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House Prices in the Czech Republic Fifth Highest in the EU in Q3

In the third quarter of 2020, house prices, as measured by the House Price Index, rose by 4.9% in the euro area and by 5.2% in the EU compared with the same quarter of the previous year.

In the second quarter of 2020 house prices rose by the same annual rates, 4.9% and 5.2% respectively. These figures come from Eurostat, the statistical office of the European Union.

Year-on-year growth in house and apartment prices in the Czech Republic rose by 8.4 percent between July and September last year.

Among the European Union countries, the Czech Republic shows the fifth-highest growth. Compared to the second quarter, prices increased by 2.6 percent.

“If we calculate the average growth from 2017, apartments in the Czech Republic are growing at the second-fastest rate in the long run, by 9.7 percent per year. Only Hungary outperforms us with an average annual growth of 12.4 percent,” said analyst Petr Bartoň.

“We will probably not see a significant cooling in the real estate market this year. Due to limited construction, it is unlikely that developers will overwhelm the market with new offers,” added ČSOB analyst Petr Dufek.

Among the Member States for which data are available, the largest year-on-year increases in house prices in the third quarter of 2020 were seen in Luxembourg (13.6%), Poland (10.9%) and Austria (8.9%), the only decreases being in Cyprus (-1.4%) and Ireland (-0.8%).

Compared to the previous quarter, the largest increases were recorded in Hungary (5.2%), Denmark (4.2%) and Latvia (3.7%), while there were chain decreases in house prices in Cyprus (-4.8%), Romania (-2.6%), Italy (-2.5%) and Croatia (-0.6%).

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