Prague New Apartments 23% Price Increase 2018

The average price for new flats in Prague increased in the first quarter of 2018 by 22.8 percent year-on-year to 88.552 crowns per square meter, according to the data by local development companies Trigema, Skanska Realty and Central Group. 

The number of sold apartments dropped by 11 percent in the first quarter to 1,200 compared to the same period last year. As of 2015, the prices of flats in the Czech capital have increased by sixty percent.

Prague Residential Property Update 2018

Property prices in the Czech Republic grew by an average of 16 percent through most of 2017, the highest rate in the whole of the European Union. The figure stems from a Financial Stability Report issued by the Czech National Bank on Tuesday. 

The central bank said that Czech apartments were overvalued by around 14 percent at the end of last year and warned that the figure was rising. 

Officials said the conditions for a spiraling of the difference between property prices and the cost of loans remained in place. The Czech National Bank has identified this as the greatest risk to domestic financial stability since 2016.