Czech Republic Real Estate Market Review: Q1 2023 Results
The main trends of the Czech residential real estate market in the first quarter of 2023 were presented in a report by Deloitte analysts. One of the key trends is a decline in apartment prices across the country. Compared to the previous quarter, prices fell by 1.2%, reaching an average cost of 92,200 CZK (3860 €) per square meter.
Table 1: Regions of the Czech Republic with the most significant decrease or increase in apartment prices for the first quarter of 2023
|Region||Decrease or Increase in Apartment Prices (%)|
|Usti nad Labem||+4.4%|
|A drop in prices across the country (compared to the previous quarter)||-1.2%|
|Average price per square meter in the Czech Republic (as of the first quarter of 2023) = CZK 92,200 (€ 3,860)|
Table 2: Changes in apartment prices in Prague for the first quarter of 2023
|District||Change in Apartment Prices (%)|
|Average price growth in Prague||+0.2%|
|Average price per square meter in Prague (as of the first quarter of 2023) = CZK 116,800 (€ 4,907)|
The largest decrease in apartment prices was recorded in the regions of Liberec (-15.6%), Ostrava (-12.6%), and Pardubice (-11.2%). However, there are also regions where prices are rising – Usti nad Labem (+4.4%) and Zlin (+5%).
Apartment prices in Prague remained stable, but there was heterogeneity in price growth in different districts of the capital. In Prague 8, prices increased by 5.5%, in Prague 3 by 3.8%, and in Prague 9 by 2.8%. However, prices significantly decreased in the city center – by 18% in Prague 1 and by 12% in Prague 2. The average price growth in the capital was 0.2%. Thus, the average price per square meter in Prague is 116,800 CZK (€ 4907) as of the first quarter of 2023.
The overall number of apartment sales in the Czech Republic decreased by 9.5% compared to the previous year. However, the decrease in Prague was less noticeable – around 64% of apartment sales occurred in the capital.
Newly built apartments in Prague remain the most sought-after type of housing for purchase. More than half of all apartment purchase transactions took place in the new housing market.
Therefore, the Czech real estate market in the first quarter of 2023 was characterized by a decrease in apartment prices throughout the country, but with some regions experiencing growth. Prague remained a relatively stable market with demand for newly built properties.