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Growth in real estate prices continues in Q1

june 2018/

Market prices of flats, family houses and land plots went further up in the Czech Republic in the first quarter of this year, Hypotecni banka (HB) mortgage bank said in a press release presented to CTK today.

Prices of flats grew the most compared with the last quarter of 2017, prices stagnated only in the Usti Region. According to the HB Index, prices of flats posted an annual rise of 12 percentage points to 129.6 (points). Against the last quarter of 2017, prices increased by 3.1 percentage points.

The index's basic value of 100 points represents the real property prices as of January 1, 2010. Prices of flats have risen by almost 30 percent since that time. "Compared with the previous quarter, prices of flats increased in the Czech Republic's all regions except for Usti where they stagnated," said Hypotecni banka property department head Petr Nemecek.
"This may be caused by lower investments in 'social housing'. The fastest price increases were in the South Bohemia and Central Bohemia regions. We also see a high growth in Prague," he added.

The same as in the previous period, prices of older flats in prefabricated apartment houses grew faster than prices of flats in brick houses. "In the past quarter, we also register an increasingly higher interest of foreigners in buying a flat in new apartment houses," Nemecek remarked.

Prices of family houses went up by 8 percentage points year on year to 122.1 and quarter-on-quarter rise in the index reached 1.7 points. "The growth in prices of family houses was the slowest in the last four quarters. The current construction has an impact on price rise in particular of building materials," Nemecek said.

Developer activities focus mainly on Central Bohemia and the proximity of bigger towns. Demand has lately grown also for wooden houses. Prices of plots of land went up by 4.7 percentage points yr/yr to 142.5 and by 2.7 points against the previous quarter. "Demand is still stable. High prices of plots of land near big towns push demand to remoter localities. Less expensive land plots without complete public utilities are also attractive, people can instal there, for example, domestic wastewater treatment plants and thermal pumps," Nemecek remarked.

HB Index, which has been monitoring prices of flats, family houses and land plots, is based on real estimates of market prices of the property Hypotecni banka clients have purchased via a mortgage loan.

Source: Hypotecni banka

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