Cheapest neighbourhood to buy a flat in Prague
In the second quarter of this year, the number of flats for sale in Prague expanded, counting about 4000 new apartments with an average price of CZK 152,000 per square meter. An analysis by real estate developer Skanska maps out the cost of buying one of these in various Prague neighbourhoods.
The most expensive apartments are located in Prague 2, 7, and 6. Right now, Prague 2 has the highest average cost per square meter at CZK 207,465 and while prices rose by a third, the supply fell by almost half year-on-year. This neighbourhood consists of Nové Město, where is located Wenceslas Square, home to numerous restaurants, cafés, hotels and shops. Vinohrady, a beautiful residential area with a bohemian vibe and art deco buildings, Vyšehrad, the city’s oldest neighbourhood and site of a magnificent fortress on the banks of the river Moldava, and Nusle, full of green parks equipped for recreational activities such as the Folimanka Park. In the surrounding district of Prague 1, home of the Old Town, the housing market has limited options, and at the moment there is not a single new apartment available.
Instead, the most affordable apartments are available on the southwestern edge of the city, specifically in Zbraslav, Lochkov, Lipence and Radotín, where the average price is CZK 116,150 per square meter. According to Skanska data, the largest selection is in Prague 5, 9, and 3 with more than 1,500 units available. Since the reconstruction of Anděl on Smíchov, Prague 5 has experienced rapid growth. Numerous workplaces may be found here, along with Nový Smíchov, a big shopping mall. Currently, the district has 561 brand-new homes available, with a 9 per cent yearly growth rate.
Prices in other areas of the city have increased by about 17% year over year, and one of the main reasons for this increase is the low supply of apartments available for sale, but luckily the finalization of new projects in the second quarter of this year brings good news to the market. However, for the increase in units available for sale to genuinely be noticeable, the growth of these must be long-term and driven by new initiatives, not by the current stasis, which is mostly brought on by the lack of mortgages.
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