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2019-07-22  10:39

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First (tiny) drop in Czech flats prices since 2011

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The average price for a flat in Prague has fallen, slightly, for the first time since 2011. The Czech Statistics Office (CSU) writes that the average price for old and new units dropped a third of one percent for the first quarter of 2019. It's a minimal retreat, to be sure and it's not expected to lead to a major retreat in prices, writes the CSU. But it does suggest that prices are unlikely to rise significantly, at least this year. "In the older flats, I think there will not be any new price growth," said Jaroslav Novotný, head of the Association of Real Estate Offices in an interview with Czech Radio. "But the developers may still want to raise them." The average 60 sqm flat in Prague from a developer now costs CZK 6m, while a similar, but older unit will cost CZK 5m on average. The head of the Association of Mortgage Brokers Petr Kruntorad says that the only flats likely to see a serious reduction prices are for panel unit buildings that haven't been reconstructed yet. "Their prices are silly at the moment, but this will only be proven during the next recession."

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