Byl to p\u00e1r, kter\u00fd pracoval z\u00a0domova. On softwarov\u00fd v\u00fdvoj\u00e1\u0159, ona projektov\u00e1 mana\u017eerka. Oba s\u00a0pra\u017esk\u00fdmi platy, oba unaven\u00ed z\u00a0Prahy. Byt 2+1\u00a0v\u00a0Hole\u0161ovic\u00edch je st\u00e1l ka\u017ed\u00fd m\u011bs\u00edc p\u0159es \u010dty\u0159icet tis\u00edc na n\u00e1jmu a\u00a0ka\u017ed\u00fd den hodinu nerv\u016f v\u00a0metru, kter\u00e9 \u0161lo do pr\u00e1ce, i\u00a0kdy\u017e oni ne. Tak se rozhodli p\u0159est\u011bhovat do Pardubic, kde si za stejn\u00e9 pen\u00edze koupili byt s\u00a0terasou\u00a0\u2014 a\u00a0za rok zjistili, \u017ee na jejich investici vyd\u011blali v\u00edc ne\u017e na pra\u017esk\u00e9m n\u00e1jmu u\u0161et\u0159ili.<\/p>\n
Tento p\u0159\u00edb\u011bh nen\u00ed v\u00fdjimkou. Je to tich\u00e9 p\u0159eskupov\u00e1n\u00ed realitn\u00edho trhu, kter\u00e9 se odehr\u00e1v\u00e1 v\u00a0\u010d\u00edslech, je\u017e Praha dlouho ignorovala. Zat\u00edmco \u010desk\u00e1 metropole si zvykla hr\u00e1t roli neot\u0159esiteln\u00e9 jedni\u010dky, regiony se vzepjaly zp\u016fsobem, jak\u00fd ekonomov\u00e9 \u010dekali a\u017e za n\u011bkolik let. Leto\u0161n\u00ed data jsou p\u0159itom jasn\u00e1: v\u00a0tempu zdra\u017eov\u00e1n\u00ed byt\u016f Praha za \u0159adou krajsk\u00fdch m\u011bst z\u0159eteln\u011b zaost\u00e1v\u00e1. A\u00a0ot\u00e1zka u\u017e nen\u00ed, zda se mapa bydlen\u00ed m\u011bn\u00ed\u00a0\u2014 ale pro\u010d, jak rychle, a\u00a0co to pro kupuj\u00edc\u00ed a\u00a0investory vlastn\u011b znamen\u00e1.<\/p>\n
\u010c\u00edsla, kter\u00e1 m\u011bn\u00ed pravidla hry<\/p>\n
Kdo sledoval realitn\u00ed trh jen povrchn\u011b, mohl nab\u00fdt dojmu, \u017ee Praha zdra\u017euje nejrychleji a\u00a0v\u017edy bude. Jen\u017ee data z\u00a0po\u010d\u00e1tku roku 2026\u00a0vypr\u00e1v\u011bj\u00ed jin\u00fd p\u0159\u00edb\u011bh.<\/p>\n
Ostrava zaznamenala meziro\u010dn\u00ed n\u00e1r\u016fst cen byt\u016f o\u00a021,7\u00a0procenta. To je \u010d\u00edslo, kter\u00e9 by si je\u0161t\u011b p\u0159ed p\u011bti lety v\u011bt\u0161ina realitn\u00edch makl\u00e9\u0159\u016f nep\u0159edstavila ani ve snu. Pr\u016fm\u011brn\u00e1 prodejn\u00ed cena bytu o\u00a0velikosti 60\u00a0metr\u016f \u010dtvere\u010dn\u00edch se v\u00a0ostravsk\u00e9m centru dostala na 4,37\u00a0milionu korun\u00a0\u2014 tedy z\u00a0necel\u00fdch 3,6\u00a0milionu korun p\u0159ed rokem. Pardubice \u0161ly nahoru o\u00a018\u00a0procent, Zl\u00edn o\u00a0t\u00e9m\u011b\u0159 15\u00a0procent, Karlovy Vary o\u00a0t\u00e9m\u011b\u0159 14\u00a0procent. Praha? Ta pos\u00edlila o\u00a012,5\u00a0procenta\u00a0\u2014 solidn\u00ed \u010d\u00edslo za norm\u00e1ln\u00edch okolnost\u00ed, ale v\u00a0aktu\u00e1ln\u00edm region\u00e1ln\u00edm srovn\u00e1n\u00ed sp\u00ed\u0161e pr\u016fm\u011br.<\/p>\n
