Czech Republic Property Market Update - Brno, Prague, Ostrava
3rd November 2009
Overall the markets seem to have stabilized and there was some pent-up demand being satisfied in 3Q 2009. Statistics have shown a price increase of 0.5% for this period. Prices outside of Prague increased by 2.1% while Prague itself decreased by 1.4%. Q1 and Q2 of this year saw a combined fall in prices of around 7% over all of Czech Republic, according to statistics.
Not too bad considering the banks' current mortgage lending and the recession thinking which plagued everyone.
Below are some details from individual areas:
Brno: Prices have fallen over Q1 and Q2 of this year similar to the figures for all of Czech Republic. However, in the last month we have sold three flats only 8% under their peak price in late 2007. All three were reserved within days of being listed. If the owner had not been keen to move them quickly we feel we could have sold them at only 5% under peak prices. The client was using our Gold PoA Sale Service .
The prices the flats were sold for and the proven rental on them gave them a rental yield of 7.3%. Up considerably from the 5% which late 2007 saw the flats being sold for.
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