Did you know the most expensive villa in Prague is on sale for a mere €14m (340m CZK)? To put that in some perspective, the unique Jindřišská Věž is up for sale with starting price of 75m CZK.
Both definitely not the cheapest properties around but today we bring you a list of the most expensive and also the cheapest areas in Prague where you can either spend a fortune or grab a bargain.
As you probably know, the real estate market, after 10 years – hit the wall. High-interest rates, expensive properties, skyrocketing energy costs, and the war in Ukraine, all of that combined caused the property market to freeze and change direction, meaning bargains could become more commonplace.
We asked two real estate experts which areas of Prague are the cheapest and most expensive to purchase a property in general, then we asked two property valuers their perspective?
Which areas in Prague have the lowest price per m2?
There is no surprise that the further you get from the center, the less expensive properties are, so naturally, we are looking at the suburbs at the edge of Prague. There is a Czech term “sídliště”, which refers to an area of panel buildings, typically built between the 1960s and 1980s in the soviet era with the intention of maximizing living spaces for people moving to the city from all around the Czech Republic.
According to Nick Marley, a professional real estate investor, “the cheapest properties in the city can be found in areas like Čakovice to the North and the Štěrboholy to Uhříněves area in the East. Neither of these are well served by public transport and don’t have great local amenities.”
Flats with a price tags under 100,000 CZK / m2 is a no problem there.
“For cheaper properties close to the centre of the city, look in Žižkov around Husitska street. It’s cheaper because it is somewhat cut-off (despite being so close), having only a bus service and amenities which are not the best,” he adds.
Pavel Korima, an independent property valuer suggests the area of Horní Počernice for the cheapest price. On one hand, it is pretty far away, but on a bit brighter note, it is quite close to nature and could be good for people who need to travel outside of the city as it is are close to highways.
The key element for property prices is both the area, but also the uniqueness of the building, says Jaroslav Hrabák, the second property valuer we asked. You can live in nice area but if the building is just next to a busy road, the price should be adjusted accordingly.
These days, the energy cost and also commuting time to the city is the main driving factor of the price, besides of course, the state of the property.
There are also two specific areas in terms of a minority of the citizens living there and that is the area of Stodůlky, where lives a big community of Russian-speaking citizens and of course around SAPA in Prague 4, for Vietnamese.
We also asked Pavla Temrová, a personal real estate agent who says about the cheapest prices:
“Within Prague, these are large panel housing estates (sídliště) with a lack of parking spaces and a bit higher crime rate. But even within large housing estates there are big differences and cannot be generalised. For example, the southern city, Chodov, is closely followed by Prague 9 localities such as Černý Most, Rajská zahrada, and on the opposite side of Prague is the Hůrka, Luka metro area.”
Now speaking of luxurious properties, which are the most expensive areas?
Pavla starts by sharing her experience: “The most beautiful, most desirable and most expensive residential locations in Prague historically include Prague 6, specifically Dejvice, Ořechovka, Střešovice, the so-called embassy locations around Stromovka Park. Then Břevnov (Prague 6), Malá Strana, around Prague Castle, then Podolí (Prague 4), around Vyšehrad (Prague 2). Vinohrady (Prague 2), around Letenské park, and Troja are also regulars. In addition to exceptional architecture, all these locations boast a strong historical tradition and patriotism.”
Pavel Korima, our first valuer suggests that streets like Ovenecká and area around Veletržní palác is indeed very sought after due to beautiful architecture, wide streets with alleys and Stromovka park. Same for Polská street in Vinohrady, the close proximity to parks makes a real difference.
You can then of course add the classic areas, leading with Pařížská street, river banks on the right side (Rašínovo nábřeží) and especially the Malá strana starting from Most Legií up towards the Malostranské náměstí and the super prime locations of flats on Kampa. A price tag above 200.000 CZK per m2 is nothing out of the ordinary there. Pretty much all of those buildings are under heritage protection and have a rich mostly merchant history.
Nick adds: “If you are looking at exclusive areas (outside of the tourist zones), mainly for villas, try Střešovice or Černý Vrch. Střešovice contains a number of embassies and is also where the president’s house is. Černý Vrch is more popular with celebrities and offers stunning views of the city.”
Speaking of premium places, it is not only the location but the view which forms a big part of the price. The most sought-after is view over the river, Charles bridge and Prague Castle, which is no surprise.
Both valuers also agree that the biggest price tags are for villas in Prague 6 as mentioned earlier and also do not forget the stunning area of villas in the border of Vinohrady and Vršovice. Those are built during the “first republic”, in the beginning of the 20th century and very often by famous architects.
To end with, Pavla also shared two useful links for anyone interested in buying a property:
- www.znecistovatele.cz a practical application that reveals sources of pollution in a selected location. Within a few seconds, you will find out if the area where the property under consideration is located is not polluted by toxins.
- www.mapakriminality.cz – to check the criminality in the local area.