Residential sales down 50%, mortgages at a 10-year low

(CIANEWS) - In 2022, the sales of older flats in the Czech Republic dropped by 51%, while sales of new flats decreased by 57%. In terms of family houses, there was a 49% drop, according to figures from an analysis conducted by the Czech Banking Association (ČBA) and Dataligence. These were the lowest numbers of sales of residential real estate over the past decade. Even though prices started to drop in most of the Czech Republic in the second half of 2022, the decrease was only slight. In a year-on-year comparison, older flats were 3.4% more expensive. The average prices of newly sold flats were 11% higher, at CZK 120,000 per m2. The highest prices are in Prague (CZK 151,643 per m2), while the average price in the regions grew by 14% to CZK 100,692 per m2. Since the second half of 2022, the mortgage-loan market has slowed, and the volume of provided mortgage loans is the lowest in ten years.



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