Prague Property Prices

The most popular areas to buy property in Prague are actually very similar to those where expats rent. However, while it is affordable, even for singles, to rent Prague 1 properties, these days it is too expensive for most people to buy an apartment in the historic center. For this reason, the most popular neighborhood for single professionals and young couples is Vinohrady (Prague 2), especially two areas: one centered around Londynská, Belgická, Americká, Zahřebská, and Jana Masaryka Streets, and the other between Riegrovy sady and naměstí Jiřího z Poděbrad. Both areas are quieter than other parts of Vinohrady and have many grocery shops, and even restaurants and cafés offering organic produce.

The number three location for singles is Žižkov, especially the area between Prague 2 and Seifertova Street. A typical 1-bedroom apartment of 50-70m2 will cost CZK 3.3-4.3 million; a 2-bedroom apartment costs around CZK 4.5-6 million.

At number four is Smíchov, which offers two nice places to live. The first includes the streets in the Malá Strana part of Prague 5 and the area around Náměstí 14. října; the second one is the sub-neighborhood around U Nikolajky and Ostrovského Streets, which includes several quality new-build residential projects. The area near in the Malá Strana part has prices very similar to those of Vinohrady, and new-build projects around Ostrovského Street sell at an average of 80,000 CZK per square meter.

The fifth most popular area is Prague 1; the position is relatively low due to high prices. Popular sub-areas are Staré Město, Josefov, and Malá Strana. Nové Město is less popular, apart from the streets along the river. Prague 1 is the most expensive area in Prague with prices from 100,000-240,000 CZK per square meter (for a renovated apartment). The most expensive address is Pařížská Street, and there are luxurious properties on Vězeňská and Bilkova Streets, and in Malá Strana. The most upscale projects in Prague 1 are the J&T project at Kampa, the Orco development on Mostecká Street and the FIM Group project on Dlouhá Street. If buying an only partially renovated apartment in an unreconstructed building, you would typically pay 80,000-100,000 CZK per square meter.

Certain areas of Prague are favorites (renting or buying) for married couples with children. Those who prefer a house to an apartment usually opt for a location in Prague 6 (Hanspaulka, Ořechovka, or Střešovice), Prague 5, such as Hřebenka, or Podolí in Prague 4 if they want to live close to the center and spend more money in property. Prices in Hanspaulka and Ořechovka are very similar. For a townhouse, you would typically pay 10-18 million CZK, while period detached houses sell for 35-150 million CZK, depending on the condition of the property. Hanspaulka is the neighborhood where even Petr Kellner, the richest Czech businessman, bought, renovated, and extended his house. Period houses in Hřebenka sell for similar prices as those in Hanspaulka, while Podolí is more affordable: house prices start at 20 million CZK, and renovated houses sell for 45-100 million CZK.