The Czech housing market continues to grow, albeit at a much slower pace, amid rapidly rising interest rates, high inflation and a weak domestic economy. The average apartment price rose a modest 1.05% during the year to the first quarter of 2023. There is a noticeable slowdown from growth of 6.93% in the fourth quarter of 2022, 15.6% in the third quarter, 22.3% in the second quarter and 24.3% in the first quarter. Thus, we have the lowest annualized growth recorded since December 2013.
However, the Czech Republic remains the country with the most difficult access to home ownership in Europe, with buyers on average requiring more than 13 annual salaries to complete the transaction. Among European capitals, Prague is considered the second least accessible after Amsterdam.