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Prague, the capital of the Czech Republic, is a three to four hours flight away from Israel. Prague is one of the most popular tourist cities in the world and magnificent attractions from a wide variety of periods are situated there; however, many tourists go there mainly because of its ever romantic atmosphere.
In Prague one can buy a property
for a wide variety of purposes: residential, investment, tourism, or commerce, at relatively good prices. This is particularly in view of the relative stability in property prices in Prague which has been maintained despite the economic crisis in Europe.
In the eyes of its many visitors, Prague is one of the most beautiful cities in the world, and it contains side by side ancient buildings hundreds of years old together with new buildings which have just been constructed. The Vltava River crosses Prague; to its east is the old city of Prague with its tall spires, churches, and alleys, and, of course, the Jewish Quarter, which remains as it was before World War II, with many Jewish institutions and ancient synagogues.
Many investors who wished to own remunerative properties a decade ago found Prague a convenient location, suitable for investment because of the relative certainty of acquiring tenants throughout the entire year. As Prague is the financial and academic center of the Czech Republic, there is a constant flow of young people who arrive to live and work in the city. Investors who arrived in their masses caused a rise in the property prices in the city to the extent that there are areas in Prague today where the prices of apartments are equal to those of apartments in Paris, Berlin, or London. Today the house prices are reasonable and actually this is the best time to purchase properties due to the banks’ low interest rates and the drop in prices in all of Europe following the crisis there.
Generally, today houses can be found in the center of Prague that will give a 6% annual return; however, outside Prague properties can be located that will yield a 11-13% annual return.
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EXAMPLES OF APARTMENTS FOR SALE IN PRAGUE
200,000 – 300,000 NIS: a two-room apartment on the outskirts of Prague. (2/2016)
Whoever wishes to purchase an apartment in Prague but doesn’t want to spend large sums of money has to move farther away from the city center. In Prague’s 13th district (25 minutes from the city center), for example, a two-room, refurbished 45m2 apartment on the 4th storey can be found for only 280,000 NIS.
UPDATE: 350,000 – 500,000 NIS: a two-room apartment on the outskirts of Prague. (9/2018)
At September 2018, in Prague 8, for example, in the Letňany neighborhood (about half an hour drive from the center of the old city), a two-room apartment, 40 square meters on the eighth floor, we found for 480,000 NIS.
300,000 – 400,000 NIS: a two-room apartment ten minutes from the city center. (2/2016)
Another example is a 58 m2 two-room apartment + kitchenette in Prague 7 (a ten minute journey from the city center) on the ground floor, with an adjacent store room. An apartment such as this, for example, near the light rail and five minutes from the Metro, is sold for 2,000,000 korunas, i.e. just 400,000 NIS.
UPDATE: 500,000 – 700,000 NIS: a two-room apartment ten minutes from the city center. (9/2018)
At September 2018, in the Prague 3, Zizkov neighborhood, a 12-minute drive from the Old City, a 2 room apartment of 50 square meters, second floor with a tiny storeroom before renovation. The apartment is very close to the tram station costs 4,100,000 krona, ie 680,000 NIS.
400,000 – 500,000 NIS: a three-room apartment on the outskirts of Prague. (2/2016)
A larger apartment can be purchased for a sum of up to half a million shekels. For instance, a 68 m2 three-room, ground-floor apartment, with kitchen, parking, and balcony, in Prague 13 (a 25-minute journey from the city center) costs just 490,000 NIS and in this case the price also includes brokerage, as is customary in many cases of property sales in Prague.
UPDATE: 700,000 – 850,000 NIS: a three-room apartment on the outskirts of Prague. (9/2018)
At September 2018, a 3-room apartment + a kitchen room in Prague 9, 73 m2, in the Letňany neighborhood, a prefabricated building about half an hour’s drive from the old city center, is for sale for 4.5 million czech krona (750,000 NIS).
500,000 – 1,000,000 NIS: a new, spacious, three-room apartment. (2/2016)
Relatively large apartments can also be found near to the city center, although the price increases accordingly. Take for instance a 90m2 apartment in Prague’s 7th district. This is a three-room apartment with a bedroom with an adjacent bathroom, a 6 m2 balcony, a store room, an oak floor, and a separate entrance for each room (as distinct from the old houses in Prague where the entrance to the internal rooms is through a front room). The apartment is near the Exhibition Center and there is a bus stop opposite the house. The distance from the city center is only 3.5 km. The price of an apartment like this is just 700,000 NIS.
900,000 – 1,200,000 NIS: a new, spacious, three-room apartment. (9/2018)
At September 2018, a large and new apartment with 3 rooms on 70 sqm + 2 balconies with a total area of 20 sqm, parking and warehouse located in a Modřany project between Prague 4 and Prague 12 – sold without a kitchen at a price of 1 million NIS.
1,000,000 – 2,000,000 NIS(2.2016)
UPDATE: 1,500,000 – 2,500,000 NIS (9.2018)
Apartments in this price range are either small apartments in the center of Prague or very big apartments in the city’s outskirts.
1. An example of a small apartment in the center of Prague (Prague 1) – 1,300,000 NIS for a 60 m2 one-room apartment + utility room, kitchen, luxury bathroom, and a ramp on which the sleeping area is situated. The apartment is near Bethlehem Square, a few minutes walk from the city center.
At September 2018, a 70 SqM renovated 3 room apartment on the first floor of a historic building in the old city of Prague, close to Bethlehem Square will cost 1,750,000 NIS.
2. An example of a large apartment in the outskirts of Prague (District 13) – 1,400,000 NIS, 150 m2 with four rooms and a kitchen; the apartment is new and its price includes furniture and electrical household appliances which the apartment’s owner is leaving behind. In the apartment are two bathrooms, a garage, and a 30 m2 balcony. Excellent access to public transport and adjacent parking.
At September 2018, a 140 SqM apartment, 5 rooms in Prague 10 Vršovice neighborhood near a tram station in very good condition with balcony 12 sqm, 7th floor costs 1,660,000 NIS.
In this article we have given a number of examples of apartments in Prague and their prices; however, in every field, the sky’s the limit.
Not only these beautiful apatments can be purchased in Prague but also buildings and commercial plots, shops, and stalls. In the case of apartments, it’s a good idea to decide on the distance from the city center, allocate a budget, and start investigating suitable properties (you can do so with our help here).
It is also a good idea to devote some time to reading our guide to purchasing a property in the Czech Republic/Prague.
To learn more about the property market in the Czech Republic click here. If you wish to consult us on the various property issues in the Czech Republic you are invited to contact us.
