Apartments in the cheapest locations were increasing in price the fastest in the whole of the Czech Republic

Prague – Apartments in the cheapest localities increased in price the fastest in the whole of the Czech Republic in the first quarter. The average price of an apartment in the Czech Republic was approximately 5.3 million crowns, while in the most expensive Prague, it was 8.6 million crowns. However, it was possible to buy an apartment for an average of under three million crowns in 15 districts, primarily in northwestern Bohemia, northern Moravia, and the Plzeň Region. In these districts, however, apartment prices rose year-on-year by up to 34 percent. One reason is increased interest from investors.

Among the most affordable districts for apartments were Most, Chomutov, Teplice, Děčín, Louny, Ústí nad Labem, Sokolov, Cheb, Bruntál, Karviná, Domažlice, Tachov, Česká Lípa, Jeseník, and Svitavy. There are six in the Ústí Region, two in Karlovy Vary, Moravian-Silesian, and Plzeň Regions, and one in Liberec, Olomouc, and Pardubice Regions. The cheapest apartments were in Sokolov with an average price of 1.84 million crowns, followed by Most with a price of 1.97 million CZK and Chomutov, where the average apartment value was 2.29 million CZK.

Reas pointed out that most of the 15 districts are located in areas that historically face higher unemployment, weaker infrastructure, or population outflow. Exceptions are Domažlice, Tachov, Česká Lípa, or Svitavy. According to the real estate platform, they offer a stable economic background, good access to nature, and job opportunities.

Despite lower attractiveness, for example, in Teplice, apartments increased in price by 34 percent year-on-year in the first quarter, in Most by 32 percent, and in Karviná and Sokolov by 28 percent. Meanwhile, prices in Prague stagnated. "Buyers are increasingly looking in the regions, which drives prices up precisely where housing is still relatively affordable. That is why Most, Teplice, Sokolov, or Karviná are increasing faster than Prague or Brno. Price affordability still exists in these districts, but the rate of increase is record-breaking," said Michal Makoš, director and co-founder of Reas.

The average selling time for an apartment in the Czech Republic was 125 days in the first quarter, 13 days less than the previous year. However, the length of time to sell an apartment varies significantly by region. The span ranged from 109 days in the Ústí Region to 138 days in the Central Bohemia Region.

The average apartment price in the Czech Republic increased by six percent year-on-year to 5.3 million CZK. The price per square meter then rose by a tenth to approximately 92,000 CZK. However, the rate of increase slowed from last year's more than 11 percent, and the number of sales slightly decreased. In the cheapest regions, according to Makoš, apartment prices could rise by 20 to 30 percent in the coming months.