Czech mortgage market increased by 38 percent in 2020 to CZK 250 billion

by   CIJ News iDesk III
2021-01-14   10:54

The mortgage market in the Czech Republic increased by 38 percent in 2020, when banks in the Czech Republic provided mortgages for a record roughly CZK 250 billion. This follows from the estimates of the ČSOB Group, announced today at an online press conference. According to the bank, strong interest in loans will continue this year as well, however, ČSOB's estimates expect the market to decline by about 10% this year. At the same time, the bank expects a gradual rise in interest rates and stabilization of real estate prices this year. The ČSOB Group, which includes Hypoteční banka or Českomoravská stavební spořitelna (ČMSS), is the market leader in the Czech Republic.

"The record increase is mainly due to the continuing interest of Czechs in solving their own housing and very low interest rates, which have been practically falling since April last year," said Jan Sadil, a member of the ČSOB Board of Directors.