Residential prices up 6 percent in Prague in 2015
Residential prices were up 6 percent on average in 2015, according to the residential developer Central Group. The results are based on average price achieved in closed sales. Although there’s been considerable recovery since the market’s crash at the beginning of the decade, prices are still 17 percent below the pre-crisis era.
The prices continued to grow steadily through the first quarter of 2016. The main reason behind the trend was the increase in construction prices over the past two years, says the head of the company Dušan Kunovský. The developer also put more high-end apartments on the market. The average price on Central Group’s offer was up by 14 percent y-o-y during the first quarter of 2016. Another reason for the rising prices was increased demand for larger flats. The average sales price for an apartment currently stands at CZK 3.5m.