Apartment prices in the Czech Republic continued their upward trajectory in the second quarter of 2024, rising by 2.4% quarter-on-quarter to an average of CZK 101,700 per square metre, according to a Deloitte analysis. While the growth pace slowed slightly by 1.6 percentage points compared to the first quarter, it marked the third consecutive quarter of rising prices. Notably, the average selling price of flats surpassed CZK 100,000 per square metre for the first time.
Price increases were recorded in 12 regions, with the sharpest rises in the Pilsen and Pardubice regions. Meanwhile, the Karlovy Vary Region saw the largest price decline. Petr Hána, a real estate market expert at Deloitte, pointed to rising prices in major cities like Prague and Brno as the driving factors. “The growth trend, which began with lower interest rates, falling inflation, and reduced energy costs, is continuing. Increased demand is inevitably pushing flat prices higher,” Hána said.
In Prague, flat prices rose by 5.7% quarter-on-quarter, reaching CZK 132,000 per square metre. The steepest rise was in Prague 7, where prices jumped by 14% to CZK 146,400 per square metre. On the other hand, Prague 1 experienced a 12% decline, though it remains the city’s most expensive district, with an average price of CZK 172,700 per square metre.
The South Moravian Region saw prices increase by 2.5% to CZK 104,500 per square metre, while the Central Bohemian Region recorded a 5.1% rise to CZK 83,100 per square metre. The Ústí nad Labem Region remains the most affordable, with prices increasing by 4.2% to CZK 34,900 per square metre. The Karlovy Vary Region saw further declines, with prices dropping 4.4% to CZK 44,300 per square metre. Flats in the Moravian-Silesian Region rose 6.7% to CZK 47,700 per square metre.
A total of 7,182 flats were sold nationwide in the second quarter, with 3,208 in new buildings. Prefabricated houses accounted for 2,226 sales, and 1,748 flats were sold in brick buildings. Despite the growing demand, Hána highlighted a pressing issue: insufficient new construction. “We are building far fewer flats than needed. Without significant changes, the market will likely continue on its current path,” he warned.
Source: CTK and Deloitte
