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Housing prices in the Czech Republic are rising again after a period of stagnation

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In the first quarter of 2024, the average price of old apartments increased by 2%. Prices for private houses from owners showed a similar increase.

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The research data from the real estate service Bezrealitky.cz is confirmed by Petr Hána, head of financial consulting in real estate and construction at Deloitte.

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“The factors that negatively impacted the residential market, last year in particular, have either faded away or eased off somewhat; for instance, the price of energy, which has traditionally influenced people’s attitude to buying property. Other factors are the price of labour in construction, and the fall in inflation”, Hána said.

After a period of caution, Czech residents are again showing greater interest in investing, the expert told Czech Radio’s Plus station.

“It is possible to observe a better mood on the market when it comes to buying property, because the price of money has improved a bit, meaning that interest rates have become more attractive again. And we observe a similar trend on the country’s bigger markets, where prices are growing slightly again. But there is still stagnation on less active markets, such as in Ústí nad Labem”, he added.

New buildings and resale properties

Bezrealitky.cz has noted an increase in prices for old properties. But Mr Hána says the same should apply to new buildings:“Interest is on the increase, particularly in bigger markets – for the very reason that some factors have improved. And in that case Czechs do like to invest in property and that’s a trend that doesn’t ever change much. So I expect a revival in this area, and mild growth.”

Source: Radio Prague

Photo by Sergey Mind on Unsplash

Quoting conditions of Prian.info materials

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