Co to v\u00a0praxi znamen\u00e1? Meziro\u010dn\u00ed n\u00e1r\u016fst pra\u017esk\u00e9ho bytu o\u00a060\u00a0metrech \u010dtvere\u010dn\u00edch p\u0159edstavuje zhruba milion korun. Ostravsk\u00fd byt stejn\u00e9 velikosti zdra\u017eil v\u00a0absolutn\u00edch \u010d\u00edslech o\u00a0p\u0159ibli\u017en\u011b 780\u00a0tis\u00edc\u00a0\u2014 ale na startu byl podstatn\u011b levn\u011bj\u0161\u00ed. Kdo si v\u00a0Ostrav\u011b koupil byt za 3,6\u00a0milionu korun p\u0159ed dvan\u00e1cti m\u011bs\u00edci, m\u00e1 dnes v\u00a0rukou nemovitost za 4,37\u00a0milionu. A\u00a0kdo v\u00e1hal? Plat\u00ed o\u00a0\u010dtvrtinu v\u00edc za tot\u00e9\u017e.<\/p>\n
Brno, druh\u00e9 nejv\u011bt\u0161\u00ed \u010desk\u00e9 m\u011bsto, si dr\u017e\u00ed vlastn\u00ed dynamiku. Pr\u016fm\u011brn\u00e1 cena tamn\u00edho bytu na konci roku 2025\u00a0dos\u00e1hla 7,4\u00a0milionu korun s\u00a0meziro\u010dn\u00edm n\u00e1r\u016fstem p\u0159es deset procent. Je to m\u011bsto, kter\u00e9 v\u00a0mnoh\u00e9m kop\u00edruje pra\u017esk\u00fd vzorec\u00a0\u2014 chronick\u00fd nedostatek nov\u00fdch byt\u016f, siln\u00e1 popt\u00e1vka od student\u016f, mlad\u00fdch profesion\u00e1l\u016f i\u00a0investor\u016f\u00a0\u2014 ale st\u00e1le za Prahou cenov\u011b zaost\u00e1v\u00e1 dost na to, aby pro mnoh\u00e9 kupuj\u00edc\u00ed z\u016fst\u00e1valo dostupn\u011bj\u0161\u00ed volbou.<\/p>\n
Efekt p\u0159et\u00e9k\u00e1n\u00ed: jak Praha vytv\u00e1\u0159\u00ed trhy na jihu i\u00a0severu<\/p>\n
Za region\u00e1ln\u00edm boomem nestoj\u00ed n\u00e1hoda. Ekonomov\u00e9 pro tento jev maj\u00ed n\u00e1zev\u00a0\u2014 efekt p\u0159et\u00e9k\u00e1n\u00ed, nebo anglicky spillover effect. Funguje jednodu\u0161e: kdy\u017e se ceny v\u00a0centru stanou pro velkou \u010d\u00e1st kupuj\u00edc\u00edch nedosa\u017eiteln\u00fdmi, popt\u00e1vka se p\u0159el\u00e9v\u00e1 do levn\u011bj\u0161\u00edch lokalit. Jen\u017ee ve chv\u00edli, kdy se p\u0159el\u00e9v\u00e1 dost kupuj\u00edc\u00edch, za\u010dnou i\u00a0tyto lokality zdra\u017eovat. A\u00a0n\u011bkdy zdra\u017eovat rychleji ne\u017e p\u016fvodn\u00ed centrum, proto\u017ee startuj\u00ed z\u00a0ni\u017e\u0161\u00ed z\u00e1kladny.<\/p>\n
\u010cesko tento mechanismus zn\u00e1 z\u00a0okol\u00ed Prahy\u00a0\u2014 St\u0159edo\u010desk\u00fd kraj pat\u0159il l\u00e9ta k\u00a0nejrychleji zdra\u017euj\u00edc\u00edm region\u016fm v\u00a0cel\u00e9 republice. Ale v\u00a0posledn\u00edch dvou letech se efekt p\u0159et\u00e9k\u00e1n\u00ed posunul d\u00e1l za hranice denn\u00edho doj\u00ed\u017ed\u011bn\u00ed. Staly se k\u00a0tomu dv\u011b v\u011bci z\u00e1rove\u0148.<\/p>\n
