Prague, the capital city of the Czech Republic, is a popular destination for tourists and expats alike. With its rich history, stunning architecture, and vibrant culture, it’s no wonder that many people are curious about the cost of living in this beautiful city.
One of the biggest expenses for anyone living in Prague is housing. In this article, we’ll take a closer look at how much it costs to buy or rent a house in Prague.
The Cost of Buying a House in Prague
If you’re looking to buy a house in Prague, you’ll need to be prepared to spend some serious money. According to Numbeo, a website that tracks cost of living data around the world, the average price per square meter for an apartment in Prague city center is around 89,000 CZK (about $4,000 USD). For a 100 square meter (1,076 square feet) apartment, that works out to be roughly 8.9 million CZK (about $400,000 USD).
Of course, these are just average prices and actual prices can vary widely depending on factors such as location, size of the property, and condition of the building. It’s also worth noting that buying property in Prague can be complicated for foreigners due to legal restrictions on non-Czech residents owning property.
The Cost of Renting a House in Prague
If buying a house in Prague is out of your budget or not feasible due to legal restrictions, renting is another option. The good news is that renting can be much more affordable than buying.
According to Numbeo’s data from August 2021, the average monthly rent for a one-bedroom apartment in Prague city center is around 19,000 CZK (about $850 USD), while a three-bedroom apartment will cost you around 38,000 CZK (about $1,700 USD) per month.
It’s worth noting that rent prices can vary widely based on factors such as location, size of the apartment, and the age and condition of the building. It’s also common for landlords to require a deposit of one or two months’ rent upfront, so be sure to factor that into your budget.
Additional Costs to Consider
When calculating the cost of housing in Prague, it’s important to remember that there are additional costs beyond just the purchase or rental price. Here are a few other expenses you’ll need to factor into your budget:
- Utilities: This includes things like electricity, gas, water, and internet. According to Numbeo, the average cost of utilities for a 85 square meter (915 square feet) apartment in Prague is around 4,200 CZK (about $190 USD) per month.
- Taxes: If you own property in Prague, you’ll be responsible for paying property taxes.
The exact amount will depend on the value of your property.
- Maintenance and repairs: If you own a house in Prague, you’ll be responsible for maintaining it and making any necessary repairs. This can add up quickly depending on the age and condition of your property.
Conclusion
In conclusion, the cost of housing in Prague can be quite high, especially if you’re looking to buy rather than rent. However, with proper research and budgeting, it’s possible to find a home that fits your needs and budget. Remember to consider all additional expenses beyond just the purchase or rental price when calculating your overall housing costs.