“We can feel a real estate market recovery,” says Filip Šejvl, Partner in Philip & Frank real estate company.

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“Since the middle of 2023 we have seen more activity on the part of customers. The focus is still on rental housing but there has been an increase in demand for properties to buy. As a result we are getting back to the level before the 2021 real estate boom,” adds Filip Šejvl of Philip & Frank.

One of the essential factors is the decrease in mortgage loan interest rates. The average rate decreased from 5.65% to 5.54% in January. Moreover, at the beginning of February, Czech National Bank cut repo rates by another 0.5% and it can be expected to continue cutting interest rates with regard to the decreasing inflation. Interest rates are expected to lower to 3%–4% in the medium term, which should also boost the real estate market.

How have decreasing interest rates influenced the number of mortgage loans provided? For example, in January 2024, according to the Czech Banking Association’s “Hypomonitor”, there was a 99% year-to-year increase in the number of mortgage loans (however, this is a comparison to the very weak beginning of 2023).

It can also be expected that higher demand for mortgage loans will influence the prices of properties, which are likely to increase by up to 5% as predicted by the Czech National Bank’s latest financial stability report.

Just for the record: 4,000 new flats were sold in Prague last year, which is a 29% increase in comparison with 2022. If we consider the Czech Republic as a whole, there was an almost twofold increase in the sale of new houses while with older flats and family houses the increase reached 49% and 45%, respectively. However, that is a comparison with 2022, when there was a steep decline in the real estate market.

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Words from our past clients

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.

Martin and Tereza K.

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.

Ludmila K.

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!

Zuzana P.

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Company Address
Philip & Frank s.r.o.
Štefánikova 1/65
150 00 Praha 5
Czech Republic