The level of house prices in the Czech Republic: review

Recently, experts explored the real estate market of the Czech Republic. It was found that the prices for residential and commercial property declined constantly from the beginning of 2008. As a result, prices fell by 9.1% from early 2008 to the end of 2012. Also, it was stated in the review that pricing policy in different regions of the Czech Republic is varied. Thus, in those parts of the country where there is less unemployment, the cost of apartments and houses is bigger than in the regions with high unemployment. Experts noted that the flourishing real estate market in Prague, as well as the highest level of home prices was recorded in the first quarter of 2009. However, very significant decline (7.8%) occurred by the end of 2012. Moreover, the cost of apartments in Prague on the secondary real estate was higher in the third quarter of 2008, and their value fell by 14.1% by the end of 2012. In addition, it is necessary to mention that real estate prices in the capital had a smallest drop in comparison with the other cities where prices fell by 7%. Moreover, the prices in Prague increased by 0.2% in the fourth quarter of 2012.