A small studio apartment, a specific neighbourhood in Prague, and a pre-approved mortgage. An assignment that looks achievable on paper. The reality of the 2025 property market was something else entirely.
My client — a mother of two from outside the EU, living in the Czech Republic on a work permit for several years — had one simple wish: to stop paying rent and have the security of a home she could call her own.
The brief was clear: a studio from 20 m², private ownership, no basement units. Budget around 4.2 million CZK with a mortgage. The requirement: a specific neighbourhood in Prague where her children went to school. That single constraint made the search significantly longer.
Summer 2025. In the target area and price range, there were almost no apartments — and every one that appeared was in very poor condition. Damp corners, original layouts, windowless storage spaces. Yet prices kept climbing, because the market was growing week by week.
In the middle of the search, a message arrived that changed everything. The bank reviewed the documents and cut the approved loan amount by one million crowns. The process stalled for a month and the budget was no longer enough for Prague.
The search expanded beyond Prague, into the town where the family was already living. Supply was thin there too. At one point, there was only a single apartment within budget — in poor condition, overpriced, with no room for negotiation.
After the viewing, an email arrived about an auction — with no official rules or protocol. Afraid of losing her only chance, the client raised her offer by several hundred thousand crowns. With a mortgage, she was at a disadvantage compared to cash buyers.
The reservation agreement had a non-transparent price structure. The signing went ahead in the presence of the owner, who turned out to be a decent person — after the documents were signed, he offered on his own initiative to partly renovate the bathroom.
Six months later, the family has the keys. Not a perfect apartment from a brochure, but a home of their own.
The takeaway
Even with a limited budget and a market that throws obstacles in your path, you can reach the goal. The key is not to give up after three bad viewings, and not to jump at the first non-transparent auction. It also helps to honestly acknowledge when an attachment to one specific neighbourhood is stretching the search unnecessarily.
Do you have a limited budget and are you looking for your own home in Prague or the surrounding area? Write to me or call. I'll look at what can realistically be found based on your situation and budget. No promises — just straight talk.
Looking for a flat in Prague or nearby?
I can help you find a realistic option — even on a tight budget or in a more complex situation.