The Czech dream of having their home is melting away

During the coronavirus crisis, the number of Czechs who fear they will not afford their housing has increased. While last year, their share reached 62 percent, now it is almost eight out of ten people. The proportion of young people under 26 living under the same roof as relatives has also risen significantly.

The coronavirus pandemic has significantly disrupted Czechs’ dreams of owning their own homes. Although they are trying to save more, the number of those who cannot afford a house or apartment has increased.

While last year, five percent of them had to postpone buying a property, this proportion is now close to double, i.e., ten percent. This is according to the latest survey by Generali Investments.

The survey found that 77 % of Czechs are afraid they will not afford to buy or renovate their property. It was only 62 percent last year, or slightly less than two-thirds. On the other hand, two-thirds of those surveyed said they had started saving more because of their dream of owning their own home.

However, economist Ilona Švihlíková sees a problem. “We are taking away the dream of the young generation here. She started life thinking she would have her place to live someday. That was her goal. Now she sees that it is different,” Švihlíková said.