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New rental map The Ministry of Finance data shows the usual monthly rental price per square meter for so-called reference apartments in a specific cadastral area.
What is a reference apartment? “If we put all the apartments on the market in one basket and compared them based on the price level of these rents, we would be comparing apples and pears. Apartments are new, old, furnished, unfurnished, with or without parking, with elevators, and so on,” explains Martina Sieber, advisor to the Minister of Finance and project manager for the price map.
“That’s why we chose the so-called reference apartment, which is twenty years old, has no furniture, no parking space, no garage and no elevator,” explains Sieber. In other words: If one compares a newer apartment with no parking space, etc., its price will be higher than the map shows.
This interactive map is based on all available data on the Czech Republic rental market, mainly from offers on real estate portals. It will be updated every six months, always in January and July.
To find out the market rent, people can choose from four apartment sizes:
- First size category (1+kk, 1+1)
- Second size category (2+kk, 2+1
- Third size category (3+kk, 3+1)
- Fourth size category (4+kk, 4+1)
The territorial units are then differentiated by color according to the price level. The brightest places are those where the rent is up to 100 crowns per square meter per month. But you can hardly find them on the map. The darkest places, on the contrary, show where you pay more than 400 crowns per square meter per month. It is mainly the centers of Prague and Brno, but Špindlerův Mlýn, for example, also makes it into the most expensive places.
“The purpose of creating a price map is not to allow ordinary citizens to compare whether their life is cheap or expensive, but to tell the country how much it costs to live in a certain type of apartment in a certain location,” explains Sieber.
According to her, another tool that the office will release within a month will also be used to compare rent amounts. “By the end of June, we will also put tables on the website showing the movement of price levels for different apartments in various cadastral areas in deciles,” the expert suggested. Siber said that the state lacks such a tool and that other departments could also use it.
For example, in the past, Labor and Social Affairs Minister Marian Jurečka mentioned the use of price maps when developing parameters for housing subsidies. “We are currently negotiating with the Ministry of Labor about their possible use,” Sieber added.
Providing housing for specific occupations and young people
The price map just released will mainly serve the project, which aims to increase the supply of rental housing in the Czech Republic. “We will connect the state, municipalities and the private sector so that we can achieve profitability and thus provide rental apartments to those who need them. At the same time, we will stimulate the entire real estate market. There are already concrete projects and the first apartments will be ready within three years,” said Prime Minister Petr Fiala, presenting the project.
They should live in available rental apartments:
- Young people under 36 who do not own real estate for housing
- Ideal careers – health worker, teacher, firefighter, police officer, social service worker
- Housing costs relative to those with higher incomes – especially older people
- Victims of domestic violence
The amount of future rents for these state-supported newly built or renovated apartments will be below market prices, according to the price map. The available rents can then increase by up to the rate of inflation each year, capped at four percent.
In September, the National Investment Support Fund will launch an affordable housing program, which will provide 4.5 billion crowns in preferential loans. These can be attracted by municipalities that start construction alone or together with developers, as well as private investors.
Next year, the National Development Bank will use its instruments to provide three billion crowns of funding. In both cases, the bulk of the funding will come from the National Recovery Plan, supplemented by two billion crowns from the state budget and other funds from the private sector.
“These are innovative financial instruments, a different loan portfolio, with an interest rate that is always two percent below the base rate of the European Union in the Czech Republic. The loan funds will be returned to the state, which will give us the opportunity to support the construction of mainly municipal housing funds on a long-term basis,” said Minister of Regional Development Ivan Bartoš.
Minister Bartoš expects that with the participation of private capital through the leverage effect, investments in affordable housing will reach about 15 to 20 billion crowns by 2026. According to him, most municipalities are interested in housing construction. But only one-third of them have had experience in this area in the past eight years.
Therefore, the state will also help them prepare their projects. “In all regions, the Investment Support Centers and their branches of the State Investment Support Fund have begun to operate. Mayors will be provided with financing models suitable for affordable housing projects and will be advised on legal and technical aspects, among other things. This regional advice will be supplemented by experts from the National Development Bank, who are ready to help with larger and more complex projects,” added Bartosh.
In addition, some cities will receive land from the state for the construction of new apartments. The Ministry of Finance has identified about 200 unnecessary state-owned plots of land that it intends to transfer to municipalities for free if there is interest.
Katerina Khovolkova
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