Surging Rent Prices Place Prague Among Europe’s Most Expensive Cities

It’s no secret: Prague is getting more expensive.

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Thanks in part to a limited number of locations and little new development, a huge influx of tourists, and the growing popularity of flat-sharing services like AirBnB, the Czech Republic – and Prague, in particular – has seen an unprecedented rise in real estate prices over the last 2+ years.

According to the ECA International, a resource consultancy and expatriate management company that provides market data on more than 400 cities worldwide, Prague has surged into the top 20 most expensive cities in Europe to rent an apartment.

In recently-published rankings, London retains the position as most expensive city in Europe for apartment rentals, coming in at a whopping £5,400 per month for a “high-end 3-bedroom apartment,” or roughly 150,000 crowns. Ouch.

That’s 20% higher than Moscow, the next-highest city on the list, and about four times greater than the average rental prices across other major European cities. It’s worth noting that the agency focuses on expatriates relocating to foreign destinations, pegging their rentals considerably higher than what a local might pay.

But while prices have remained constant in London and most other cities on the list, two locations have surged into the top 20: Warsaw, which leaps from 31 to 20, and Prague which is all the way up to 17 compared to a 30 ranking in 2016.

Rents for the cities that ranked 11-20 were not revealed, but according to Numbeo an average 3-bedroom apartment in Prague’s city center rents for up to around 35,000 crowns.

These are Europe’s top 20 most expensive cities to rent a flat according to ECA International, with 2016 rankings in brackets:

1. London (1)
2. Moscow (2)
3. Zurich (3)
4. Geneva (4)
5. Istanbul (5)
6. Kiev (8)
7. Paris (6)
8. Dublin (11)
9. Amsterdam (10)
10. Stockholm (7)
11. Luxembourg City (9)
12. Copenhagen (12)
13. St. Petersberg (13)
14. Oslo (16)
15. The Hague (15)
16. Rome (14)
17. Prague (30)
18. Basel (18)
19. Vienna (17)
20. Warsaw (31)

Daniel Lee

Daniel Lee

The versatile Danny Lee has been living in Prague and writing about the Czech capital for the past 15 years. You've probably read his work in the past without even knowing it.
Daniel Lee
About Daniel Lee 291 Articles
The versatile Danny Lee has been living in Prague and writing about the Czech capital for the past 15 years. You've probably read his work in the past without even knowing it.