Thousands of refugees from Ukraine, who were forced to move to the Czech Republic for safety, plan to stay in this country after the war. This raises the question of buying their own home to plan for a stable future. Find out more about property prices in different regions of the Czech Republic

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Last year, Czech real estate experts predicted a decline in prices per square metre. However, in 2023, prices rose by 3% on average across the country, according to the real estate portal Reality Čechy and the mortgage company Golem Finance. For example, an apartment of 70 sq m, which cost an average of CZK 4.34 million (EUR 173.6 thousand) in December 2022, cost CZK 4.48 million (EUR 179.2 thousand) in January 2024.

Although the cost of housing in the Czech Republic has increased, prices have fallen in some regions. In particular, in the Zlín region, apartment prices in 2023 decreased by 10 thousand euros to 143.6 thousand euros (3.59 million kroons). The highest housing prices remain in Prague, where the average cost of a 70-square-metre apartment exceeds CZK 7 million (EUR 280 thousand). The most affordable apartments can be found in the Ustecký region, where they cost only CZK 1.83 million (EUR 73 thousand).

At the same time, the affordability of housing in the Czech Republic in relation to salaries has decreased. While in previous years, 46% of income was spent on mortgages, in 2023 this figure increased by 16% and was already 62%. The most favourable option is when less than a third of earnings are spent on mortgage payments.

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The cost of apartments in different regions of the Czech Republic

Housing prices can vary significantly depending on the chosen area. For comparison purposes, let's look at the average prices for a 70 square metre apartment with reference to seznamzpravy.cz:

1. Prague - 7.32 million CZK (292.8 thousand euros);

2. South Moravian Region - 5.38 million kroons (215.2 thousand euros);

3. Central Bohemian Region - 4.86 million kroons (194.4 thousand euros);

4. Kralovohradec Region - 4.45 million kroons (178 thousand euros);

5. The Vysočina Region - 4.18 million kroons (167.2 thousand euros);

6. Liberec Region - 3.89 million kroons (155.6 thousand euros);

7. South Bohemian Region - 3.83 million kroons (153.2 thousand euros);

8. Plzeň Region - 3.78 million kroons (151.2 thousand euros);

9. Olomouc Region - 3.76 million kroons (150.4 thousand euros);

10. Zlín Region - 3.56 million kroons (143.6 thousand euros);

11. Pardubice Region - 3.5 million kroons (140 thousand euros);

12. Karlovy Vary Region - 3.18 million kroons (127.2 thousand euros);

13. Moravian-Silesian Region - 2.54 million kroons (101.6 thousand euros);

14. The Ustec Region - 1.83 million kroons (73.2 thousand euros).

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Should we expect changes in the price of apartments in the Czech Republic in 2024?

According to experts, the real estate market in the Czech Republic has already reached a minimum, and its recovery is expected at the end of the first quarter of 2024. A sign of recovering demand is that people are actively considering options for buying apartments. This is confirmed by the small difference between the prices on property portals and the real sale prices.

Milan Rocek of Dataligence notes that money is being invested in the property market, mostly in cash, rather than through mortgages. He also notes that the price level has already reached a minimum. Michal Pich, a representative of the property portal, emphasises that it will be harder to find affordable housing this year than before.

"Those who were able to buy property last year made the right choice," he adds. This shows that the property market is gaining stability and attracting buyers who are looking to invest in housing.

As a reminder, the Czech Republic has taken decisive measures to improve living conditions for Ukrainian refugees by doubling housing payments from the beginning of 2024. These changes apply to Ukrainians who are under temporary protection in the country. Find out more about the amount of payments according to the innovations.

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