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Prague residential and commercial property for sale - prices

Prices of real estate in Czechia are significantly growing during the last three years and it seems that the factors causing this development are here to stay for couple more years. Low interest rates, low mortgages and investors looking for safe territory where to increase the value of their assets. Czech crown and thereby Czech real estate are undervalued.

Prices are growing mainly in Prague, since 2012 they have grown by one third. Average price per square meter of a new flat in Prague is 70 thousand CZK. In previous years it was between 60 and 65 thousand CZK per square meter. There are not many apartments for sale in 45 thousand per sq. meter category.

Price growth applies mainly to new apartments, but second hand flats are growing as well, although at a slower rate. In Prague centre in popular quarter Vinohrady it is possible to buy second hand apartment for 90 thousand CZK per sq. meter. New apartment in the same location would cost nearly 150 thousand per sq. m. Prices of houses and commercial properties are growing as well. Demand is increasing regarding hotels, castles and office buildings.

Prices of construction plots have increased, among other due to newly introduced VAT on construction land. This new tax applies only if the seller is registered for VAT. However, most developers are registered for VAT. Example of price consequences - if an average of 850 sq. m. plot of land for family house sold for 4 - 5 million CZK, in 2016 its price increased by 1 mil. CZK. In regional centres like Ceske Budejovice this increase would be approximately 0.3 mil. CZK.