5 reasons why the apartment’s cost in Prague grows despite everything
From the very beginning of the coronavirus pandemic, the majority of people began to worry about the future of the real estate market. However, it is already clear that the catastrophe did not happen and there are 5 good reasons why the real estate market remains stable, and the cost of apartments in Prague continues to grow.
- Due to the complexity and length of the process of obtaining a building permit, there are still too few apartments being built in Prague and their supply does not cover the needs of the city. Thus, the demand for apartments continues to exceed the supply of them. So, prices continue its growth despite the coronavirus pandemic.
- The complete uncertainty in many areas of economy make wealthy citizens to invest in tangible and most secure products. Nowadays real estate is one of the safest assets on the market.
- Those who expected the drop of prices and refrained from real estate purchase at the beginning of the year are coming back. Many believed that due to the beginning of the crisis, caused by the pandemic, the apartment prices would go down, but this did not happen, and on the contrary, prices, continue its steadily growth.
- The majority of citizens, due to quarantine measures, began to work from their home and, accordingly, spend more free time there. So, many people began thinking about the improvement of their housing situation and began to search for the suitable real estate. The current conditions of getting mortgage are the best during last few years. It stimulates the demand for housing and the growth of its price.
- Developers are more willing to cooperate with customers and allow to make adjustments to the layout during the construction. Also, they provide a wide range of decoration options and the opportunity to conclude an individual sale contract. However, this does not apply to the provision of personal discounts, as the prices continue to grow, and the reasons for reducing them are becoming less.
