Flat prices in Prague up 30 % due to low supply and costs

(ČIA) Prices of new flats in Prague in 1Q 2022 increased by almost 30 % y/y to an average of CZK 145,749/m2. The main reason is the low supply and rising prices of inputs, mainly construction work, materials and energy. In the first three months, 1,050 new flats were sold. This follows from the analysis of Trigema, Skanska and Central Group. At the end of 1Q, those interested could choose from about 3,200 flats, down 1,000 in a y/y comparison. According to the survey, the offer cannot be supplemented in the required amount due to complicated permitting processes. The number of new vacant flats in the capital has been around 3,000 for a year now. Previously, twice the amount was common in price lists.



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