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Real estate prices in CR keep growing in Q3.

October 2018/

Prague, Oct 31 (CTK) - Market prices of flats, family houses and plots of land kept growing in the Czech Republic in annual terms in the third quarter of this year, with prices of flats rising the most and prices of land plots the least, Hypotecni banka representatives said at a press conference today.

Prices of flats showed the highest growth also compared with the second quarter of this year. According to the HB Index, prices of flats posted an annual rise of 11.1 percentage points to 137.4 points. Compared with the previous quarter, prices increased by 2.8 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 two fifths since that time.

"The growth pace was moderately slower than in the previous quarter but the year-on-year growth was still above 10 percent," said Hypotecni banka property department head Petr Nemecek. "Prices grew in all regions, the highest increase was registered in the South Bohemia, Karlovy Vary and Liberec regions and the lowest in the Zlin and Plzen regions," he added.
The highest interest is in small flats. The shift of demand from Prague's outskirts to the Central Bohemia Region continues.

Prices of family houses went up by 6.7 percentage points yr/yr to 126.4 points and against the previous quarter, the index increased by 1.6 point.
"Compared with the previous quarter, prices of family houses grew by 0.3 percent slower. Construction companies grapple mainly with longer delivery terms for building materials and full capacity," Nemecek remarked.

The offer of developer projects is the richest in the Central Bohemia Region, construction goes on also near regional capitals with good transport accessibility.
The share of timber houses in the total number of new houses increased to 15 percent. Prices of plots of land rose by 5.5 percentage points in annual terms to 147.5 points and quarter on quarter, they were 1.4 point higher.

"Demand remains stable but offer is insufficient. Prices of land plots in developer projects at the outskirts of Prague exceeded Kc10,000 per square metres in many cases," Nemecek said.
He expects the offer of older flats to stagnate. As for new flats, the offer will be affected by slow preparation of projects and insufficient capacity of builders, mainly in Prague and Brno.
"Demand will be falling moderately but interest of foreign buyers in real properties in Prague will continue. The growth pace will be slowing down and stagnation is expected in many regions. Part of the potential buyers will opt for tenement housing," Nemecek said.

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.

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