A real estate boom fueled by low mortgage rates has sent up housing prices in Prague, making it one of the costliest cities to live in, Czech Television reported. Czechs with an average salary now have to work eleven years for a flat of approximately seventy square meters. An Austrian would need to work for nine years to acquire a similar flat in Vienna, while a German would only need to work for six years to buy a one in Berlin. London, Paris or Brussels are more expensive. An average flat of seventy square meters in Prague costs approximately 7.5 million crowns. Just a year ago Czechs needed to work less than ten years to acquire it.
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