The most apartments are purchased by people between the ages of 25 and 35

Prague - In the Czech Republic, properties are most frequently purchased by people aged 25 to 35. Rentals are primarily sought by individuals under 25 who are still studying. This information comes from a survey conducted by the real estate company RE/MAX, presented today at a press conference by the regional director Vojtěch Krátký. The survey involved 600 real estate agents and customers of the company.
    According to the research, the most sought-after properties are 2+1 apartments, which is related to the young age of the buyers. Young people often do not have families yet and lack the financial means to purchase a larger apartment.
    Furthermore, the research revealed that the construction boom is now not only concerning Prague but also several other large cities, such as Brno and Ostrava. Ostrava is experiencing a development boom thanks to an influx of investments. However, there is a problem that, for example, managers from the South Korean car manufacturer Hyundai live with their families in Prague and only work in Ostrava during the week. According to the director of the RE/MAX Ostrava branch, Vladimír Bláha, this is due to a lack of quality international schools in Ostrava. Property prices in Ostrava have increased by 96 percent since 2001. However, prices are still lower than in Brno. Interested buyers pay the same amount for a 3+1 apartment in Ostrava as they would for a 1+1 apartment in Brno.
    People are buying more apartments than houses and plots of land. The survey indicates that apartments in panel buildings are sold the most, accounting for 69 percent of sales. The reason is the lower price compared to new constructions, a wide selection, good location, and already developed transport infrastructure. People from different social groups still live in panel houses.
    An apartment in a panel housing estate in the Ústí Region can be purchased for as little as 200,000 crowns. Nevertheless, the price of panel apartments continues to rise; in Prague, prices have increased by 30 percent in the last year, especially for smaller apartments. Nationwide, property prices in the Czech Republic increased by 15 to 20 percent last year according to the survey. This is because demand for properties is higher than supply.
    The highest demand, according to the survey, is for brick apartments. However, there is a shortage of these in the market, and they are very expensive. They are mainly purchased by investors for rental.
    People most often buy apartments for up to two million crowns, and in Prague, up to three million crowns. For a house, Prague residents typically pay five million crowns, residents of the Moravian-Silesian Region pay 3.5 million crowns, and those in the Ústí Region only two million. The most important factors for property seekers are price and location; greenery, safety, or civic amenities in the area are less important.
    According to Krátký, the Czech real estate market has several shortcomings, including the unprofessionalism of real estate agencies and market fragmentation. However, he believes that this will not be solved by making real estate business a licensed trade. His opinion is supported by experiences from Slovakia, where licensed business exists but has not improved the level of real estate agencies. In the future, the market will consolidate, which he claims will enhance the professionalism of real estate agencies.