Prague Losing Young Residents to High Housing Costs

Although Prague ranks among the European cities with the highest resident satisfaction, it is also one of the least affordable places to live.

According to Deloitte, a square meter of a new apartment in Prague costs an average of more than €7,400 ($8,460), meaning that purchasing a standard apartment costs approximately 15 times the average gross annual salary.

A study by the Prague Institute of Planning and Development shows that only 7% of Prague residents can afford to own a home that meets their expectations, while just under one-fifth can afford a suitable rental.

High prices are increasingly shaping decisions about the future. About one-third of residents are considering leaving the capital, with young families in particular moving to towns in the Central Bohemian Region that offer good transportation links.

Experts say people today are seeking a balance between price, access to services, and quality of life. Despite these challenges, overall satisfaction with life in Prague remains high.

(mja)