The value of flats sold fell by 15 percent to 10.7 billion crowns compared to last May. However, this has not been reflected in prices so far. According to Reas’ analysis, the average price per square meter rose by 2.8 percent to 44,594 crowns compared to the previous year.
“It is very interesting that even though the sale of flats has fallen in recent months, we cannot say that it has stopped. Therefore, the blackest scenarios that the market will stop completely during the coronary crisis and while waiting for the decision to abolish the property acquisition tax did not come true, “said Michal Makoš, the founder of Reas.
The number of transactions is also affected by legislative changes. From July, the pre-emption right for co-ownership shares will cease to apply almost completely.
“We record dozens of cases where property owners are waiting with the sale until July 1 to avoid complications,” said Kateřina Holoubková, real estate agent broker RE / MAX Atrium.
However, apartment sellers have to take more and more of their price ideas. A year ago, the average market price per square meter was 24 percent lower than the advertising price. Currently, the difference has increased to 36 percent. In advertisements, in May, a square meter of apartment was offered for an average of 62 thousand crowns. But the market price was less than 46 thousand.
“We expect that especially in Prague, the differences between the advertised and the actual price will increase for some time to come. When determining the price, people still orient themselves according to data from the period before the coronary crisis and have unrealistic expectations, even though the real estate prices have been basically at the same level for several months now, ”added Reasu boss Makoš.
According to some brokers, the worst is yet to come. “Definitely not waiting with the sale of the apartment. A deep recession awaits us, housing prices will go down to roughly the level of 2017. I estimate that they will go down for about a year and a half, “remarked Jan Adámek, owner of the real estate agency Jan Reality. However, other experts are more cautious about a possible fall in prices.