Apartment prices are starting to rise again after falling last year. Although prices in Prague are more or less stable, prices in Karlovy Vary and Ostrava rose by more than nine percent year-on-year in the first quarter. The maximum prices of apartments were reached almost exclusively in the first half of 2022, after which, with exceptions, they recorded a drop of up to 21 percent. Currently, prices are comparable to the levels from the end of 2021. This is according to the analysis of the Valuo.cz portal,
Prague
10:55 a.m April 28, 2024
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illustration photo | Photo: René Volfík | Source: iROZHLAS.cz
In addition to Karlovy Vary and Ostrava, the price also increased by eight percent year-on-year in Brno, but there, too, prices are now 11 percent lower than the peaks in 2022. A square meter there costs 91,379 crowns.
Pardubice recorded a seven percent year-on-year increase. In them, however, it is possible to buy a square meter for 63,057 crowns.
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The most expensive apartments are traditionally in Prague. Year-on-year prices in the metropolis rose by almost three percent to 112,099 crowns per square meter. The maximum in mid-2022 was still 7,000 per square meter higher.
The most expensive in 2022
The cities of Pardubice, Olomouc, Pilsen, Liberec, Ostrava and Ústí nad Labem also reached their maximum in the second quarter of 2022. In the third quarter of 2022, prices reached their ceiling in Brno, Hradec Králové, Kladno, České Budějovice, Zlín and Jihlava.
“Property prices in Prague are the most stable, reflecting high demand and limited supply in the capital. On the contrary, in Ústí nad Labem and other cities with larger fluctuations, one can expect continued instability, which can, however, offer opportunities for bolder investors,” described Valuo.cz website founder Radek Šitera.
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At the same time, he added that the data from the real estate cadastre may be distorted to a certain extent. There can be a delay of two to three months between the sale and the introduction of the purchase contract in the cadastre. “That’s why, in reality, apartments were sold most expensively already in the first half of 2022,” he added.
Valuo has been analyzing data from the real estate cadastre and from public advertising since 2017. It provides a tool for calculating real estate prices that is used by five banks, including Česká Spořitelna, ČSOB and Moneta, and over 3,500 real estate brokers, appraisers, forensic experts, financial advisors and other experts from area of real estate.
Value is backed by the Pale Fire Capital investment team, which owns, for example, internet marketplaces Aukro and Groupon.
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