Interest in rent in Prague is growing rapidly, the offer of apartments for rent is the lowest housing in eight years iROZHLAS
Smaller apartments in the capital are disappearing from the offers due to rising mortgages, the return of students and tourists or the war in Ukraine and the influx of refugees almost immediately. According to a survey by GarantovanyNajem.cz, the metropolis has the smallest offer of apartments for rent in the last eight years.
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Illustration frame Photo: Filip Jandourek
The savings bank’s banks recorded mortgage loans by 40 percent in April and existing ones by more than 60 percent. Less interest in buying one’s own flats is thus guaranteed in rental housing.
Mortgages in the Czech Republic fell by 40 percent. People do not invest in housing in the current situation, banks say
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“Smaller and affordable apartments disappear from the market almost immediately, with about fifteen people calling for one offer. More expensive apartments remain on offer for longer, but they will still be rented faster than before, “said one of the addressed real estate companies. RE / MAX.
According to statistics from GarantovanyNajem.cz, there are currently 4,700 active offers of apartments for rent in the metropolis. During the covid in 2020 and 2021, more than 15,000 housing units were available. For example, in 2014, according to the website in Prague, there were about 7,000 apartments for rent.
“We expect the situation to worsen during the holidays, when people generally move more. The main reason is the increase in the price of mortgages and the related unavailability of their own housing for many young people in particular. Of course, it will also depend on how the situation in Ukraine develops, “said the co-founder of the service, Viktor Mejzlík.
Apartments for rent in Prague
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The offer of rental flats in Prague has been declining since the middle of last year, and at the end of the year it has returned to the pre-ancestral level at the end of 2019. “And this year it is still declining,” said Josef Kupec, a construction and real estate expert from the KPMG consulting company.
“The main reason is the relentless migration to Prague and the great growth in demand for rent, as people are moving away from owner-occupied housing, which is becoming less and less affordable due to high prices,” he added.
According to him, the end of the anti-epidemic measure and the related return of students outside Prague also played a role in the growing interest in rents. “Tourists are also returning and re-using the apartments for short-term rentals. The number of vacant rental flats is also reduced by the demand of more than 85,000 refugees from Ukraine received by Prague and Central Bohemia, “Kupec added, noting that the same factors also affect the availability of rental housing in regional cities, although not to such an extent.
Rising rental prices
Monthly rental prices per square meter expanded in all regional cities. For example, in Pardubice prices rose by 24.6 percent, in Zlín by eighteen percent.
“In student cities, rental prices fell by as much as 20 percent during the pandemic as students moved back to their parents for distance learning. Currently, prices are rising sharply, since last September, when students began to gradually return to shared apartments, “said Mejzlík.
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According to data from the Realitymix.cz portal, prices in Prague and Brno have risen by more than eighteen percent. “Nevertheless, the demand for rental housing will still be high. People will be willing to sacrifice luxury and move to older and unreconstructed apartments, “estimates Mejzlík.
According to available data, the average market rent for a three-room apartment in Prague with an area of 60 square meters is around 20,000 crowns a month. An apartment with the same floor area can be purchased for an average of 7.5 million crowns and the installment for 30 years can climb over 27,000 crowns per month.
“Some development companies are considering not selling the apartments, but renting them, in whole or in part. This interest will be caused by the lack of flats for rent, “said Veronika Hegrová, sales director of the Hyponamiru.cz portal.
According to experts, there will be more and more landlords who will conclude contracts with tenants for an ever shorter period. “Currently, due to inflation and other factors, such as rising interest rates, renting real estate will no longer pay off for landlords as before. In order to insure the amount, they will want to accept concluding contracts with tenants for a shorter period, easily for only half a year, with the proviso that they will raise their rent after a while, ”added Mejzlík.
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