Brno Apartment Sales Hit 10-Year Low In Third Quarter of 2022
Apartment sales also hit a ten-year low. Photo: Freepik
Brno, Oct. 6 (BD) – Apartment sales in Brno fell to a historic low in the third quarter of 2022. Data from Trikaya shows that 70 new units were sold in this period, the lowest since 2013. The significant drop in demand for apartments was also reflected in prices. While the average price per square metre reached a new high in the last quarter, it fell to CZK 126,500 between July and September.
“Sales have not only fallen below the values of the weak start of 2018, but are the lowest of any time in the past decade that we have been monitoring the market,” said Dalibor Lamka, executive director of Trikaya and chairman of the company’s board of directors. “Buyer caution is palpable due to rising inflation and, in particular, rising housing costs. We assume that this development will continue this year.”
The drop in prices per square metre was also visible throughout the quarter. The July average of CZK 127,581 dropped in August to CZK 122,018, and further to an average of just CZK 112,983 per square metre in September, the steepest monthly drop for several years.
Within the context of low overall sales, the greatest interest is still in smaller units. Though the average price of 1+kk to 3+kk apartments also decreased compared to the previous period, the most significant drop in the price per square metre was seen in 2+kk units, which became cheaper by almost CZK 11,500 quarter-on-quarter. Although these types of apartments sold the most, it was still less than half of the previous period’s sales. The number of the smallest 1+kk units sold between July and September was not even a third of the 77 sold in the second quarter.