Overview of new completed projects in Prague in 2020
According to the Institute for Planning and Development (IPR), in 2020, there were 137 development projects under construction or completed with a total of 14,450 new apartments. This year, there were finished 4 788 new apartments. Also, it is expected that the next year 4,293 more apartments will be completed, and 4,510 in 2022. Compared to last year, the growth of the new complexes’ construction amounted 9%.
Despite this, the price of real estate is growing,as Prague needs minimally 10,000 new apartments per year to cover the needs of citizens for new housing. So, the price of one square meter in the development projects has increased by an average of 10 thousand Czech crowns compared to last year.In September 2020, the price of a new apartment in Prague was about 8.5 million Czech crowns, while a year earlier the average price had been 7 million and 300 thousand.
Speaking about sales, two thirds of the apartments in the projects under construction have already been sold.The average size of a new apartment was 76,8 square meters, excluding loggias, balconies and terraces. Most of the apartments are built in 2 + kk and 2 + 1 layouts, their share at the real estate market is 41%.The largest number of development projects can be seen in Prague 5 - 20 complexes with 2 270 apartments under construction there.Then follows Prague 8 with 17 projects for 1,610 apartments. In Prague 9 we can se 13 development projects with 1,536 apartments.
