The Na příkopě Street in Prague 1 is now one of the most expensive streets in the world

The Na příkopě street in the Old City of Prague is now the 19th ranked street in the world in terms of rent rates, according to a study performed by the Cushman and Wakefield Company which reviewed the rent derived from apartments in 446 streets in 65 countries.

The most expensive street for rent in the world is the Causeway Bay Street in Hong Kong. The second is fifth avenue in New York. In Europe the most expensive street for rent was the New Bond street in London – a ranking which made it the third highest street in the global ranking.

However, thanks to the rise of 5% in the rates of rent over the past year, the Na příkopě Street in Prague 1 has reached the 19th rank this year (2018). The average rent per square meter in this street is 6000 Czech Korunas. (!)

One of the factors impacting the height of rent is the location of the apartment on the street and its size. The most attractive apartments are corner apartments or studio apartments. The latter usually charge higher rent.

Another apartment in Prague considered expensive in terms of rent is the Pařížská street. However, the Pařížská street is not a residential street for the most part but a commercial and trade boulevard. Another difference is that the Na Příkopě street is more touristic so that the potential market of tenants is more wide range than the Pařížská street.

Nonetheless, this street also has international brands such as Tous, Vapiano and Swarovski and includes the flagship store of the international brand H&M. The street is already considered the most important shopping street in the Czech Republic given its location.

It is however important to note that this street has yet to reach its full potential and in the near future its attractiveness is still projected to rise. Among other things, the renovation of the Savarin palace that will be connected to other buildings in the street and the renovated Václav Square is planned. In addition, the street is projected to be the site of additional business compounds, such as in Václav Square and the National Museum.

Are you considering the purchase of real estate in Prague? Talk to us.