Every tenth young Czech between the ages of 26 and 36, ie approximately 150,000 people, plans to buy or build a property over the next twelve months. Another fifteen percent of young people are planning to renovate housing. This follows from the March survey of NMS Market Research among a thousand respondents, which was presented by the ČSOB Group on Thursday.
The survey also showed that about half of young people plan to change their homes in the next five years. According to the survey, the effort to secure one’s own home is still very important for young families, despite rising interest rates and real estate prices.
“The current situation on the mortgage market and the rising level of interest rates affect young families who want their own housing the most. However, these people form an extremely important sector for the entire economy,” said Jan Sadil, a member of the ČSOB Board of Directors.
Half of the young people consider at least 35 thousand net crowns to be a sufficient monthly income to cover the mortgage, most often they would apply for a mortgage of between two and three million crowns. One third of them would like the monthly payment not to exceed 10,000 crowns. Already, 70 percent of young people save, often through building savings. The share of those who have saved over 100 thousand crowns is gradually increasing.
Nevertheless, the data show that young people underestimate the amount of the mortgage and monthly payments against the current market situation.
“For example, the average mortgage for this age group already reaches 3.6 million crowns,” added Jiří Feix, Chairman of the Board of Directors of Hypoteční banka and ČSOB Stavební spořitelna.
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