Are you considering buying an apartment in Prague? The capital city of the Czech Republic is known for its stunning architecture, rich history, and vibrant culture.
But before you set your sights on a dream apartment, it’s essential to understand the cost involved. In this article, we’ll explore just how much it costs to buy an apartment in Prague.
The Average Apartment Price in Prague
As of 2021, the average price per square meter for an apartment in Prague is around 100,000 CZK (Czech Koruna). However, keep in mind that prices can vary significantly based on several factors such as location, size, condition, and amenities.
Factors Affecting Apartment Prices
Location: The neighborhood you choose will have a significant impact on the price of an apartment. The city center and popular districts like Vinohrady and Malá Strana tend to be more expensive compared to suburbs or less trendy areas.
Size: The size of the apartment is another critical factor determining its price. Generally, larger apartments with more rooms will have higher price tags compared to smaller ones.
Condition: Apartments in pristine condition or newly renovated are likely to be priced higher than those needing repairs or upgrades.
Amenities: Apartments with additional amenities like parking spaces, balconies, or access to a gym or swimming pool will generally be more expensive.
The Average Cost of Apartments by Neighborhoods
If you’re curious about the average prices in specific neighborhoods in Prague, here’s a breakdown:
Prague 1: Old Town and Lesser Town
- Old Town Square: The heart of Prague, apartments here can cost around 150,000 CZK per square meter.
- Malá Strana: Known for its charming narrow streets and historic buildings, apartments here can range from 120,000 to 150,000 CZK per square meter.
Prague 2: Vinohrady and Vyšehrad
- Vinohrady: This trendy neighborhood offers a mix of beautiful Art Nouveau buildings and modern apartments. Prices can range from 100,000 to 130,000 CZK per square meter.
- Vyšehrad: Situated on a hill overlooking the Vltava River, apartments here can cost around 90,000 to 110,000 CZK per square meter.
Prague 5: Smíchov and Anděl
- Smíchov: Located near the city center and known for its vibrant atmosphere, apartments in Smíchov can range from 80,000 to 100,000 CZK per square meter.
- Anděl: An up-and-coming area with excellent transport connections and modern residential complexes. Prices here are similar to Smíchov, ranging from 80,000 to 100,000 CZK per square meter.
Additional Costs to Consider
When calculating your budget for buying an apartment in Prague, it’s crucial to consider additional costs such as real estate agency fees (typically around 3% of the property price), legal fees (including notary fees and land registry fees), and taxes (such as property transfer tax and VAT).
It’s also wise to set aside some funds for potential renovations or improvements you may want to make after purchasing the apartment.
Conclusion
Buying an apartment in Prague can be a significant investment, but the city offers a wide range of options to suit different budgets and preferences. By considering factors like location, size, condition, and amenities, you can make an informed decision that aligns with your financial goals.
Remember to account for additional costs such as agency fees, legal fees, taxes, and potential renovations. With proper research and planning, you’ll be well on your way to finding your dream apartment in Prague.