The party is over for many developers and investors in Prague and Czech Republic in general. Investors are less interested in Czech properties and many of them are moving to the East.
Experts expect 20-30 percent decrease in prices by the next summer. However, it is not the best time to buy a house yet. Experts recommend to wait for one year.
Even now it is possible to negotiate 30% discount if you can pay immediately and do not need mortgage.
The main reasons of sharp decrease are the following:
- Offer is higher than demand
- People are less interested in mortgages
- Developers are loosing their positions, for example ECM lost 20 mln EURO in half a year, Orco Property Group lost about 14 mln EURO
However, prices are still growing in some destinations.
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