The most popular areas to buy property in Prague are actually very similar to those where expats rent. However, while it is affordable, even for singles, to rent Prague 1 properties, these days it is too expensive for most people to buy an apartment in the historic center. For this reason, the most popular neighborhood for single professionals and young couples is Vinohrady (Prague 2), especially two areas: one centered around Londynská, Belgická, Americká, Zahřebská, and Jana Masaryka Streets, and the other between Riegrovy sady and naměstí Jiřího z Poděbrad. Both areas are quieter than other parts of Vinohrady and have many grocery shops, and even restaurants and cafés offering organic produce.
Apartments in 19th/early 20th century buildings are typical for Vinohrady; a renovated one-bedroom apartment would cost 4.2-5.6 million CZK. In Vinohrady, “2+kk”, i.e. apartments comprising a living room-cum-kitchen and one bedroom, are rare and typically measure 60-80m2. Most 2-bedroom apartments include a living room, separate kitchen, and bedroom, and have an area of 85-110m2. Two-bedroom renovated apartments sell from 5.5-8 million CZK.
The second most popular place in Prague for singles and couples is Dejvice, in Prague 6. This part of town has been in demand as a place to live since 1990, and I remember the first expat video rental shop in Prague that opened in Dejvice, just few steps from Vitězné náměstí. In Dejvice, you can buy very similar types of apartments to those in Vinohrady, and prices are about 10% less expensive than in Prague 2.
The number three location for singles is Žižkov, especially the area between Prague 2 and Seifertova Street. A typical 1-bedroom apartment of 50-70m2 will cost CZK 3.3-4.3 million; a 2-bedroom apartment costs around CZK 4.5-6 million.
At number four is Smíchov, which offers two nice places to live. The first includes the streets in the Malá Strana part of Prague 5 and the area around Náměstí 14. října; the second one is the sub-neighborhood around U Nikolajky and Ostrovského Streets, which includes several quality new-build residential projects. The area near in the Malá Strana part has prices very similar to those of Vinohrady, and new-build projects around Ostrovského Street sell at an average of 80,000 CZK per square meter.
The fifth most popular area is Prague 1; the position is relatively low due to high prices. Popular sub-areas are Staré Město, Josefov, and Malá Strana. Nové Město is less popular, apart from the streets along the river. Prague 1 is the most expensive area in Prague with prices from 100,000-240,000 CZK per square meter (for a renovated apartment). The most expensive address is Pařížská Street, and there are luxurious properties on Vězeňská and Bilkova Streets, and in Malá Strana. The most upscale projects in Prague 1 are the J&T project at Kampa, the Orco development on Mostecká Street and the FIM Group project on Dlouhá Street. If buying an only partially renovated apartment in an unreconstructed building, you would typically pay 80,000-100,000 CZK per square meter.
Certain areas of Prague are favorites (renting or buying) for married couples with children. Those who prefer a house to an apartment usually opt for a location in Prague 6 (Hanspaulka, Ořechovka, or Střešovice), Prague 5, such as Hřebenka, or Podolí in Prague 4 if they want to live close to the center and spend more money in property. Prices in Hanspaulka and Ořechovka are very similar. For a townhouse, you would typically pay 10-18 million CZK, while period detached houses sell for 35-150 million CZK, depending on the condition of the property. Hanspaulka is the neighborhood where even Petr Kellner, the richest Czech businessman, bought, renovated, and extended his house. Period houses in Hřebenka sell for similar prices as those in Hanspaulka, while Podolí is more affordable: house prices start at 20 million CZK, and renovated houses sell for 45-100 million CZK.
The other neighborhoods offering a convenient mix of older and new houses are Braník (Prague 4), Velká Chuchle and Košíře (Prague 5), and Nebušice (Prague 6).
Two areas just outside Prague are particularly popular: Roztoky u Prahy, a small town two kilometers north of Prague 6, and Černošice, southwest of Prague. While Průhonice (south of Prague 4) is very popular for renting, interest in buying there is not great due to high house prices. An average new-build 4-5 bedroom house in Průhonice costs 15-25 million CZK, while in Roztoky you would pay 8-15 million CZK for the same size of house.
Those families who prefer to live in or close to the center usually buy apartments in Prague 1 or in Vinohrady or in Dejvice, or in new projects in Smíchov or Strahov (both in P5) or Červený vrch, Liboc or Petřiny (Prague 6).
At a later date we will feature an article about renting in Prague. Happy hunting!