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How did construction in Prague fare in 2020? IPR Prague releases an analysis of residential development projects.

The Prague Institute of Planning and Development (IPR Prague) has released an analysis of residential development projects in Prague in 2020.

 

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“According to the analysis, we are experiencing the most intensive construction boom in the last 10 years, which is, of course, good news. The prices of apartments, however, are not falling, and people must save for an average of 12 years simply to buy an apartment (without spending money on anything else). That is why we urgently need a new Building Act, to facilitate affordable housing and accelerate the construction process in the future,” says Ondřej Boháč, director of IPR Prague.

The main conclusions of the analysis include the following:

  • In September 2020, IPR Prague found that apartments in the city are being constructed more intensively now than at any other time in the last 10 years. A total of 137 apartment construction projects are currently underway, including 14,450 new apartment units.
  • It can be expected that roughly 5,500–6,000 apartments will be completed each year between 2020 and 2022.
  • Year on year, the number of current development projects has increased by 3 percent (from 133 to 137), and the number of apartment units to be created by these projects has increased by nearly 9 percent (from 13,293 to 14,450).
  • Of the total 14,450 new apartments to be built, one-third have yet to be sold. Potential buyers in September 2020 thus had nearly 4,800 apartments to select from, which is the greatest number on offer since 2011.
  • In September 2020, the average price of apartments offered in these development projects was CZK 95,904 per m2 of total floor space.     
  • In September 2020, a new, empty apartment cost an average of CZK 8,455,226, which is roughly 1 million CZK more than in 2019 (prices have not fallen despite the pandemic).
  • As was the case last year, the most intensive area for apartment construction was Prague 5, which currently has 20 development projects with a total of 2,270 apartments in the pipeline. In September 2020, we also noted major construction volumes in the districts of Prague 8 (17 projects with 1,610 apartments) and Prague 9 (13 projects with 1,536 apartments).

The analysis can be accessed here (CZ only).

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