Development of realised prices of older flats

Last quarter's value

Development of realised prices of older flats

(% yoy)
CBA Commentary
According to the CZSO data, realised prices of older flats in the Czech Republic rose by 3.7% quarter-on-quarter in the third quarter of 2025, following the previous 3.7% increase. The growth rate thus surpassed the average quarterly growth of 2.9% recorded since the end of 2019. The following dynamics were recorded in the regions: in Prague 3.5% after 2.2% vs. the average 2.4%; outside Prague 3.7% after 4.2% vs. the average 3.1%.
In the Czech Republic, the prices of older flats rose by 15.9% year-on-year, reaching 1.9 times the pre-pandemic level in Q4 2019 and 3.4 times compared to the end of 2013. These ratios reached 1.7 and 2.8 times in Prague and 2 and 3.7 times in the rest of the country.
In the past year, 2024, the average change in realised prices of older dwellings in the Czech Republic was 7.8% year-on-year (after -3.2% in the previous year), of which 8.4% in Prague (after -2.6%) and 7.7% in the rest of the country (after -3.4%).
Source of primary data
CZSO, Flat Zone
Note
Realized prices.
In the case of Flat Zone's data, these are transaction prices for the resale of apartments in the client-client relationship at the time of registration in the land register. According to Flat Zone's methodology, the category of "older flats" includes resales of flats built before 1995, while flats built after 1995 fall into the category of "new/refurbished flats". \The data methodology therefore differs, which causes differences in the dynamics and level of the time series, especially in the short term.
Category
Real estate prices
Data frequency
Quarterly
Comments
Higher house prices spark richer debate over central bank macroprudential policy than first appears
Comment by Jaromír Šindel, Chief Economist of the CBA: According to the Czech Statistical Office, realised prices of older flats in the Czech Republic rose by 3.7% quarter-on-quarter in the third quarter, which exceeds income growth for the seventh quarter already and maintains the too brisk annual pace of property prices at around 16%. Higher property prices are also making their way into the CNB's macroprudential capital policy settings, with discussion over the (arguably unscary) possible introduction of a sectoral systemic buffer, as well as less intuitive discussions over the role of investment activity by non-financial corporates in setting the countercyclical capital buffer.
Slight recovery in disposable income was enough for stronger consumption and higher savings, but not for more expensive real estate
Comment by Jaromír Šindel, Chief Economist of the CBA: The recovery in disposable income in Q2 was still dampened by fiscal policy, so it remained weaker compared to the increase in wages and property prices. Nevertheless, households managed to increase both consumption and their savings.
Realised house prices maintained a strong pace in the second quarter
Economic commentary by Jaromír Šindel, Chief Economist of the CBA: I estimate overall growth in realised house prices of 4.2% quarter-on-quarter, which has outpaced wage growth for the sixth quarter in a row.