Apartments in Central Prague

Apartments in Prague vary significantly both in character and price. Those apartment that are situated in the centre of the city in Prague 1 and 2 (Starе Mesto, Mala Strana, Nove Mesto, Vinohrady) are comparable to the apartments in leading European cities like Vienna or Munich. However prices in Prague are lower. For example two room apartment of 70 sq. meters, after refurbishment, on the second floor, in good condition shall cost in Prague 1 – Old Town in average some 400 000 Euro and in Prague 2 – Vinohrady on average 300 000 Euro.

Apartments in Prague in those districts that are close to the centre of the city are also attractive and popular. But if we look at average prices in these quarters, thery are already significantly lower that those in the very centre. Apartment of 70 sq. meters of the standard given above, would cost here in average 222 000 euro. For example Smichov, Prague 5 is very popular. It borders on Petrin park, Santoska park and river Vltava. There you can find shopping and entertainment malls around underground station Andel. Apartments here are to be found mainly in the houses built in the end of the 19th century. You can also find some apartments in newly built houses, but these are few. Distric Karlin is also close to the centre, most apartments there are in the art nouveau houses built in the end of the 19th century, most newly built houses are in the area of Liben. There are many interesting apartments also in Holesovice, Prague 7. Not only is this district close to the centre but there was also recently been built many new apartments in the projects on the river banks like Prague Marina. Also apartments in Prague 3 Zizkov are reasonably attractive. In Zizkov there are many picturesque corners with galleries in the inner yards.

Apartments further from the centre of Prague

The flats that you can find on the outside perimeter of Prague 4, 5, 6, 7, 8, 9 and 10 are in their majority significantly cheaper. Houses here are both from the prewar period and the sixties when panel houses dominated. There are also exceptions – complexes of new apartment buildings that correspond to the contemorary standards, with underground garages. We have in mind new buildings in Hostivar, Chodov, Stodulky next to the nature reserve Prokopske udoli etc.

In the districts that are further from the centre there are relatively few shops and restaurants. Exeptions are large shopping and entertainment centres in Pruhonice, Zlicin, Letnany and Cerny most. Our standard apartment of 70 sq. meters would cost here on average 146 000 Euro.

Main factors influencing the price of apartment in Czech republic

Like everywhere else in the world the primary factor influencing the price in Czech republic is location. In the centre of Prague our standard apartment would cost 400 000 Euro and in the industrial town of northern Bohemia like Most it could cost as little as 46 000 CZK. The 8 times difference.

In case of those apartments in Czech republic that are in the same location and differ by the type of ownership we can see the price difference between private and cooperative ownership. On the average the coopetative apartments are 10 % cheapers that those privately owned. The main reason for this is the fact that cooperative apartment is more difficult to finance by mortgage.

Prices of the apartments in Czechia that are on the first floor are also lower. If there are in one house 2 identical apartments and one of them is on the first floor and the other one on the third, the one on the first floor shall be 10% cheaper.

The difference in price between the second hand apartment that has been refurbished and the apartment that has not been refurbished is approximately 15 – 20 %. Price of the newly constructed flat is by some 30 – 40 % higher that the price of the refurbished one. The difference between the one that has not been refurbished and the newly built one can be some 100 %. Apartments in panel houses are by some 10 % cheaper that those in the brick houses.