Buying an apartment in Prague now costs about the same amount as in Berlin, Vienna or Madrid.However, given that salaries in the Czech Republic are still two times lower than in Western Europe, many locals cannot afford to buy their own apartment.
According to a new RE/MAX report, the average asking price for an apartment is 70 sq.m. m in Prague now stands at about 9.8 million Czech crowns (403,000 euros).This is almost the same as in Berlin (402,000 euros), and even more than in Vienna (382,000 euros).
The average salary in the Czech Republic is about 49,400 CZK (2,030 euros) per month before taxes.In Germany or Austria, employees receive about twice as much.
Thus, although apartment prices have "caught up" with Western prices, purchasing power has certainly not.
According to experts, to save up for an apartment in Prague, you need to work in the country for more than 15 years, which is about twice as long as in many Western European countries.This is one of the reasons why more and more young people rent housing and why small apartments are sold out instantly.
Source: Expat,cz
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