The real estate market in the Czech Republic is always on the move, and every year brings new trends and challenges. One of the highlights for industry professionals is the annual REALITYfest meeting, where current events and the future of the real estate market are discussed. This year, some key information and trends that will affect the market were presented. Click here to learn more about what our team learned at the event.

1. House prices: decline until the end of 2023 and subsequent GROWTH

One of the main points that received a considerable amount of attention was the price of real estate. According to experts at REALITYfest 2023, property prices in the Czech Republic are expected to decline slightly by the end of this year. This decline is likely to be more pronounced for properties in less attractive addresses. Properties in good locations will rather stagnate. However, from the beginning of next year these prices should slowly start to rise.

This is important information for those thinking of buying or selling property. Buyers and investors should be cautious and consider their options carefully, especially if they plan to buy in less attractive locations.

2. Long-term AVERAGE GROWTH of property prices in Prague

The presentation highlighted that despite short-term price fluctuations, the long-term average growth of property prices in Prague remains stable. The average property price growth in the Czech capital is 5%. This means that real estate remains an attractive investment for the long term. This can be a good signal for investors looking for stable growth in their investments. Combined with rental yields, this is still an interesting investment opportunity.

3. S-reality and the new Price Map

One of the most interesting news presented at REALITYfest 2023 was the launch of the new Price Map by S-reality. What makes this price map special is that it is free and works with prices from the Land Registry. This means that users will have up-to-date and reliable information on property prices in their area. This can be extremely useful for anyone involved in the property market, whether they are estate agents, investors or simply people looking for a new home.

4. Social media and property sales

Another important point that was highlighted at REALITYfest is the importance of social media when selling real estate. The news that more and more people are using online platforms when looking for property is nothing new. However, the interesting factor is that social media may be playing an increasingly important role in the process.

According to a presentation at REALITYfest, statistics show that of the 100% of users on social media, 90% of them only follow, 8% react (for example, giving likes to listings), and only 2% actively create content. This means that real estate sellers should be active on these platforms and try to engage potential customers. Properly targeted social media can be a powerful tool for increasing real estate visibility and communicating with prospects.

REALITYfest 2023 brought a lot of interesting information and ideas for real estate professionals. The MAHOON team was there to use the latest news and trends for your benefit.