Most market observers expected the coronavirus crisis to have a negative impact on the residential development sector, but there’s no sign of trouble yet. The website PriceMap.org found that as of June, the market appears to be in excellent health. In all, developers put 858 flats on the market, a jump of 52 percent compared to June 2019 and the largest increase in June since 2014. Analysts for the website said that Metrostav Development was the most active of all developers, as it put 265 flats in Prague 3 on the market. The developer Horizon also put more than 200 on the market for the newest phase of its project Rezidence Modřanka. In all, said its director Yishay Furman, Horizon aims to begin selling 1,000 new flats this year. It’s not just the number of flats being put on the market that’s surprising, however, but the fact that prices show no sign of falling yet. The daily E15 spoke with Maximilian Skala, head of the real estate group PSN, who said his company was under no pressure to lower prices and that neither were his competitors. For every advertised flat whose price fell between May and June, there were three whose price rose, writes the newspaper.
