Parking Prices in Prague Are Rising

In recent years, parking in the Czech capital has become nearly a nightmare, and the price of covered parking spots in the city is rising rapidly, according to a report in the Czech newspaper Lidové noviny. Over the past three years, the value of parking spaces in Prague has doubled, and some have even been purchased as investment properties.

Rows of parking spaces near residential buildings are a common sight in the suburbs of Prague. Covered parking spots built during the communist era have now become one of the hottest commodities in the urban real estate market.

The price of a simple covered parking space consisting of three basic walls and a metal door has doubled in the last three years and now averages around 500,000 Czech crowns. Parking spots located in the city center can easily reach prices of one million Czech crowns, according to the report.

Parking in the city is becoming increasingly difficult, making paid parking spots and “blue zones” (resident parking) hot commodities. Nearly every family in Prague now owns two cars, and demand for parking is enormous. While in 2016, an old parking spot in Prague’s suburbs was sold for about 250,000 CZK, today people are happy to get the same spot for double the price. In the city center, parking spots are being sold for over a million CZK, but rising demand continues to drive prices even higher.

Other major cities in Czechia are facing similar problems. The price of parking in the Central Bohemian region rose by 46% over the past year. In the Vysočina region of Moravia, prices have doubled. Parking spots in Brno and Plzeň are now being sold at an average price ranging from 350,000 to 450,000 Czech crowns.

Since demand exceeds supply, many people have started buying parking spaces as investments—a clear sign that the parking problem in Czechia in general, and in Prague in particular, is not going away anytime soon.

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