Have you ever walked down Pařížská Street and wondered who actually lives in those buildings? I certainly have, many times over the past 13 years. The luxury boutiques, designer brands, and high-end cars parked along the curb tell one story, but the apartments above them tell another entirely different one.
In this article, I want to take you through something I find fascinating – the actual recorded transactions from the Land Registry showing what the most expensive apartments in Prague sold for in 2024. Not the asking prices you see on sreality.cz that sit there for months, but the real numbers that appeared in official purchase contracts. Some of these figures might surprise you, others might make you laugh, and a few might even make sense when you understand what’s driving them.
Before we dive into specific apartments that sold for tens of millions, we need to understand the landscape. Prague isn’t uniform in its pricing, not even close. The difference between buying in Josefov versus Černý Most isn’t just significant, it’s staggering. According to the 2024 sReality price map data, the most expensive district in Prague by price per square meter was Josefov, sitting at an average of 231,000 CZK per square meter. Let me put that in perspective for you. For a modest 60 square meter apartment in Josefov, you’d be looking at around 13.9 million CZK, just for the average property. Not a penthouse, not a renovated palace apartment, just average.
Why is Josefov so expensive? The answer is simpler than you might think. This is the historic Jewish quarter, and properties here rarely come to market. I’ve had clients wait years for the right apartment in this area. When something does appear, it’s usually gone within days, often before it even hits the public listings. The preserved architecture, the prime location next to Pařížská Street, and most importantly, the extreme scarcity of available properties create a perfect storm for high prices. Right behind Josefov comes Hradčany at 187,000 CZK per square meter. This is where Prague Castle sits, surrounded by small cobblestone streets and diplomatic residencies. Buying in Hradčany isn’t just a real estate purchase, it’s joining a very exclusive club. Staré Město, or Old Town, follows at 183,000 CZK per square meter. This makes sense when you consider you’re literally living among some of Europe’s most iconic landmarks. The Astronomical Clock, Old Town Square, and Charles Bridge become your neighborhood. But here’s what many expats don’t realize – living in Old Town also means dealing with tourist crowds, noise, and restricted parking. It’s not for everyone, despite the prestige. Malá Strana and Nové Město round out the top tier, each with their own character and appeal. Malá Strana offers baroque beauty and riverside charm, while Nové Město provides a mix of historical grandeur and modern developments, particularly around Wenceslas Square and Národní Street. Then we have Vinohrady at 160,000 CZK per square meter. Now, compared to the districts in Prague 1, Vinohrady might look like a relative bargain. I say “relative” because 160,000 per square meter is still a significant investment. However, Vinohrady offers something the central districts often can’t – actual residential peace. Many of my expat clients who work in finance, tech, or consulting prefer Vinohrady precisely because it provides spacious apartments, excellent cafes, and good transport connections without the constant tourist presence.What’s crucial to understand here is that these numbers represent 2024 data. By the time you’re reading this article, they’ve likely shifted upward. Prague’s real estate market has been on a steady upward trajectory, and I see no signs of that changing fundamentally, even with the occasional market corrections we experience.
Let me start with the property that made headlines throughout 2024. A penthouse on Šanderova Street in Holešovice sold for 97 million Czech crowns. That’s approximately four million euros, or if you prefer to think in property terms, that’s the price you’d expect to pay for a luxurious detached villa in one of Prague’s most exclusive neighborhoods. Except this wasn’t a villa. This was an apartment in Holešovice.
Now, I know what many of you are thinking. Ten years ago, if someone told me they paid 97 million for an apartment in Holešovice, I would have assumed they’d made a terrible mistake or been spectacularly scammed. Holešovice back then was known for its industrial past, the farmer’s market, and being vaguely alternative. It certainly wasn’t known for luxury penthouses. But here’s what happened over the past decade, and I’ve watched this transformation closely because many of my clients have invested in Holešovice. The area underwent a complete metamorphosis. The old warehouses were converted into creative spaces, new developments sprouted along the riverbank, and suddenly, young professionals and families were choosing Holešovice over more traditional prestigious areas. This particular penthouse sits in the Marina Island development, which was built between 2017 and 2018 by developers Lighthouse Group and Daramis. The project was controversial when it was announced – some locals worried about overdevelopment, others questioned whether luxury apartments on the Holešovice waterfront would actually sell. Well, I think 97 million CZK answers that question pretty definitively.
