Real estate prices in Prague are increasing at historical records, despite the pandemic outbreak.

With the availability of housing in the Czech Republic capital at its lowest in 12 years, property prices are continuing to increase, and it is not set to improve.

In fact, Czech property prices have grown so quickly that in just one year, the average price of flats has increased by 21%, according to data from RealityČechy.cz.

“For the last 20 years, property prices in Prague have been increasing rapidly, and there is no sign of any significant change in the foreseeable future,” explained CzechRoof, a business which has extensive and outstanding knowledge of the real estate market in the capital.

They provide an advantage in finding the perfect investment opportunity in the capitals fast-growing and promising property market as records continue to soar at remarkable monthly rates.

While in March of this year, flats were offered for an average of CZK 4.18 million, in April it had already increased to CZK 4.27 million.

Based on patterns studied by experts over the years in real estate, this rise in apartment prices is not over yet.

“We have experienced an almost linear increase in apartment prices in the last five years,” said Michal Pich, operator of the RealityČechy.cz portal.

Despite an increase in remote working due to the pandemic, the rise in property prices, even in the most expensive part of the Czech Republic, Prague, demonstrates the stability of the housing market for giving a great return on investment.

The pandemic brought several new perspectives to the housing sector. Theoretically, if people can work from their apartment, then in regions where they can live well and cheaper, they should have no reason to buy more expensive apartments in the likes of Prague, for example.

Despite this, according to data from Deloitte, in the first quarter of 2021, the price of apartments in Prague continued to grow by an average of 5.3% to CZK 77,800 per sq. metre.

Furthermore, during the second quarter of 2021, according to an analysis by developers Central Group, Trigema, and Skanska, some 2,650 new flats were sold in Prague, which is the highest in history.

The resilience of Prague’s real estate market can be put down to a combination of factors, including low interest rates, the repeal of a property acquisition tax, and reduced housing supply.

It seems that neither the pandemic nor the economic downturn associated with it has really impacted the upward trend in property prices on the market in the capital.

The soaring market in Prague is great news for people looking for an investment opportunity in property- and with it frequently voted and rated as one of the best cities to live in worldwide, price rises are only set to continue.