Prague has most expensive old houses

Prices vary greatly among the regions and have been increasingly

Old houses in Prague are five times more expensive than in the Vysočina region, which is the least expensive area of the Czech Republic. A square meter in Prague was Kč 50,840 on average at the end of the year, while in Vysočina it was Kč 9,618.

Prices went up an 11.6 percent on average nationwide to Kč 23,218 per square meter, according to the company CeMap, which compared prices of roughly half a million homes offered by real estate companies.

Aside from Prague, the only other region above the national average was Central Bohemia at Kč 23,983 per square meter. South Moravia was next, at Kč 17,900 per square meter followed by Karlovy Vary at Kč 16,009. The cheapest, after Vysočina, were the Olomouc region at Kč 10, 244 and Ústí nad Labem at Kč 10,765.

The wide difference in prices is due to the different income levels in the different regions, and also the attractiveness of the locations where the houses are. “In Prague and at its edge there is interest in almost every house that is for sale, but in towns and villages they are much more difficult to sell. And this is often reflected in the price,” Ondřej Mašín, director of real estate agency Reality IQ, told the Czech News Agency (ČTK).

Prices rose the most in South Moravia and Parbubice, where they were up almost a quarter. They fell in the Plzeň region by 6.1 percent.

Mašín said that the rapid rise in prices is likely to slow down, due to the gradual increase in mortgage prices. But likely the rise in mortgage rates won't be enough to drive house prices down. “Most likely there will only be a slowdown,” he told ČTK. The average living space was 170 meters, and has been unaffected by price fluctuations.

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