Mountain apartments in the Czech Republic attract investors, prices climb higher
According to an analysis by Deloitte, the average price per square meter in Špindlerův Mlýn reached nearly CZK 190,000 last year, half again as much as the average apartment price in the capital. This price growth is driven mainly by rising demand for premium properties in locations with better snow conditions, as skiing increasingly shifts to higher elevations in order to attract tourists even in an era of climate change.
According to experts, prices of mountain apartments remain stable even at times when urban real estate faces economic uncertainty and high interest rates. Over the long term, market crises have only a minimal impact on premium mountain properties, which makes them a safe and popular investment.
Growing demand for mountain properties is not limited to the resorts themselves, but also affects the surrounding areas. There is increasing interest in properties in towns near mountain resorts, such as Svoboda nad Úpou or Horní Maršov, where new residential projects are emerging. Investors looking for more affordable options often turn to foothill towns such as Jilemnice, Vrchlabí, or Tanvald, which offer more favorable prices while still being well connected to the mountains.
The stability and growth of prices, however, is not driven by location alone but also by the rising quality of Czech resorts, which are beginning to approach Alpine standards. „In order to maximize the benefit on both sides – for investors as well as for the specific town and location – it is crucial to ensure the year-round usability of the project. That's why proximity not only to ski slopes but also to cycling trails, hiking routes, water parks, or dining experiences is important, as is comprehensive amenity provision at the individual aparthotels,“ describes Lukáš Weigner of the investment group Aequitas Group, which specializes in domestic mountain resorts. In this respect, the company has found it effective to establish restaurants, wellness areas, children's play rooms, and to cooperate with local partners on additional services such as bike rentals. „All of this naturally increases the appeal both for tourists and investors. And we ourselves are observing strong interest in such mountain properties – whether for sale or for rent,“ Weigner adds.
Rising property prices, however, are not limited to the Czech mountains. A similar interest can be observed in resorts abroad as well, for instance in the Austrian towns of Kaprun or Zell am See, where property prices are comparable to Czech mountain resorts. „Part of the Alpine property market is sold so-called off-market, meaning it never appears in public listings on real estate portals or in real estate agency offers. This is especially true in the segment of exclusive properties, sales of entire resorts, and the like,“ says Jan Rejcha, CEO of Rellox, a company specializing in foreign real estate. Investors seek locations that offer high-quality services and year-round recreational options, including summer activities, which contributes to higher rental returns.