Prague’s average apartment now costs over 7 million crowns

It’s no secret that Prague apartment prices are on the rise: the average cost of a flat on the Prague market in 2019 has risen 11% year-on-year, and a whopping 62% over the past five years.

While apartment prices in the city center have soared the highest, no Prague district has been safe from rising real estate prices.

“The average newly-listed apartment on the Prague market was more than 68 square meters big and stood at 7,100,000 crowns,” advisory film Deloitte’s Michal Malysa told Echo24.

While the average flat is being listed at more than seven million crowns, however, the average price of sold unit was considerably less.

“The average sold apartment was 5,970,000 crowns, its unit price was 95,000 crowns per square meter and its size was 63.5 square meters,” Malysa added.

That’s a little over 10,000 crowns less per square meter, or 10% less on the whole.

Deloitte’s numbers roughly match up with those from Prague real estate firm Central Group, which estimate roughly 100,000 crowns per square meter for flats sold in Prague by the end of 2018.

Prague’s soaring real estate prices have drawn the attention of local municipalities that have seen short-term visitors replace long-time residents, as well as Czech officials that recognize that the ballooning

“The problem with housing is affecting the middle class today as well,” says Minister of Labor and Social Affairs Jana Malacova.

“Housing is expensive in the Czech Republic. We must do our utmost to invest the state in construction and to support co-operatives.”