The average time it takes to prepare and develop new residential projects in Prague has been extended to 10 years, writes Central Group in its most recent report. Excessive demand, fed by cheap mortgages, is driving prices up. Over the past 12 months, prices jumped 19 percent, with flat prices currently averaging CZK 4.8m in Prague, or CZK 69,500/sqm. Supply is thinning due to a lack of newly completed projects. In Prague, construction permit for a mere 862 units were issued over the past nine months, while 4,800 units were sold in the same period.
