Property prices in the Czech Republic grew by an average of 16 percent through most of 2017, the highest rate in the whole of the European Union. The figure stems from a Financial Stability Report issued by the Czech National Bank on Tuesday.
The central bank said that Czech apartments were overvalued by around 14 percent at the end of last year and warned that the figure was rising.
Officials said the conditions for a spiraling of the difference between property prices and the cost of loans remained in place. The Czech National Bank has identified this as the greatest risk to domestic financial stability since 2016.
Czech president burns giant red underpants at press briefing
Restoration work on Prague’s Astronomical Clock reveals hidden secrets
Czech government seeks power to set quotas for foreign workers by decree
Czech restaurants and pubs facing serious shortage of workers
Study indicates ethnic hate is contagious