Prague, the enchanting capital of the Czech Republic, is experiencing a surge in high-end real estate prices. In three of the city’s ten districts, property values have skyrocketed beyond 200,000 crowns (approximately $8,800) per square meter, marking a new era of luxury living in this historic metropolis.
The disparity in property prices across Prague is stark. While some areas boast astronomical figures, only three districts fall below the city-wide average. For those seeking more affordable options, Prague 9 emerges as the beacon of hope. This northeastern district, encompassing areas like Vysočany and parts of Libeň, offers a reprieve from the capital’s soaring real estate prices.
According to data from leading developers Central Group, Skanska Residential, and Trigema, the average price for new apartments in the third quarter reached a staggering 161,000 crowns per square meter. To put this into perspective, a modest 70-square-meter apartment now commands a price tag of over 11 million crowns (about $485,000).
The allure of Prague 9 lies not only in its relative affordability but also in its ongoing development. The district benefits from larger-scale construction projects and a competitive market environment. Ondřej Šťastný, chief analyst at Central Group, notes, “The higher volume of construction allows for lower prices, which are further driven down by the highly competitive environment. It’s no surprise that this area consistently sees the highest number of apartment sales.”
However, the luxury market continues to thrive in central areas. Prague 1 and 2, home to the city’s most iconic landmarks, command prices exceeding 200,000 crowns per square meter. The trendy Prague 7, encompassing popular neighborhoods like Holešovice and Letná, has also joined this exclusive club. The price differential is significant – a 70-square-meter apartment in these prime locations could cost three to six million crowns more than the city average.
As Prague grapples with this real estate boom, experts predict further price increases in the coming year. With demand for apartments now triple what it was before the COVID-19 pandemic and supply struggling to keep pace, the city’s property market shows no signs of cooling down. For now, Prague 9 remains a beacon for those seeking more affordable living in this increasingly expensive European capital.