If you’re planning on moving to Prague, one of the first things that might concern you is the cost of property in the city. After all, housing expenses are one of the biggest factors when it comes to cost of living.
So, is property expensive in Prague? Let’s take a closer look.
Prague Property Market
Prague has been experiencing a steady increase in property prices over the last few years. According to data from Deloitte, residential real estate prices in the city have gone up by around 30% since 2016. This makes it one of the fastest-growing markets in Europe.
Factors Influencing Property Prices
There are several factors that contribute to the high cost of property in Prague. Firstly, there is a high demand for housing due to an influx of expats and students. This has led to a shortage of available properties, which drives up prices.
Another factor is low interest rates on mortgages, which makes buying property more accessible for many people. Additionally, developers are building fewer new properties due to a lack of available land and stricter regulations on construction.
Types of Property
The type of property you’re interested in will also affect its price. For example, apartments located in central areas tend to be more expensive than those on the outskirts or in less popular neighborhoods. Similarly, newly-built properties will have higher prices compared to older ones.
Cost Comparison
So how does Prague compare to other cities when it comes to property prices? According to Numbeo, an online database that compares living costs between different cities around the world, the average price per square meter for an apartment in Prague is around 80-100 thousand CZK ($3,500-$4,500 USD). This is slightly higher than other popular European cities like Budapest or Warsaw but still lower compared to major capitals like Paris or London.
Conclusion
Overall, while property prices in Prague are on the rise, they are still relatively affordable compared to other major European cities. However, the high demand for housing and shortage of available properties mean that it can be challenging to find affordable options in certain areas. It’s important to do your research and consider all factors before making any decisions.
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