Apartments in the Czech Republic increased in price by 15.8% in the third quarter to 70,300 CZK/m²

Prague – Apartment prices in Prague and regional cities increased year-on-year by an average of 15.8% to CZK 70,300/m² in the third quarter of last year. The growth rate was the highest since March 2018. In the third quarter, Prague was the most expensive (CZK 94,300/m²), while Ústí nad Labem was the cheapest (CZK 22,800/m²). Since 2014, prices in the Czech Republic have increased by an average of 84 percent. This is according to a study by the consulting company Deloitte, which processes information about selling prices from purchase agreements recorded in the property register through the portal cenovamapa.org.

Year-on-year, apartments saw the largest price increases in Liberec, rising by more than a third. Other increases were observed in Ústí nad Labem (by 28.8%), Pardubice (by 24.7%), and Brno (by 22.9%). Prices decreased in Karlovy Vary, by 7.4%. Deloitte tracks the prices of sold apartments in regional cities. In the Central Bohemia region, which does not have its own regional capital, it is based on the average for Benešov, Beroun, Kladno, Mladá Boleslav, and the districts of Prague-East and Prague-West.

In the third quarter, 6,284 apartments were sold in development projects, brick, and panel houses for CZK 27.8 billion. This number is roughly the same year-on-year, while the value increased by 20.9%. Development projects accounted for more than two-fifths of the houses sold, with apartments in panel houses making up one-third and brick houses about one-quarter.

Prices increased the most in development projects, year-on-year by 18.6% to CZK 83,500/m². Apartment prices in panel houses rose by 16.1% to CZK 54,800/m². In brick houses, they increased by 11.4% to CZK 69,000/m².

Prague accounted for about three-fifths of the total sales volume in the third quarter. This was followed by Brno (11.5%), Plzeň (4%), Olomouc (2.5%), and Liberec (2.4%).

Compared to the previous quarter, prices in the Czech Republic increased on average by 4.9%. The highest increase was in Plzeň, by 8.3%, followed by Ústí nad Labem by 7.6%, and Liberec by 7.5%. Conversely, prices fell in two cities: in Plzeň by 5.8% and in Karlovy Vary by 1.8%.

In Prague, apartment prices increased year-on-year by 10.4%. The most expensive apartments were sold in Prague 1 (CZK 148,100/m²) followed by Prague 2 (CZK 137,900). The cheapest were in Prague 4 (CZK 85,000) and Prague 9 (CZK 86,600).

Average Sold Apartment Prices in the Czech Republic

Period	Price (CZK/m²)	Year-on-Year Change (%)	Quarter-on-Quarter Change (%)
Q4 2015	41,800	-	1.5
Q1 2016	42,400	-	1.4
Q2 2016	45,000	-	6.1
Q3 2016	46,200	-	2.7
Q4 2016	48,100	15.1	4.1
Q1 2017	48,500	14.4	0.8
Q2 2017	49,800	10.7	2.7
Q3 2017	51,600	11.7	3.6
Q4 2017	53,700	11.6	4.1
Q1 2018	56,200	15.9	4.7
Q2 2018	55,200	10.8	-1.7
Q3 2018	56,800	10.1	2.8
Q4 2018	57,200	6.5	0.7
Q1 2019	57,900	3.0	1.3
Q2 2019	60,700	10.0	4.8
Q3 2019	60,700	6.9	0.0
Q4 2019	63,400	10.8	4.3
Q1 2020	65,400	13.0	3.2
Q2 2020	67,000	10.4	2.4
Q3 2020	70,300	15.8	4.9

Source: Deloitte

Prices of Sold Apartments in Regional Cities of the Czech Republic in the Third Quarter of 2020 (CZK/m²):

City	Price	Year-on-Year Change (%)	Quarter-on-Quarter Change (%)
Prague	94,300	10.4	6.3
Brno	71,500	22.9	4.3
Central Bohemia	59,100	11.1	2.5
Plzeň	48,300	8.5	-5.8
Hradec Králové	50,200	11.3	1.8
Olomouc	48,100	12.6	0.4
České Budějovice	49,400	19.6	4.0
Liberec	48,700	33.4	7.5
Pardubice	47,900	24.7	8.3
Zlín	44,600	7.5	3.0
Jihlava	41,400	14.7	5.7
Karlovy Vary	27,600	-7.4	-1.8
Ostrava	29,600	19.4	5.7
Ústí nad Labem	22,800	28.8	7.6
Czech Republic Average	70,300	15.8	4.9

Source: Deloitte