Czech housing output slows

Country:  Czech Republic

7 December 2009

The number of new homes in Czech Republic being built continued to fall in the third quarter of this year, according to the latest figures released by the Czech Statistical Office (CSU).

Data from the CSU shows that a total of 11,234 Czech properties - new houses and flats – were built in Q3 2009, down 5.7% compared to Q3 2008. However, the research shows an improvement on Q2 2009, when the level of housebuilding fell by 21.2% year-on-year.

Just short of 5,300 new houses in Czech Republic were built in Q3 2009, down almost a fifth on Q3 2008.

The planning and building control authorities granted almost 10% fewer building permits in the last quarter, compared to the corresponding period last year.

Vaclav Matyas, president of the Czech Association of Building Entrepreneurs (SPS), says that the fall in residential construction levels reflects the fact that banks are being far more cautious in lending money to developers for new projects.

See Also:   Czech Republic, Marc Da-Silva