The average new apartment in Prague now sells for CZK 85,223 per square meter, which is 19.1 percent more than in 2016. At the same time, the number of units sold fell by 17.3 percent to 5,500, according to a joint study prepared by the developers Trigema, Skanska Reality and Central Group. “Two years ago, new flats costing CZK 60,000 per square meter made up half the total offering,” said the owner of Central Group Dušan Kunovský. Today it’s just two percent…it’s entirely possible that if the artificial limiting of supply continues, we could see the average price go above CZK 100,000.”
“The market is being slowed down by the permit process which is has resulted in just 2028 new flats being issued construction permits for,” said the director of Skanska Reality Petr Michálek. “We estimate that the number of sold flats will fall below 5,000 this year and their price will go up by 3 to 5 percent.”
