Prague builds record number of apartments, but buyers are choosing less space

Prague has a record number of apartments under construction, but buyers are purchasing smaller homes as prices per square meter continue to rise, according to research presented by property consultancy iO Partners on Wednesday.

The company counted 23,300 apartments under construction at the end of June, the highest figure since it began monitoring the market in 2010. That represents a 43 percent increase from a year earlier.

At the same time, the average apartment sold shrank from 61.9 square meters in the first half of 2023 to 56.3 square meters this year, a decline of approximately 9 percent.

Prague 9 accounts for 23 percent of apartments currently under construction, making it the capital’s busiest district for residential development, iO Partners research director Blanka Vačkova said.

The consultancy recorded construction starting on another 6,520 apartments in the first six months of 2026, its highest half-year total since monitoring began.

The number under construction is also more than 12,000 units higher than in the first half of 2024.

Those figures describe the development pipeline, rather than homes already completed and ready for occupation. The potential effect on available housing will depend on when projects finish and how their apartments enter the market.

iO Partners recorded 3,990 apartment sales in Prague during the first half of this year. Two-room apartments with a kitchenette, described in Czech listings as “2+kk,” accounted for approximately 41 percent of sales.

For international buyers, the label means two main rooms in total: typically a living room with a kitchen area and a separate bedroom, not two bedrooms.

Vačkova attributed the preference for smaller homes partly to their lower total purchase price and suitability for investment rentals.

The smallest layouts are also recording the fastest price growth. Prices for “1+kk” apartments (studios with a kitchenette) rose almost 15 percent year over year to more than CZK 198,000 per square meter.

At that rate, a 30-square-meter studio would cost approximately CZK 5.94 million. That is an illustrative calculation, rather than a quoted price for a particular property.

For comparison, Deloitte’s separate Develop Index put the average asking price of available apartments in Prague development projects at CZK 182,700 per square meter in the second quarter. Its methodology differs from iO Partners’ research, so the figures are not directly interchangeable.

The combination helps explain the shift toward compact homes: buying fewer square meters can reduce the overall bill, even as each square meter becomes more expensive.

For buyers comparing listings, both measures matter. A smaller apartment may fit the budget more easily, but its price per square meter can exceed that of a larger home.