Residents of Prague working on an average salary would have to save their entire salary for 13.9 years in order to pay the price being asked for the average new 70 square meter flat. That’s the longest period of any city in the region, according to the developer Central Group. It’s down by a couple of months from a year ago, but the equivalent figure from Q3 2014 was just 10 years. In Bratislava, by contrast, residents would have to save up 11.9 annual salaries, while in Munich, it would 11.8 years. Vienna, Warsaw and Berlin are far more affordable for their tenants (8.7, 8.5 and 8 years respectively). Central Group was using data from the Ministry of Labor and Social Affairs, which claims that the salary in Prague is CZK 48,052 per month, up 6.2 percent from a year ago. The average price per square meter for new flats rose 3.2 percent over the last year to just over CZK 110,000.
