Developers in Prague will complete 2,000 apartments by the end of the year

Prague - Developers plan to build another 2,147 new apartments in Prague during the last quarter of this year. In total, 4,684 will be completed in the capital this year. This is indicated by the current analysis of the development company Crestyl.
    Three-quarters of these new unfinished apartments were sold already in the middle of this year. This continues the trend of people buying apartments even before their completion.
    "The signs of a protracted crisis are fading, and the Prague residential market is recovering. The demand for new apartments has started relatively quickly. While last year, the preference was for purchasing properties in already completed projects, in the second quarter of this year, more than two-thirds of the sold apartments were in projects that are still under construction or are only on paper," noted Radim Sayed, the sales director of the Crestyl development group.
    Next year, developers in Prague expect to complete 3,781 new apartments, of which 38% have already been sold. A full 78% of these apartments are still under construction, and construction of the remaining 22% has not yet begun.
    At the end of this year's third quarter, developers in Prague had a total of 7,000 new apartments available, with a total catalog value of 32 billion crowns, according to the company Trigema. During the first nine months of this year, developers in the capital sold 4,250 new apartments, which is 22.7% more year-on-year. According to joint statistics from Ekospol, Trigema, and Skanska Reality, people bought 1,400 new apartments just during the third quarter, which is 28% more compared to the same period last year.