So what exactly did 97 million buy? The apartment spans 348 square meters. To put that in perspective, the average Prague apartment is somewhere around 60 to 80 square meters. This penthouse is essentially four or five normal apartments combined into one sprawling residence. You could comfortably host a dinner party for thirty people without anyone feeling cramped. But size alone doesn’t justify 97 million crowns. What really drives the value is the location and the view. This penthouse sits right on the riverbank with unobstructed panoramic views of the Vltava River. In Prague’s real estate market, waterfront properties with open views are gold. The reason is simple – there won’t be any more. Prague’s strict zoning laws and historical protection regulations mean that new developments along the river are extremely limited. What exists now is largely what will exist for decades to come.
I’ve learned something interesting about luxury buyers over my years in this business. They’re not paying for square meters, at least not primarily. They’re paying for uniqueness, for something that can’t be replicated. This penthouse offers that. You can build another 348 square meter apartment somewhere in Prague, but you can’t recreate those views or that specific riverfront location.
While Holešovice’s luxury transformation might have surprised some people, Smíchov’s position in the high-end market surprised nobody. The second most expensive apartment sold in 2024 was located on Kořenského Street in Smíchov, changing hands for 88 million Czech crowns, roughly 3.6 million euros. This one was 212 square meters, which is still significantly larger than what most people would consider spacious, but notably smaller than the Holešovice penthouse. Yet it commanded 88 million. Why? Because Smíchov offers something that newly transformed areas like Holešovice can’t quite replicate yet – established luxury.
Smíchov has been desirable for decades. It’s not riding a trend or banking on a transformation. The area offers a perfect balance between historical charm and modern convenience. You have beautiful period buildings with ornate facades, high ceilings, and architectural details that simply can’t be recreated in modern construction. Walk two blocks in any direction, and you’ll find modern luxury apartments, high-end shopping centers, and excellent transport connections. What many people don’t realize about Smíchov is that it’s undergoing yet another transformation. The massive Smíchov City project is turning former industrial land into a high-end residential and business hub. This isn’t a small renovation project, this is a fundamental reshaping of a significant portion of the district. When completed, it will likely push prices in the surrounding areas even higher. I’ve noticed an interesting pattern with Smíchov properties over the years. They tend to attract a different buyer profile than, say, Old Town or Holešovice. Smíchov buyers are often families with children or established professionals who want luxury without the tourist crowds. They appreciate the proximity to international schools, the abundance of parks and green spaces, and the fact that they can actually park their car without a two-year waiting list for a resident permit.
The 88 million apartment likely appealed to exactly this type of buyer. Someone who wants significant space, modern amenities, historical charm, and a neighborhood that functions as an actual residential community rather than a tourist destination that happens to have apartments.
Our third property brings us to Na Hřebenkách in Prague 5, where an apartment sold for 57.9 million Czech crowns, approximately 2.4 million euros. At 294 square meters, this was actually larger than the Smíchov apartment, yet it sold for significantly less. This isn’t a reflection of quality or desirability, it’s a reflection of what different buyers value.
Na Hřebenkách sits in the hills of Prague 5, offering something that’s increasingly rare in Prague – genuine privacy combined with space. This is a quiet, predominantly residential area with gated communities, high security, and very limited through traffic. You won’t find tourist groups wandering past your building, and you certainly won’t hear stag parties at three in the morning. The area has always been a favorite among diplomats, business executives, and high-net-worth individuals who prioritize peace and space over being in the thick of things.What makes Na Hřebenkách particularly valuable is its position on the hillside. This isn’t just about having a nice view, though the panoramic views of Prague’s skyline are certainly spectacular. It’s about light, air quality, and the sense of space that comes from not being hemmed in by other buildings. These factors might sound intangible, but they translate directly into property values. There’s another aspect to Na Hřebenkách that’s worth understanding. The area has very limited capacity for new development. The hills, the existing infrastructure, and zoning restrictions mean that what’s there now is largely what will be there in twenty years. For buyers thinking long-term, this kind of scarcity is valuable. You’re not gambling on whether the area will be overdeveloped or whether a massive construction project will block your view.
