The demand for new residential buildings in Prague is still very high. In Q4 2024 1,836 apartments in new buildings have been publicly sold, approaching the record values during the Covid-19 pandemic, reports BuiltMind in its quarterly market monitor.
In the fourth quarter of 2024, demand for new construction increased by more than 15% compared to the previous quarter. The total number of 1,836 housing units sold to the public approached the record values recorded during the COVID-19 pandemic.
In terms of public sales recorded on project websites, Central Group once again did best in the fourth quarter of 2024, achieving 242 publicly sold housing units, followed by Finep with 133 public sales. Other developers also fared well, with as many as six companies booking more than 80 public sales in the quarter.
In the fourth quarter, public project sales were dominated by the second stage of the So-Ho project in Holešovice by Cresco. Significant results were also achieved by the Byty Malý háj XIII project with 56 sold units and the newly launched Re.Start Petynka project, which recorded almost 50 sales. During the fourth quarter of last year, almost a third of the offer of new buildings on the Prague market was sold.
In Q4 2024, the average asking price of new construction has increased by approximately 2.2% compared to Q3 of the same year. The average price thus reached the level of CZK 159,857 (€6,369) per sqm, which confirms the continued growth of apartment prices from previous quarters.
„We expect positive sentiment on the market in the next quarters as well," says Martin Decký, CEO of BuiltMind. "Concerning the expected reduction in interest rates, we assume that the market will maintain a high pace of sales until at least the summer of 2025. However, if the Czech National Bank sticks to its prediction and rates stabilise at 3% without further reductions, there may be a slight decrease in the pace of sales to the long-term average, which amounts to roughly 1,500 sold apartments," adds Decký.
