The average price of an older apartment in the Czech Republic was CZK 87,838 per square metre in the fourth quarter of last year. It was five percent higher quarter-on-quarter and seven percent higher year-on-year. The price also rose by eight per cent quarter-on-quarter for detached houses in the Czech Republic, to an average CZK 55,160 per square metre. Rental prices in older flats also increased by lower percentages, with the average square meter costing CZK 297. This is based on data from the latest quarterly monitor of the European Housing Services (EHS) group, the real estate digital service Bezrealitky and the real estate agency Maxima.
The price of flats in the Liberec region rose the most compared to the previous quarter, where their value increased by a fifth. The Olomouc region, on the other hand, recorded the biggest decline of six percent.
The prices of older properties in the fourth quarter of 2023 increased the most year-on-year in the Liberec Region. The price of flats here increased by 27 per cent and houses by 43 per cent compared to the same period in 2022. But the data may be skewed by the number of apartments, cottages and chalets sold in the foothills, according to Bezrealitky.
The prices of older apartments in the South Bohemia, Ústí nad Labem and Moravia-Silesia regions rose by 13 percent year-on-year. The Zlín Region recorded a quarter year-on-year increase.
After the Liberec Region, family houses became most expensive in the Moravian-Silesian Region, by 26% quarter-on-quarter and 29% year-on-year. The Moravian-Silesian Region also recorded the highest year-on-year increase in rents in the fourth quarter, by eight percent. The most significant rent increase was by six per cent in the Ústí nad Labem region.
The highest property prices were traditionally in the capital city. There, the price of older flats increased by six per cent quarter-on-quarter, reaching CZK 125,000 per square metre at the end of the year. In 2022, it was CZK 12,500 less. Prague’s older family houses also became seven percent more expensive and on average sold for CZK 107,500 per square metre, an increase of more than a quarter year-on-year. Secondary market apartment rents in Prague rose by seven per cent year-on-year and by three per cent against the third quarter of last year. A square metre was rented for CZK 357 per month, CZK 23 more than at the end of 2022.
In Brno, on the other hand, prices for older apartments have stagnated for 12 months in a row, according to the data, and a seller was asking CZK 50,000 more for a 65 sqm apartment at the end of the year than a year earlier. Rents also stagnated at CZK 272 per square meter. Year-on-year, rents fell by four percent. However, this may also be due to the greater interest and availability of family houses in the South Moravian Region, whose price rose by seven per cent quarter-on-quarter and 17 per cent year-on-year.
Source: EHS, Bezrealitky, Maxima and CTK
