The Czech real estate market is experiencing an extraordinary start to the year, with property interest nearly surpassing the peak levels seen during the COVID boom. In Prague alone, developers sold 2,550 apartments during the first quarter, according to data from Central Group, Skanska Residential, and Trigema.
This surge represents a 60% year-over-year increase in Prague sales, while Brno has seen sales nearly double. The capital city’s market activity marks the second-strongest quarter since tracking began in 2011, surpassed only by spring 2021.
Price tags continue to climb, with new apartments in Prague reaching an unprecedented average of 167,947 Czech crowns per square meter. A standard 70-square-meter apartment now costs nearly 11.8 million crowns, marking a 10% increase from last year. Newer projects are pushing even higher, approaching 176,000 crowns per square meter.
Investors are particularly interested in properties scheduled for completion in 2-3 years, with many buyers securing current prices through deposits while waiting for mortgage rates to decrease. According to Josef Lebeda from Resimo, up to half of the units in new developments are claimed during pre-sales.
The market’s resilience is further demonstrated by the growing interest in older properties, which are seeing even steeper price increases than new builds. In Prague, second-hand apartments have experienced a 13% annual price increase, reaching almost 147,000 crowns per square meter.