Czech Republic ranks second in Europe in terms of least affordable housing
The availability of new housing in the Czech Republic last year was the second-worst compared to 22 European countries.
Nowadays, buying an apartment in the Czech Republic requires more than 12 average annual salaries, and in Brno house prices are growing the fastest, as reported by the Czech news portal Expats Cz. A year earlier it was 11 salaries.
Last year Serbia ranked second in this measure. Buyers in Serbia needed an average of 15.2 gross annual salaries to buy a standardized house, according to Deloitte Property Index: Overview of European Residential Markets.
Housing in the Czech Republic is significantly more expensive than in neighboring countries, although Slovakia and Austria share the third place. In 2020, potential buyers in Slovakia and Austria spend approximately 10 average gross annual salaries on buying a 70 square meter house.
Although new housing in the Czech Republic is the least affordable in terms of wages, real prices do not reach the level of Western countries. Properties in Bulgaria turned out to be the cheapest with 578 euros per square meter. The most expensive housing is in Austria with the average price of 4,457 euros per square meter.