New flat in Prague costs equivalent of 16.6 years pay

It would have taken on average 16.6 years for people to earn enough money to buy a new apartment in Prague with an area of 70 square metres in the first quarter of this year, according to developers Central Group.

In the third quarter of last year it would have taken 16.4 years, going by the company’s CG-Index.

The company said the deterioration in housing affordability since last autumn was due to slow planning permission procedures, high building costs and expensive financing.