This year, the least number of apartments was finished over the last 7 years
According to the Czech Statistical Office, from January to August 2020 there were built 3 010 apartments in Prague, which is 554 fewer than during the same period of the last year. Compared with the same period of 2018, the difference is 905 apartments. So, the current indicator is the lowest since 2013.
According to the Institute of Planning and Development (IPR), the current building volume will lead to the increase of the number of complited apartments in the coming years.During the next few years,we can expect about 6 thousand of the new apartments being completed in Prague every year.However, such an indicator, which exceeds the current building volumes intwice, is not enough to stop the growth of real estate prices.The annual Prague demand for the new apartments is about 10 thousand, which is impossible to implement nowadays.The demand for real estate is steadily growing, which stimulates the price growth.For example, in September 2020, in Prague, the average price of a new apartment was 8 455 226, CZK that is about one million CZK higher compared to 2019.And this occures despite the crisis caused by the coronavirus pandemic.
Speaking about the administrative districts of Prague, in terms of the actual number of residential complexes under construction, Prague 5 occupies the leading position. Actually, 20 development projects with 2 270 apartments are being built there. The second place is occupied by Prague 8 with 17 projects and 1 610 apartments. Then goes Prague 9 with 13 projects and 1 536 apartments.
