Thursday, 2 October 2025
The Czech real estate market stabilized in 2024 after several years of uncertainty and has started to show signs of gradual growth, according to the Trend Report 2025 published by the Association for the Development of the Real Estate Market (ARTN). The report, obtained by the Czech News Agency, highlights rising demand for new apartments, increasing property prices in Prague, and varying levels of activity across different real estate segments.
One of the key factors contributing to the positive market shift was the stabilization of inflation and a decline in interest rates. These macroeconomic improvements sparked renewed interest in rental housing, as well as industrial and logistics properties, which the report describes as resilient investments during periods of economic fluctuation. In total, real estate investment volume in 2024 reached €1.8 billion (approximately CZK 45 billion), marking a 23 percent year-on-year increase. Notably, investment activity in the final quarter of 2024 more than tripled compared to the same period the year before.
Sales of new apartments saw a significant jump. In Prague, 7,200 new units were sold last year—an 80 percent increase year-on-year. Despite the strong demand, limited supply caused prices to rise, with the average price per square meter reaching CZK 156,828, a 10 percent increase from 2023. Similar growth trends were seen in the regions outside Prague, where 8,256 new apartments were sold, up 60 percent from the previous year. In the fourth quarter alone, 2,207 units were sold in the regions, reflecting a 45 percent annual increase. The average price per square meter in regional markets climbed by 4 percent to CZK 101,738.
In the office market, new supply in Prague dropped significantly. Only 72,800 square meters of new office space were completed in 2024—26 percent less than in 2023 and well below the 10-year average of over 120,000 square meters. ARTN predicts an even lower figure for 2025, with just under 25,000 square meters expected to be completed—marking a record low for the capital. Key upcoming projects include PernerKa and the first phase of E-Factory in Prague 9, as well as the reconstructions of the NR7 and VN62 office buildings in the city center.
The retail sector benefited from stabilizing consumer spending, which grew year-on-year. Most of the new retail space was developed in retail parks, while investment in the sector is increasingly focused on modernization rather than new construction. A notable trend is the expansion of Czech e-commerce businesses into foreign markets, including Western Europe and beyond.
The industrial real estate segment saw a decline in activity. Only 517,900 square meters of industrial space were completed in 2024, representing a 45 percent decrease from the previous year. Demand was the lowest since 2018 and fell 20 percent below the five-year average. However, ARTN notes that development activity is expected to pick up again, with roughly 5.9 million square meters of new industrial space currently planned for construction in the coming years.
The report concludes that, while the real estate market is still navigating the aftermath of recent economic shifts, the foundations for renewed growth are being laid across several key sectors.
Sources: ARTN, CSO and CTK
