12th Business & Management Virtual Conference, Prague

IMPACTS OF THE COVID-19 PANDEMIC ON THE RESIDENTIAL MARKET IN PRAGUE

EDUARD HROMADA

Abstract:

The paper describes the changes in the residential market in individual city districts in Prague due to the COVID-19 pandemic. In Prague, there is a significant decrease in the use of short-term rental of apartments through Airbnb and Booking services. Due to the impossibility of renting an apartment to tourists, the owners offered their apartments on the market of long-term rentals. There is an increase in the supply side, which has an impact on falling rental prices. The biggest changes are taking place in the centre of Prague. On the other hand, there is a significant increase in the selling prices of flats, which is mainly related to the monetary policy of the central bank, low mortgage interest rates and citizens' fears of rising inflation. The paper compares the price development in individual city districts of Prague for the period 2018 to June 2021.To describe the development of the residential market in Prague, the EVAL software is used. The EVAL software collects, analyses and evaluates real estate advertising in the Czech Republic.

Keywords: Real estate market, data mining, data analysis, Prague

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