Deloitte Develop Index
How is the price of real estate in Prague changing?
The Deloitte Develop index monitors the qualitative and quantitative indicators of supply and demand on Prague’s development market. Its task is to describe, on a bi-monthly basis, the current state of the residential market and its development. The set of indicators is based solely on declaratory information obtained from the websites of individual development companies and pricelists of development projects. The basis of the index is formed by the numbers and proposed prices of vacant units under development projects towards the end of the monitored period.
In September and October, the proposed prices of Prague’s new apartments dropped by 0.4% to CZK 93,100 per m2, with Prague 3 seeing the greatest decline. In contrast, the prices of apartments in Prague 1 increased by 18.8%. The number of projects under construction at the end of the period totalled 130.
In July and August, the proposed prices of Prague’s new apartments grew by 1% to CZK 93,500 per m2. During the period, developers placed 14 projects with a total of 1,011 apartments on the market, of which 775 apartments were sold. The most apartments were sold by Central Group, followed by Crestyl and Skanska.
The situation on the Prague residential market remains gloomy. Number of new available apartments in Prague increased, but prices continue to rise. While a total of 4,259 new apartments were for sale at the end of June, which is 178 more than was available for sale two months ago, the average price for the same period grew by 2.4% to a total of CZK 92,600/m2. This represents a year-on-year increase of CZK 17,000/m2. Find out more information in the press release here.
Despite the fact that spring has so far been the main season for developers, the sell-out rate in the capital keeps growing. While sales of apartments used to be the highest in the period, this year’s figure has been the lowest in recent years. What is more, the number of newly offered apartments which will be available in the foreseeable future is declining. Find out more information here.
The average offer price for new vacant apartments rose by 2.5% to CZK 88,500 per m2 in January and February of this year, which is a 21.2% growth year-on-year. With the increasing average price per square meter, the average total price per apartment has grown by CZK 243 thousand up to CZK 6,925,000. There are 40% fewer new apartments on the market than two years ago. Find out more information here.
The average offer price of new apartments in November and December of last year grew by 5.4% to CZK 85,320/m2, which represents a year-on-year increase of 19.4%. With the rising average price per square meter, the average total price per apartment increased by CZK 506,000 to CZK 6,682,000. Find out more information here.
In Q3, the average offer price of new available apartments grew to CZK 80,950 per square metre. At the end of September, Prague recorded 4,713 apartments available for sale. Apartments were the most expensive in Prague 1 (CZK 154,500 per square metre) and the cheapest in Prague 9 (CZK 63,800 per square metre). Take a look at the conclusions of the latest Deloitte Develop Index. Find out more information here.
In July and August, the average proposed prices for new vacant apartments in Prague recorded a slight increase to CZK 75,650 per m2. In late August, the number of vacant apartments for sale in Prague was 4,715, which is 2,134 less than last year. As in the previous period, prices for which apartments were sold were highest in Prague 2 (CZK 139,200 per m2) and lowest in Prague 9 (CZK 58,600 per m2). Overall, there was less activity on the development market in summer; however, prices in Prague reported a 12% year-on-year increase nonetheless. These are the conclusions of the latest Deloitte Develop Index. Find out more information here.
In May and June, the average offer price of new flats in Prague amounted to CZK 75,600 per m2, which represents a 2.8% increase compared to the previous two months. At the end of June, there were 4,713 vacant units for sale in the capital (which is a decrease of 2,108 units compared to the previous year). In total, Prague citizens bought new flats amounting to almost CZK 6.5 billion. The highest prices of flats were in Prague 2 (CZK 139, 200 per m2), the cheapest flats were in Prague 9 (CZK 59,100 per m2). Proposed prices for property in the capital are rising, there are fewer new projects in the residential market and their proposed prices are higher. Find out more information here.
The average offer price of a new flat in Prague grew by 1.6% to CZK 73,500 per square meter in March and April. Developers’ offering included a total of 25 new residential projects (both apartment buildings and family houses) with the total volume of 1,241 flats. These are the results of the latest Deloitte Develop Index, which analyses the offering of the Prague development market every two months and monitors the offer price development of flats sold. The figures are based on the data from Cenovamapa.org. Find out more information here.
The development in the proposed price index of apartments under development projects confirmed the increase in the prices of Prague’s new apartments, which amounted to 1.2% compared to late 2015. In the first two months of 2016, the average proposed price for a new Prague apartment was CZK 72,300 per square metre. Find out more information here.