In the first quarter, the real estate market saw a slight recovery. Increased demand went hand in hand with a moderate decrease in interest rates for mortgages. The number of mortgages provided in that period was the highest from last June, when the market became substantially slower.
The prices of new flats in Prague are now more or less stagnating: the average offer price is about CZK 152,000 / m 2 . That means a 4.3% year-on-year increase but in comparison with the previous quarter it is an increase by a mere 0.2%.
However, rental prices keep rising. They have increased by 17% year-on-year and further increase can be expected as a result of the decreasing number of flats in Prague available for sale. The current price of rental housing amounts to approximately CZK 407 per square meter.
Prices of rental housing are now being pushed up by the lower number of flats available. Approximately twenty thousand of them were available for a long time but in the past few years there has been a decrease and now only about sixteen thousand flats are available.
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We have been cooperating with Philip & Frank brokers for a few years. Throughout that time it has been proved that it was a good choice. We are especially satisfied with their transparency and regular information about the progress of each project. At the same time we have always been in control of all decision-making. We will be happy to recommend them and their legal services to our friends and relatives. It was our pleasure warking with them.
While we were selling our flat, we approached the brokers of Philip & Frank who had been recommended to us. I was really satisfied and delighted. Their truly professional approach – meetings with us, organization of tours of the flat with clients and arranging the formal aspects of the sale, including cooperation with an excellent lawyer – was astonishing. I appreciate their competence and I recommend this real estate agency to other clients.
Thanks to the professionalism of Philip & Frank real estate brokers I learned that even purchasing a property can be a pleasant experience. Their thoroughness, reliability, helpfulness and kindness enabled us to concentrate only on the property. We were relieved of all the worries regarding the purchase and we could simply enjoy buying the flat. That is what you dream of but I would never have thought that it could come true. Thank you for your perfect services!
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