In 2024, there will be a significant decline in the number of completed dwellings in the Czech Republic. According to data from the Czech Statistical Office (CSU), 31 316 flats were completed last year, which represents a year-on-year decrease of 21.2 %. This decline is particularly evident in new dwellings in apartment and family houses, while the number of dwellings created by conversions increased.
"The number of housing completions in 2024 was the lowest since 2016," She told Petra Cuřínová, Director of the CSO's Development Statistics Department. While 39 720 flats were completed in 2023, last year the number decreased by 8404. The biggest fall was recorded in flats in apartment blocks, which saw a 25.5 % decline to 17,127 flats.
For single-family houses, the decline was 22.8 %, with 11,896 units completed. In contrast, the number of dwellings created by conversions or extensions increased by 13.7 % to 2,293 dwellings.
The decline in construction was also reflected in the number of construction starts. In 2024, 27,766 dwellings were started, which is 8.3 % less than in the previous year. Again, the most significant decline was in apartment buildings, where there were 12.5 % fewer housing starts. "Single-family housing starts fell by 4.7 %, a more modest decline than for apartment buildings," Cuřínová added.
Regionally, the largest number of flats was completed in Prague (6194 flats) and in the Central Bohemia Region (5943 flats). On the contrary, the least number of flats was added in the Karlovy Vary Region (387 flats). On average, there were 2.9 new flats per 1000 inhabitants, which is 0.8 less than in 2023.
"Developments in the housing market reflect economic and social factors such as rising prices of building materials, higher mortgage interest rates and overall market uncertainty," said Cuřínová. Experts expect that the decline in construction may continue in the coming years if market conditions do not improve.
CSO/gnews.cz - cik
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