After presenting these three properties to clients or sharing them at expat meetups, I always get asked the same question – are these prices justified, or is this just speculation gone wild? The answer is more nuanced than a simple yes or no. Let me walk you through the factors that drive luxury property prices in Prague.
Location remains the single most important factor, but it’s not just about being in Prague 1 or having a famous landmark nearby. Location value in Prague is about access, views, and exclusivity. The Holešovice penthouse commands its price partly because of its riverside location with unrestricted views. The zoning laws that protect Prague’s historical character also protect the value of properties with prime views because those views can never be replicated or blocked. I’ve seen this play out repeatedly with my clients. Two apartments in the same building, same size, same condition, but one has a courtyard view and one has a river view. The price difference can easily be thirty to forty percent. Multiply that across a 348 square meter penthouse, and you start to understand the premium.The historic versus modern dynamic is fascinating in Prague. Some cities are purely historical, others are purely modern. Prague offers both, and different buyers are willing to pay premium prices for each. The historical apartments offer something that modern construction simply cannot replicate – the craftsmanship of hundred-year-old woodwork, the ceiling heights of the pre-war era, the ornate facades that were hand-carved by artisans. Modern apartments offer smart home technology, perfect insulation, underground parking, and layouts designed for contemporary living. Neither is objectively better, but both are in limited supply. You can’t build new historical apartments, and there are only so many prime locations available for modern luxury developments. This creates two parallel luxury markets, both with strong demand and limited supply.Then there’s the investment angle, which I think many people misunderstand. When someone buys an 88 million crown apartment, they’re not necessarily planning to live in it themselves. Many of these ultra-luxury properties are investment vehicles. Prague has consistently appreciated in value, particularly in prime locations. The buyer might be a family office diversifying assets, an international investor seeking European real estate exposure, or a local business owner looking for a stable store of value.I’ve worked with several clients who purchased properties in this tier purely as investments. They rent them out to corporate executives on long-term contracts or lease them to diplomatic missions. The rental yields might be modest compared to the purchase price, but the appreciation potential and the security of the asset class make it worthwhile for them.
If you’re considering buying property in Prague, see our guide to mortgages for expats in the Czech Republic.
After walking you through these three remarkable properties and the factors driving their values, I want to come back to the fundamental question what do these prices actually tell us about Prague’s real estate market?
They tell us that Prague has firmly established itself as a European capital in terms of real estate. The days when Prague was the “affordable alternative” to Vienna or Berlin are largely over, at least in prime locations. The city has matured into a market where genuinely world-class properties command genuinely world-class prices. They also tell us about confidence in Prague’s long-term future. People don’t spend 97 million crowns on an apartment in a city they think will decline. These purchases represent bets on Prague’s continued growth, stability, and desirability.
For expats considering buying in Prague, these luxury transactions might seem irrelevant to your actual property search. But they’re not. They represent the top end of a market that affects pricing across the board. They also demonstrate that Prague offers options at every level, from starter apartments to ultra-luxury penthouses.
What I’ve learned over 13 years is that Prague’s real estate market rewards those who understand it deeply and punish those who approach it superficially. These luxury properties work as investments because their buyers understood the unique factors that drive their value. The same principle applies at every price level. Whether you’re looking for a 5 million crown starter apartment or a 50 million crown luxury residence, the fundamentals remain the same. Understand location, understand supply constraints, understand what drives long-term value in Prague’s unique market. Do that, and you’ll make better decisions regardless of your budget.
Looking to buy property in Prague? Over the past 13 years, I’ve helped more than 400 expat families navigate the Czech real estate market, from modest starter apartments to multi-million crown purchases. We provide complete guidance through the entire process, and mortgage advisory is always free for clients.
Feel free to reach out at robin@expatsfinance.cz or call +420 777 877 849 for a free consultation. Whether you’re curious about the market or ready to start searching, I’m happy to help.
Robin Petrásek Founder, Expats Finance
