In Prague alone 6.6 thousand new apartments remain unsold, and construction companies begin to compete with themselves. The fact is that customers who bought apartments from the developer a few years ago, are increasingly offering them for sale, writes ee24.com citing e15.cz.
Developers are not afraid of competition. As explained in Trigema, apartments are like cars: you can buy a used one, but manufacturers of new cars offer more modern solutions and technologies.
In addition, companies claim that the old apartments in Prague are sometimes more expensive than new ones. In the district of Prague 5 prices for apartments built in 2000-2005 have been growing by 3-5% per year, which means that the owner, who bought an apartment in 2001 for 2.4 million kroons can sell it for 4 million kroons. Practice of sale during the construction phase also plays Into the hands to developers: in this case apartment are cheaper than in the secondary market.