Prices of new flats in Prague rose by 6.1 percent in first half of 2020, say developers

The sales prices for new flats in Prague saw a year-on-year increase of 6.1 percent to CZK 108,261 per square meter in the first half of 2020, largescale developers Trigema, Skanska Reality and Central Group announced at a press conference on Wednesday. The rise in prices in the second quarter, which was affected by the countrywide coronavirus lockdown, reached 1.8 percent, developer data shows.

The predicted impact of the pandemic on the housing market has therefore not yet shown itself to be correct, said Skanska Reality General Director Petr Michálek. He expects prices of flats in good localities will continue to grow in single digit percentage points due to a combination of low supply, high construction costs and the lengthy process of securing building permits.

Prices for newly built flats in Prague have risen by 95 percent over the past 5 years, according to the Czech News Agency.