Leader Talks: TKC Director of Real Estate Tomáš Jančovič on trends in Prague luxury real estate

Demand for luxury real estate in Prague is growing in line with the city's importance as a tourism and business hub.

William Nattrass

Written by William Nattrass Published on 27.05.2024 16:50:00 (updated on 27.05.2024) Reading time: 4 minutes

Demand for luxury real estate, incorporating the latest in elegant design trends, is growing in tandem with Prague’s importance as a global tourism and business hub.

Multiple factors contribute to the Czech capital’s growing luxury appeal, from its jaw-dropping beauty to its low crime rates and high-quality public services. Recent astronomic house price growth has underlined the investment opportunity opened up by Prague property ownership. While rental prices are rising, they’re still at a better value than in other major European capitals.

In this context, it’s no surprise that luxury real estate in Prague is highly in demand. “Luxury” is a broad definition in real estate, though, spanning everything from characterful historic buildings to high-tech new developments, Expats.cz spoke with Tomáš Jančovič, Director of Real Estate at TKC Group, a developer and owner of premium real estate, to find out more about the latest trends and developments in the sector.

How would you describe the development of demand for luxury real estate in Prague at present?

Demand for luxury real estate in Prague has experienced significant growth in recent years. Even the Covid pandemic didn’t change that, although the economic situation in 2022 brought a slight cooling. We observe that Prague has been a very attractive location for a long time, and according to all indicators, it’s clear that properties in the city center and wider center are a particularly good investment opportunity. It is likely that real estate prices here will continue to rise, approaching the prices seen in the most prestigious European capitals. 

What are the biggest current trends in luxury real estate in the Czech Republic?

According to both public surveys and our own experience, for those interested in luxury real estate, location is crucial. At the same time, sustainability, smart technology, thoughtful design and high-end amenities are increasingly important aspects. Buyers prefer properties that are already fully equipped, using the best materials, furniture, technology and other facilities. Another current trend is services that resemble those of a hotel, such as a 24-hour reception, security, parking and cleaning services.

Is there any particular visual style or interior design identity which is particularly popular right now?

Our company has its own team of architects and interior designers, so we follow trends in this area closely. From our own experience, we see that clients prefer so-called “quiet luxury”. This is a trend in which the quality of materials plays a major role. Warm shades of wood are also becoming increasingly popular. 

Eclecticism is also in vogue, combining the best of various different directions: rounded shapes, closeness to nature, sustainability, smart home features, and colors. Lighting is becoming more important as people understand its ability to enliven a space and act as a work of art in its own right. In kitchens, modern aesthetics featuring luxurious materials such as marble and hidden storage spaces prevail, ensuring that the space and its appearance remain sleek and clean.

What are the most desirable locations in Prague at present, and which locations are growing in popularity?

The notion of an "ideal location" is very individual. Interest in real estate varies depending on the type of housing, priorities in terms of amenities and, of course, the price range. In general, however, the premium addresses don’t change. The city center itself – the Old and New Town, and Malá Strana – is always attractive, especially in the luxury segment. The wider center is also becoming increasingly popular, including districts such as Vinohrady and Karlín. 

Which is more popular among buyers of premium real estate: new-build properties, or historic properties updated for the modern age?

If we’re talking about Prague, our experience shows that in the luxury segment, there is high interest in premium locations. This mainly means the city center, where most of the city’s historic properties are located. High-quality renovated apartments, furnished with high-quality materials and equipment, are greatly in demand in these locations. 

Are there any top tips which you would give to anyone thinking about buying a premium flat or house in Prague?

I think the recommendations would be very similar to those for other popular European cities. The most important thing is to decide for what purpose you are buying the property, whether as an investment or for your own living. You can then choose which part of Prague is ideal for you in terms of the environment, amenities and price. 

Is Prague real estate still a good investment option?

Prague remains a compelling real estate investment destination, combining cultural richness, economic stability, and growth potential. The city's increasing popularity as a tourist destination, business hub, and cultural center enhances its attractiveness to investors seeking long-term appreciation and rental income opportunities. Real estate prices in Prague have been growing continuously, further highlighting the city's investment potential.

With favorable market conditions, supportive government policies, ongoing infrastructure development, and the distinction of being the 11th safest country in the world, Czechia has solidified its position as a lucrative and promising real estate market. 

What’s unique about TKC's approach to providing luxury spaces to buy and rent?

We are guided by the motto that each of our properties must be a unique work of art. Customers can always expect only the best in premium living from us. 

TKC Group is not a standard real estate or development company. We focus primarily on sensitive renovations of historic buildings at the best addresses, while also providing superior, architecturally exceptional new buildings in prestigious locations. Our company has its own team of architects and interior designers, so each apartment we rent or sell is a unique original, using the highest quality materials and equipment.

This article was written in cooperation with TKC Group . Read more about our partner content policies here.

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