The average price rise for new flat in the Czech capital Prague rose last year by around 19.1 percent to reach around 85,223 crowns per square metre, according to a group of the leading developers and builders of new flats in the city, Radio Prague writes.
That rate of rise has been fuelled by low unemployment, higher wages for most Czechs, and a squeeze on the number of new flats coming onto the market. Sales of new flats dropped by 17.3 percent to 5,500 compared with the previous year, according to the figures put together and released by Trigema, Skanska Reality and Central Group.
They expect the pace of price rises to slow down this to around 3-5 percent amid a further narrowing of the supply of new flats coming onto the market, estimated to be around 5,000. But that hike in prices could take the average price to easily beyond the 100,000 crowns per square metre level.
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