Over-priced Czech flats taking longer to sell
The time it takes to sell a flat lengthened 9 percent in 2018, according to a study by the company CeMap. The effect was most evident in the larger Czech cities where prices are the highest, writes iDnes.cz, with the worst-hit region being Karlovy Vary where the average time to sell a flat was six months. "Sellers live in the belief that real estate prices will rise indefinitely and they're also asking unrealistically high prices," says Petr Makovsky, head of the Reality.iDNES.cz. The situation is repeated in Liberec, Olomouc and Prague. With many buyers unable to pay the higher prices, they're being forced to wait for prices to fall, leading to a fall in the number of transactions. But the standoff between buyers and sellers is likely to continue, says Century 21 Ruby's Barbora Merknerová. "If it's not a flat that's overpriced for the location, buyers don't have much of a chance for a discount. They all try this but most of them won't get one."