Prague real estate prices rise amid slowing sales volume

New data from developers Central Group, Trigema, and Skanska Residential indicates that apartment prices in Prague rose in the third quarter. The average asking price reached 193,800 CZK per square meter, an 11.8% increase year-over-year, while the average realized price rose to 186,400 CZK per square meter, up 10.4% year-over-year.

Despite rising prices, sales volume in Prague saw a decline. Approximately 1,600 new apartments were sold in the third quarter, a 5.9% decrease compared to the previous year and the weakest quarterly performance in over two years. Developers attribute this slowdown primarily to increased financing costs, noting that average mortgage rates exceeded 5% in September.

Year-to-date sales in Prague have reached 5,350 units, with developers projecting total annual sales to reach approximately 7,000 units.