Do people buy less of real estate in 2021?
Updated: Nov 18, 2021
According to data from Czech Cadastre Office, 33,682 flats and 6,339 houses were sold in the Czech Republic in the first 8 months of 2021.
These data include only classic sales on the basis of a purchase contract. The data exclude those properties that were confiscated or transferred as a gift.
In 2021 people buy more
The number of houses and flats sold in 2021 comparing to 2020 increased in some district towns even by 100%. Most were sold in Prague, where 12,694 flats changed owners in just the first 8 months, which is more than a third of all flats sold in the country.
According to the statistics of the Cadastral Office, in the period from January to August 2019, in total 30,169 flats were sold in 72 district towns in the Czech Republic. This year, the number of sales exceeded 33,000, specifically 33,682.
There is a completely identical trend in the number of houses sold, the least sold in 2020 (5,184), and the most in 2021 (6,339).
Investment hunger town
If we convert the number of real estate sales per 1,000 citizens, we will find that the most flats per 1,000 inhabitants in the entire Czech Republic were sold in Karlovy Vary in the given period of 2021. According to local realtors, this is because there is an investment hunger in this area. A specific part of the market in Karlovy Vary are the apartments of Russian-speaking owners, who currently have no way to get to the Czech Republic. They acquired apartments many years ago at high prices, and now the only chance is to sell them with a high loss. For the original price, these apartments are not salable. Very expensive properties in the vicinity of the colonnade, where prices reach as much as CZK 200,000 per m2 and are still waiting for their new owners, will probably have to become cheaper in order to be sold. The flats with Russian-speaking owners though form only a small part of the total housing market in Karlovy Vary, in total there are over 21 thousand flats. Apartments here are bought here mainly by people from Prague, who use these properties as weekend accommodation.
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