During July, the Prague building authorities gave a stamp to the largest number of flats so far this year. In the first seven months, 3,108 new flats in apartment buildings obtained a building permit. This is almost the same as last year. However, due to the huge demand for housing in the metropolis, it is still just a drop in the ocean.
The pace of permitting new apartments in the metropolis is accelerating. However, the demand for housing is also gaining momentum. This is fueled not only by still cheap mortgages, but also by inflationary concerns of households. In the first half of this year, a record 4,750 new apartments were sold in the capital. The speed of permitting is therefore far from enough for interest. In addition, there is a huge deficit from previous years, when only about a third of what the metropolis needs was allowed.
At the same time, there is something to build in Prague and where to build. According to Central Group statistics, developers in the metropolis are preparing 123,000 apartments in 761 projects. Almost 2/3 of these flats (almost 80,000) are for projects planned on brownfields. Prague has a huge amount of space after former industrial enterprises. Housing for several hundred thousand people could grow on them.
Source: Central Group
