Feb 04, 2024

Thousands of Flats Priced Below Average to Hit Prague Market This Year.

Developers are set to complete thousands of flats in Prague this year, all at prices below the city’s average.

According to Deloitte data, the average price per square meter in the fourth quarter of last year was CZK 152,600, but the completed flats are expected to be around ten percent cheaper.

Central Group, the largest Czech residential developer, plans to finish 1,100 flats this year across projects in Prague 3, Prague 8, Prague 9, and Prague 10. An additional 1,500 apartments may be included in the sale, contingent on permitting processes.

Skanska is in a similar position, completing 208 apartments this year in projects in Kbely and Modřany.

Renata Vildomcová, a spokeswoman for the company, shared that over 73 percent of flats in the Albatros Kbely project have been sold, with an average price of CZK 123,000 per square meter.

Developer Finep plans to complete 500 flats this year in fully sold-out projects with prices starting from CZK 82,000. Finep spokesman Tomáš Heček explained that the lower prices are due to selling most of the apartments before completion, reflecting a different economic situation.

Looking ahead, Finep aims to start construction on 26 apartment buildings and 2,150 flats in various projects in 2024, offering a mix of owner-occupied, rental, and cooperative housing.

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On the other hand, Penta Real Estate is completing residential properties this year at above-average prices in projects such as Victoria Palace, Rezidence Juliska, Nuselský pivovar, and Nová Waltrovka.

According to a study by Central Group, Skanska Residential, and Trigema, the average selling price of Prague flats in the fourth quarter decreased by six percent year-on-year and 2.7 percent quarter-on-quarter to CZK 142,511 per square meter.

The decrease is attributed to more sales of cheaper properties below the developers’ average offer price.

The average size of apartments on offer has also decreased since 2016, influenced by a shift in demand towards smaller and more affordable units.

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