Rental prices for flats in the center of Prague have fallen 10 percent in Prague compared to last year. While the drop isn’t as steep everywhere in the city, on average, rents are 5.7 percent lower than they were as recently as February. Aktualne.cz reports that the drop has brought rents back to the levels they were at in 2016. The average rent in Prague was CZK 350 / sqm in February, but it’s fallen CZK 20 since the pandemic hit. “Prague’s rental market is divided into two worlds,” said the director of the online site RealityMIX Jan Štěp. He said that sale prices had fallen by 1.4 percent in May compared to April to CZK 98,400 per sqm. “Flats that were acquired as investments for short-term rentals are starting to be sold by their owners because the income they can produce from long-term rentals won’t cover their mortgages,” said Štěp.
