Czech residential land prices peaked nationwide in Q2 2022 before falling, reflecting the impact of higher interest rates seen across the market. But the plunge was only temporary, as growth picked up again in the second half of 2023. The average price of a plot between 450 sqm and 3,000 sqm now stands at CZK 4,200 per sqm, while the average price on completed is CZK 4 million. That’s up from CZK 3,300 per sqm as of Q1 2023, according to Iztok Toplak of RE/MAX G8 Reality.
Prague land prices
As usual, the prices for completed land deals in Prague are more extreme – and more volatile. At their 2022 peak, prices hit CZK 17,200 per sqm for completed deals, but fell to CZK 13,200 sqm in Q2 2023 and to just over CZK 12,000 per sqm at the beginning of 2024. They’ve since recovered to a CZK 14,400 per sqm, but there have been false dawns before. We’ll have to wait for further reports before making any definitive statements. On average, buyers are paying CZK 12 million for resi land plots in the capital.
Think CZK 10,000 less when it comes to land beyond Prague’s borders. Having reached CZK 8,000 per sqm in Q3 2022, Toplak says they crashed to CZK 5,100 per sqm in Q2 2023. Not counting a quick spike in Q4 2023, Prague land plots currently sell for CZK 6,500 per sqm. The average price paid (as opposed to advertised prices) is CZK 7.5 million per plot. Buyers are paying half this much everywhere else in the country…meaning the average price per sqm paid nationwide – excluding Prague and Brno – is CZK 3,281 per sqm. Still, that’s double what they were paying in Q1 2021.
Prices for land around Prague
One caveat when thinking about Prague prices is that as is true elsewhere, size matters. In general, the smaller the plot, the higher the price. Nationwide, the average price per sqm for plots of less than 800 sqm is CZK 6,300. By comparison, plots of 1,100 and less go for CZK 3,800 per sqm, while monster plots of more than 3,000 go for ‘just’ CZK 1,200 sqm.
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