Apartment values are rising in the Czech Republic for the first time in four years, but market experts fear that due to tough economic conditions and fragile consumer confidence, prices may stagnate
Prices of apartments in the Czech Republic are rising for the first time in four years, the latest official figures show.
Average values rose 0.5% during the second quarter of 2013, led by a 3% annual increase in Prague, according to data from the Czech Statistical Office, which has just been issued.
Statisticians say the figures point to a recovery in the market, but real estate experts fear that prices may simply stagnate over the next few years.
Following the 2008 global crash, prices of residential property fell 12% annually. By 2012 the decline was just one-tenth of that, but this is the first time since that an increase has been recorded.
Czech Statistical Office Chief Analyst, Drahomíra Dubská, told Radio Praha, that the rises in Prague could be significant for the rest of the country.
“We should take note of the fact that trends registered in Prague usually spread to other regions of the country as well. That’s our experience from the last decade or so when Prague was the leader in …read more