In the second quarter, the interest of Czechs in apartments in Italy grew, while interest in Spain decreased

Prague – In the second quarter, Czechs were most interested in renting or buying flats in Italy. Last year, however, they most frequently searched for housing in Spain, but interest in properties there has since declined among Czechs. In addition to Italy and Spain, Czechs also looked for properties in Croatia, Albania, Bulgaria, and Austria. This is based on an analysis by the real estate portal Sreality.cz, which CTK has at its disposal.

The demand for purchasing or renting properties in Spain decreased year-on-year by 26 percent in the first half of the year. According to the analysis, this may be due to the significant price increases of flats in that country. The average asking sale price for flats in Spain ranging from 40 to 100 m² rose year-on-year by 35 percent to approximately 85,000 crowns per square meter. According to Hana Kontriš, manager of industry services at Sreality.cz, the decline in interest in Spanish properties may also be influenced by the introduction of new measures intended to limit short-term rentals and encourage long-term ones. This may deter domestic investors from purchasing property in Spain.

Conversely, the search for flats in Italy has increased by 21 percent year-on-year according to the analysis. There, too, the prices of flats ranging from 40 to 100 m² have increased year-on-year, by 14 percent to 51,679 crowns per square meter. Family houses, villas, and multi-generational homes sized between 50 to 300 m², however, have decreased in price by six percent to 41,800 CZK per square meter.

As of now, according to Sreality, it is not possible to determine whether the year-on-year decrease in the search for flats in Spain represents a short-term trend or will last longer. "Although interest in flats in Spain has significantly decreased year-on-year, this country still remains among the most sought-after foreign locations on Sreality.cz," stated Štěpán Matějka, data analyst at Seznam.cz.

In addition to Spain, interest in flats in Bulgaria has decreased by ten percent year-on-year, by four percent in Austria, and by two percent in Albania. In contrast, interest in properties in Croatia has grown, with inquiries for flats in this popular summer destination for Czechs rising by three percent year-on-year.

Properties in Spain and Italy are also, according to current data from real estate platforms, on average cheaper than in the Czech Republic, with prices in Italy being half as much in some cases. According to data from Bezrealitky.cz, in the Czech Republic in the second quarter, one square meter in older flats in good condition was sold for an average of 108,486 crowns and in family houses for 62,904 crowns. However, rents in Italy are more expensive than in the Czech Republic. According to the Italian real estate portal Idealista, rents in the Alpine country increased year-on-year by 5.5 percent to €14.9 (CZK 366) per square meter in the second quarter. This is the highest in 13 years, during which the server has tracked rental prices. Bezrealitky states that in the Czech Republic, the average rental price per square meter was 351 crowns.