News Article Czech Republic Report Residential Valuo
by Property Forum | Report

In the area of ​​residential real estate, the year 2023 has booked a record as a period of significant sales decline, reports in its residential real estate analysis. The market has fallen to its lowest level in eight years.

In 2023, the total number of apartments sold reached 55,180 and houses 34,769, the lowest since 2015. Year-over-year apartment sales decreased by 9% and houses by 17%. In contrast, 2021 boasted record numbers with 73,605 flats and 55,941 houses sold, a third more flats and 60% more houses than in 2023.

The only regions where the market has become stable and without major drops in the number of apartments sold are Prague and the South Moravian Region. The Pardubice region also maintained positive numbers, where the number of apartments sold increased by 23% year-on-year. This may be because already in 2022, sales there fell the most in the entire Czech Republic, compared to 2021 by more than 35%. The increase in 2023 is likely due to the extremely low number of sales in 2022.

On the contrary, the situation with family houses is different, the number of houses sold decreased year-on-year in all regions, with the largest decrease being recorded in the capital, by 27%. Prague plays a key role in the apartment market. According to the latest statistics, 24% of all apartments in the Czech Republic were sold in the capital, but only 3.5% of houses.

An analysis of completed offers for 2023 showed that apartments with a layout of 2+ kitchen or 2+ kitchen corner are the most in-demand nationwide. On average, they make up 44% of all closed offers.

In Prague and Brno, the average price of apartments increased by more than 4%, which indicates a positive trend of growing demand. On the contrary, Pilsen recorded a price reduction of more than 4%, in Ostrava and Olomouc there was a decrease of more than 9%. It is interesting that in these cities there was a more significant decrease in the absolute price, but not in the price per sqm. This fact suggests that buyers are looking for smaller apartments in these locations.