New apartment prices in Prague surge nearly 5.5 %

Apartment prices in Prague have risen faster than anticipated, with the average price of new apartments reaching over CZK 160,000 per square meter by the end of September—up 5.4% since January and exceeding Central bank predictions for the entire year. This trend, reported by Central Group, Trigema, and Skanska Residential, shows continued price increases, now in their fourth consecutive quarter. Demand for new housing has surged, currently about 30% higher than pre-pandemic levels, despite only modest declines in mortgage rates. Older apartment prices and rental rates have also increased, with resale prices up 12% year-on-year and average rent rising by 7%.