REAL ESTATE NEWS

Prices on steady rise

Apartments in the Czech Republic are more expensive than ever

Prices of Czech flats are growing faster than ever before. In some regional capitals, flats in more historic buildings are selling for over 20% more than a year ago, on average.

The prices soared most in cities which are in the investors' spotlight. In the centre of Brno, for example, an older brick-built flat with 68 square metres of floor space is now selling for an average 2.65 million CZK. A year ago the price was almost 750,000 CZK lower.

A similar trend can be seen in Ostrava, where average flat prices rose by 20% over the past year. High on the list of fastest-growing flat prices are also Liberec and Hradec Králové. Prices there have also jumped by about one-fourth.

Prague remains a fixed star in the sky of the real-estate market , with its steady annual growth of about 20%. However, higher prices are applicable only to very narrow segment of apartments in the center and central ring in more traditional, historic buildings. Large apartment complexes, away form the center, are still keeping steady, lower price.

But the price boom is probably losing steam. Experts say prices of premium flats especially have reached their peak.