Developer: Average new Prague flat costs 14.8 years of wages

A Prague resident would need to spend the equivalent of 14.8 years of wages for a new, medium-size apartment (70 square metres), if having no other expenses, according to fresh data by property developer Central Group. That figure is 1.6 lower than a year ago and 1.8 lower than in the previous quarter.

About 5,000 flats are approved for construction in the Czech capital annually, which, according to Central Group, is only 50 percent of what the capital needs. Housing in Prague remains significantly less affordable than in most neighbouring metropolises.

According to the latest analysis by Skanska Residential, Trigema and Central Group developers, , the average price of a new flat sold in Czechia stands at CZK 146,459 per square meter.