Czech property prices are stabilising

Property prices in the Czech Republic are stabilising, new data from the country's national bank suggest.

The latest Czech National Bank figures show that sales prices of apartments dropped 1.8 per cent in the 12 months to the fourth quarter of 2012. That year-on-year drop is more severe than the annual drop recorded in 2011, but marks a significantly better performance than in 2009 and 2010, when prices fell 12.4 per cent and 5.1 per cent respectively.

The figures suggest that the country's property values are now fluctuating by a smaller amount, as the market begins to stabilise. Indeed, in the third quarter of this year, apartment asking prices climbed 1.2 per cent year-on-year, up from 0.3 per cent in the second quarter, according to the Czech Statistical Office.

Despite this, the CNB data shows that the number of property sales continued to decline by 10.9 per cent year-on-year.

Source: Global Property Guide