Prague: the real estate market has recovered from the crisis

Prague: the real estate market has recovered from the crisis

The housing market in Prague showed high rates of recovery from the global financial crisis that struck in 2008, according to The New York Times. Moreover, the real estate market in the Old City has demonstrated an enviable stability even in the worst of times, when prices in neighboring markets plummet. The sellers slowly put housing on sale until the situation returns to normal, said Jan Mraz from company Svoboda & Williams.

Although today the situation has changed for the better, there is still a shortage of high-end housing, said Yaroslav Zizka of Svoboda & Williams. Prices for apartments in old buildings in Prague now is kept at the level of €3,000-4,600 per sq.m.

About half of foreign buyers in Prague are clients from Russia, which do not like to haggle and buy properties at once, if it's liked them, experts say. The second half of the foreign buyers come from the U.S., the UK and France.