar in Brno. In a year-on-year comparison, the average price of an apartment in a new building increased by nearly 30%.

The construction in Brno was record-breaking last year and is still going strong this year. Most sales were reported by IMOS Development, Domoplan, and Unistav, which sold over 550 flats in Brno last year. 

Those interested can now choose from seven hundred available apartments, which is more than half the number of last year. Most of them are one-room units (around three hundred). Two-room flats are offered in the Brno development projects with 250 units.

Leapfrog growth in the mountains

The district of Jablonec nad Nisou experienced the most significant year-on-year growth, increasing by 115 percent. There is high interest in residential holiday properties, especially in Harrachov or in the Jizera Mountains,” says Hana Kontriš, manager of Sreality. cz.