Czech Republic Reports Record Housing Prices as Shortage Drives 12.5% Annual Increase
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Housing prices in the Czech Republic reached record highs in the first quarter, rising 12.5 percent year-on-year due to insufficient supply of homes and apartments. The average price of apartments climbed above 218,000 euros as the real estate market continues to break new records. While small micro-apartments are approaching their price ceiling, the cost of building plots is accelerating even faster due to outdated municipal zoning plans that restrict development. The Zlín region emerged as the year's biggest price jumper in the country's overheated property market.