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Prague property prices soar despite pandemic

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Prague
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Low interest rates and easier regulation led to a recent boom in the Czech real estate market. Even as other sectors of the economy struggled due to the pandemic, the Czech housing market continued to grow, reported Czech Radio

Estimates by Prague-based real estate consultants Reas showed that house prices in the Czech Republic rose by 28.5% year-on-year in the first three quarters of 2020, while real estate sales increased by 12% in the same period.

Prices of older apartments rose by 18% in Prague and 23% in Ostrava, analysis by real estate developer Trigema showed.

Vladimir Zuzak, owner of real estate agency Maxima Reality, said the market outlook has improved compared to the first wave of the coronavirus pandemic. “People are used to the situation now and while some real estate transactions are still being delayed, it is happening much less frequently than in the spring of 2020,” he said.

Low interest rates and continued uncertainty have prompted many to turn to real estate as an alternate form of investment. An easing of strict regulations around mortgage loans by the Czech National Bank and the abolition of a long-debated real estate acquisition tax also contributed to the recent increase in demand for real estate.

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