Czech Republic Residential market overheated in Prague
Residentialschedule 01 December 2022
The prices at Prague residential real estate market have hit a barrier for what is possible and reasonable to ask for a new flat
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Colliers has summed up this year’s activity in the Czech residential real estate market. According to their analysis, Czechs are oriented largely towards an ownership model. The main driver for price increases is a significant excess of demand over supply.
The ratio of owner-occupied to rented apartments in Prague is approximately 70:30, comparable to the EU27 average. Still, the Czech Republic is somewhat behind more advanced markets in terms of market evolution towards new trends. However, with the shift to hybrid working, intense talent searches, and the growth of the business services sector, Prague and other large Czech cities will need more flexible housing solutions soon.
Sales prices for flats have been increasing constantly since 2014. I
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