Za prv\u00e9, ceny v\u00a0Praze dos\u00e1hly \u00farovn\u011b, kter\u00e1 pro velkou \u010d\u00e1st kupuj\u00edc\u00edch st\u0159edn\u00ed t\u0159\u00eddy p\u0159estala b\u00fdt pouze drahou, ale stala se fakticky nedosa\u017eitelnou. Pr\u016fm\u011brn\u00e1 cena pra\u017esk\u00e9ho bytu v\u00a0lednu 2026\u00a0se pohybovala kolem 156\u00a0tis\u00edc korun za metr \u010dtvere\u010dn\u00ed. Za byt 2+kk o\u00a0rozloze 55\u00a0metr\u016f zaplat\u00edte p\u0159ibli\u017en\u011b 8,6\u00a0milionu korun. P\u0159i standardn\u00ed hypot\u00e9ce a\u00a0sou\u010dasn\u00fdch \u00farokov\u00fdch sazb\u00e1ch se m\u011bs\u00ed\u010dn\u00ed spl\u00e1tka pohybuje kolem pades\u00e1ti tis\u00edc korun. To je polovina pr\u016fm\u011brn\u00e9 \u010dist\u00e9 mzdy p\u00e1ru\u00a0\u2014 a\u00a0v\u00fdrazn\u011b p\u0159es \u010dty\u0159icet procent p\u0159\u00edjm\u016f, tedy za hranic\u00ed, kde banky standardn\u011b p\u0159est\u00e1vaj\u00ed p\u016fj\u010dovat.<\/p>\n
Za druh\u00e9, pr\u00e1ce na d\u00e1lku se stala pro miliony \u010cech\u016f nikoli v\u00fdjimkou, ale standardem. Firma v\u00a0Praze, byt v\u00a0Pardubic\u00edch\u00a0\u2014 to je\u0161t\u011b p\u0159ed p\u011bti lety p\u016fsobilo jako krkolomn\u00e1 logistika. Dnes je to funk\u010dn\u00ed \u017eivotn\u00ed strategie. A\u00a0develope\u0159i i\u00a0makl\u00e9\u0159i v\u00a0krajsk\u00fdch m\u011bstech ji velmi dob\u0159e znaj\u00ed. Popt\u00e1vka p\u0159estala b\u00fdt v\u00e1zan\u00e1 na dojezdovou vzd\u00e1lenost a\u00a0za\u010dala sledovat pom\u011br ceny, kvality bydlen\u00ed a\u00a0\u017eivotn\u00edho komfortu.<\/p>\n
V\u00fdsledkem je paradox, kter\u00fd by star\u00fd realitn\u00ed trh nestr\u00e1vil: kupuj\u00edc\u00ed s\u00a0pra\u017esk\u00fdmi p\u0159\u00edjmy hledaj\u00ed bydlen\u00ed v\u00a0Pardubic\u00edch, Ostrav\u011b nebo Zl\u00edn\u011b\u00a0\u2014 a\u00a0ochotn\u011b plat\u00ed ceny, kter\u00e9 jsou pro m\u00edstn\u00ed kupuj\u00edc\u00ed na sam\u00e9 hranici dostupnosti. T\u00edm m\u00edstn\u00ed trhy tla\u010d\u00ed nahoru, a\u00a0to rychleji ne\u017e ty pra\u017esk\u00e9.<\/p>\n
Tento p\u0159esun m\u00e1 ale je\u0161t\u011b jeden m\u00e9n\u011b viditeln\u00fd rozm\u011br: m\u011bn\u00ed charakter samotn\u00fdch m\u011bst. Nov\u00e1 kav\u00e1rna v\u00a0centru Pardubic nebo renovovan\u00e1 vila v\u00a0ostravsk\u00e9m Z\u00e1b\u0159ehu jsou z\u010d\u00e1sti produktem p\u0159\u00edlivu nov\u00fdch obyvatel s\u00a0jin\u00fdmi n\u00e1roky a\u00a0jinou kupn\u00ed silou. M\u011bsta se prom\u011b\u0148uj\u00ed\u00a0\u2014 a\u00a0tato prom\u011bna zp\u011btn\u011b zvy\u0161uje jejich atraktivitu pro dal\u0161\u00ed p\u0159ist\u011bhovalce. Je to sebeposiluj\u00edc\u00ed spir\u00e1la, kter\u00e1 fungovala v\u00a0Praze dv\u011b desetilet\u00ed a\u00a0kter\u00e1 se te\u010f v\u00a0rychl\u00e9m z\u00e1b\u011bru p\u0159ehr\u00e1v\u00e1 v\u00a0regionech.<\/p>\n
Ostrava jako laboratorn\u00ed my\u0161 \u010desk\u00e9ho realitn\u00edho boomu<\/p>\n
Ostrava je v\u00a0tomto ohledu nejk\u0159iklav\u011bj\u0161\u00edm p\u0159\u00edkladem. Je\u0161t\u011b p\u0159ed deseti lety platila za jedno z\u00a0m\u00e1la v\u011bt\u0161\u00edch \u010desk\u00fdch m\u011bst, kde se ceny byt\u016f pohybovaly na \u00farovni, kter\u00e1 se zd\u00e1la p\u0159\u00edli\u0161 n\u00edzk\u00e1 na to, aby tam investici d\u00e1valo smysl hledat. Pr\u016fmyslov\u00e1 minulost, odchod velk\u00fdch zam\u011bstnavatel\u016f, demografick\u00e9 st\u00e1rnut\u00ed\u00a0\u2014 kombinace faktor\u016f, kter\u00e1 nen\u00ed pro realitn\u00ed trhy p\u0159\u00edzniv\u00e1.<\/p>\n
