The number of apartments in Prague has increased by 98 percent – these districts are now the most rented!

More apartments are available on the Prague market for long-term rents, and rent falls due to the effects of coronavirus, which has limited tourism users with short-term rents.

At the end of the second quarter of 2020, the number of long term rental apartments in Prague increased by 97.7 percent year-on-year to 14,738, compared to 7,453 in Q2 2019. This is the most apartments in the last four years. Compared with 12,371 apartments available in the previous quarter of 2020, the increase was 20 percent.

Prague 5 and Prague 2 are the largest number of apartments available. At the end of June there were 2,370 Prague 5 apartments and more than 2,100 Prague 2 apartments available. Some 1,900 apartments are available in Prague 4 and over 1,700 in Prague 1. On the other hand the lowest number of apartments is in Prague 7 where according to figures from Trigema there are only about 550 flats. Properties for sale in Doha

"The situation is essentially stable on the new housing market. However, we are witnessing major changes in the metropolis in the rental market that have doubled supply year after year — mainly at the expense of apartments for short-term rental. The increasing supply of rentals also affects their prices. These have been declining gradually since the end of last year," said Trigema Chairman Marcel Soural.

"As regards the frozen tourism sector in Prague, a number of homeowners with short-term rental apartments decided to rent them for long-term accommodation. However, some of these landlords can be expected to return over time to short-term rent of their properties. Revenues from that tend to be higher than in long-term rentals," added Soural.

In comparison with the previous year, rents decreased in every part of Prague, although the situation could be described as closer to stagnation in Prague 5 and Prague 9. The biggest decline of 11.5% in Prague 1. Prague 7 followed with a 5.8 percent decrease.

According to data from development company Trigema, the average rental price, without fees, fell by 2.4 percent a year to CZK 319 per square meter per month.

At the end of June 2020, the highest rent in Prague was CZK 364 per square meter per month. Prague 1 with 360 CZK and Prague 3 with 330 CZK followed. In Prague 4, the lowest was 286 CZK per square meter, followed by Prague 10 with 290 CZK.

Most of the apartments available are two-room apartments. At the end of June, their share was more than 40%. One and three-room apartments accounted for approximately 25 percent. Following this were four-room apartments with 7.5 percent share. The rented apartment now has an average area of less than 69 square metres.

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