In the second quarter of 2017, prices for apartments in the Czech Republic increased by 13.3% compared to last year. This has resulted in the highest increase in the EU countries.
The figures showed that prices rose by 3.8 per cent in the eurozone as a whole and 4.4 per cent in the EU.
The data was released on Wednesday by Eurostat. Following the Czech Republic was Ireland where residential real estate for the year went up by 10.6% and third place was Lithuania at 10.2%. As a spokesperson for the company Cyrrus Lukáš Kovanda noted, the strengthening of the price growth dynamics is connected with the Czech Central Bank policies and housing shortages in the market.
The number of apartments sold in 2015 has exceeded the demand before the global financial crisis in 2008, according to local real estate experts. “Since late in 2012, sales have been picking up significantly,” says Peter Visnovsky of Lexxus, a Czech-based real estate firm.
Author: Brittney Pilarcik