Selling Your Apartment in Prague

Are you thinking about selling your apartment or flat in Prague and wondering about all the steps you need to take to get the maximum value for your property or ensure a hassle-free transaction, and above all, do it quickly?

In this article, we’ve got some tips for you on how to go about selling your apartment.

You might be thinking that selling an apartment in Prague can’t be that different from selling one in other regions, right? Well, the rules are pretty much the same in places like Uherské Hradiště as they are in the capital city. However, the Prague real estate market has its unique features that you should keep in mind. It starts with the number of apartments available and ends with their prices. So, how do you sell an apartment in Prague?

Is Prague expensive?

When we talk about the real estate market in Prague, what often comes to mind is the high prices at which apartments are offered in the city. As a seller, this could work in your favour, because you’d get an amount for your property that you might not get in most other regions. However, for some sellers, this might lead to the idea that they can ask for almost any amount for their apartment. But that can be a mistake, and there are two reasons for that.

The first is the phenomenon of “overpricing”. Under the impression that everything sells in Prague for any price, you might artificially inflate the price of your apartment. However, you can’t really expect potential buyers to jump at it. What’s worse, you might miss the opportunity when the market is most favorable for a high price. The longer you try to sell it, the more your property might lose value, and even offering discounts might not help, as buyers could think something’s wrong if the price keeps dropping. On the other hand, there’s also the situation of “underpricing” your apartment. In that case, you won’t get a fair amount for your property, which is a shame, of course.

The solution is to have an expertly estimated price for your Prague apartment. Any experienced real estate agent who knows the Prague market well can do this. And if you decide to use their services to sell your apartment, you’ll most likely get the estimation for free from most real estate agencies. If not, be prepared to pay a few thousand crowns for it.

Speed matters

Another thing that sets apart the sale of an apartment in Prague from sales in other regions is how quickly properties are snapped up from the market. To put it simply, there’s a huge demand for apartments in the capital city. This isn’t just because more and more people are moving to Prague, but also because there aren’t that many apartments available in the city.

Smaller apartments—like studios and 1-bedroom units (garsonky or 2+kk)—are the quickest to sell (typically within two months). And the reason is quite straightforward – these units are perfect as starter homes for young individuals or childless couples. They are also attractive to seniors and couples whose kids have flown the nest, and are no longer interested in a spacious apartment. Additionally, investors put their money into these smaller apartments and then rent them out. For larger apartments, sellers usually need to wait a few more weeks. On average, Prague apartments sell within about three months from when they are listed.

The speed at which an apartment in Prague sells is influenced by factors other than just its size. Apartments in prime areas in the city center and broader central Prague tend to sell faster, and having a metro station nearby also helps. As for the apartment itself, it’s ideal if it’s on a higher floor with an elevator, in a well-maintained apartment building, and in a peaceful street.

Be attractive

Making the sale of your apartment easier can also involve presenting the property well. Even though some sellers underestimate the importance of writing good listings, it’s essential to remember that the listing is the very first encounter a potential buyer has with your property. So, it’s worth making it as appealing as possible.

If you’re selling your Prague apartment on your own, without involving a real estate agency, it’s a good idea to go through as many professional listings as you can to get an idea of how they look. On the other hand, if you’re using the services of a reputable real estate agency, you won’t need to worry much about promoting your apartment. They’ll take care of many other aspects related to selling (like finding and screening potential buyers, getting the apartment ready for viewings, professional photography, contract preparation, and more).

A helpful approach to ensure you don’t overlook anything is to look at the selling process from the buyer’s point of view.

 

 

Are you selling a property and want to take the hassle out of the transaction? Put the sale in the hands of our experienced real estate brokers. At Kotula Real Estate Agency, we will guide you through the entire process and make sure you get the maximum amount for your property. Contact us!