Study: Czechs must save longer than other Europeans to buy property

It takes Czechs considerably longer on average to save to purchase an apartment than people in other European states, suggests a new study produced by consultants Deloitte.

Comparing 12 states last year, the report found that a new flat in the Czech Republic is equivalent to 11.3 years of average pay. Belgians, meanwhile, need the equivalent of 3.7 years’ salary to cover the price of a property of 70 metres squared.

A lack of new apartments on the market is one factor forcing property prices up in the Czech Republic, said a representative of Deloitte. Mortgage regulations, lengthy permit procedures, high taxation and consumer sentiment are other factors.