Dnes vypad\u00e1 situace jinak. Ostrava se za posledn\u00edch p\u011bt let prom\u011bnila. Zrekonstruovan\u00e9 centrum, rozv\u00edjej\u00edc\u00ed se kulturn\u00ed sc\u00e9na, nov\u00e1 technologick\u00e1 ohniska, a\u00a0p\u0159edev\u0161\u00edm\u00a0\u2014 st\u00e1le velmi n\u00edzk\u00e1 z\u00e1kladna cen v\u00a0absolutn\u00edm vyj\u00e1d\u0159en\u00ed. Pr\u016fm\u011brn\u00fd byt 60\u00a0metr\u016f \u010dtvere\u010dn\u00edch stoj\u00ed v\u00a0Ostrav\u011b v\u00a0lednu 2026\u00a0necel\u00fdch 4,4\u00a0milionu korun. Tot\u00e9\u017e v\u00a0Praze? P\u0159ibli\u017en\u011b 9,4\u00a0milionu. Rozd\u00edl p\u0159es p\u011bt milion\u016f korun\u00a0\u2014 a\u00a0to v\u00a0dob\u011b, kdy pro pr\u00e1ci sta\u010d\u00ed dobr\u00fd notebook a\u00a0rychl\u00e9 p\u0159ipojen\u00ed.<\/p>\n
Pr\u00e1v\u011b n\u00edzk\u00e1 absolutn\u00ed cena je kl\u00ed\u010dov\u00fdm faktorem ostravsk\u00e9ho boomu. Kdy\u017e cena bytu vyroste z\u00a028\u00a0tis\u00edc korun za metr \u010dtvere\u010dn\u00ed na 34\u00a0tis\u00edc korun, je procentu\u00e1ln\u00ed n\u00e1r\u016fst obrovsk\u00fd\u00a0\u2014 p\u0159es dvacet procent. Ale absolutn\u011b jde st\u00e1le o\u00a0p\u0159\u00edr\u016fstek \u0159\u00e1dov\u011b o\u00a0milion korun. Srovnejte to s\u00a0Prahou, kde n\u00e1r\u016fst o\u00a0deset procent znamen\u00e1 p\u0159idat si k\u00a0hypot\u00e9ce t\u00e9m\u011b\u0159 milion korun nav\u00edc.<\/p>\n
Ostravsk\u00fd boom m\u00e1 ov\u0161em i\u00a0svou odvr\u00e1cenou tv\u00e1\u0159. M\u00edstn\u00ed kupuj\u00edc\u00ed, kte\u0159\u00ed je\u0161t\u011b p\u0159ed dv\u011bma lety po\u010d\u00edtali s\u00a0t\u00edm, \u017ee si byt mohou po\u0159\u00eddit za rozumn\u00e9 pen\u00edze, najednou zji\u0161\u0165uj\u00ed, \u017ee trh jim ut\u00edk\u00e1 pod rukama. Starousedl\u00edci s\u00a0pr\u016fm\u011brn\u00fdmi m\u00edstn\u00edmi p\u0159\u00edjmy obt\u00ed\u017en\u011b sout\u011b\u017e\u00ed s\u00a0nov\u00fdmi p\u0159ist\u011bhovalci s\u00a0pra\u017esk\u00fdmi platy. To je p\u0159esn\u011b ta dynamika, kter\u00e1 v\u00a0Praze ve velk\u00e9m fungovala od druh\u00e9 poloviny p\u0159edchoz\u00edho desetilet\u00ed\u00a0\u2014 a\u00a0kter\u00e1 se te\u010f replikuje v\u00a0regionech.<\/p>\n
Pardubice a\u00a0z\u00e1hada st\u0159edo\u010desk\u00e9ho fenom\u00e9nu v\u00a0mal\u00e9m<\/p>\n
Pardubice jsou jin\u00fd p\u0159\u00edpad. Tady ne\u0161lo o\u00a0pr\u016fmyslov\u00e9 o\u017eiven\u00ed ani o\u00a0kulturn\u00ed renesanci\u00a0\u2014 \u0161lo p\u0159edev\u0161\u00edm o\u00a0geografii a\u00a0infrastrukturu. M\u011bsto le\u017e\u00ed hodinu vlakov\u00e9 j\u00edzdy od Prahy, m\u00e1 rostouc\u00ed univerzitu, p\u0159\u00edzniv\u00e9 podm\u00ednky pro podnik\u00e1n\u00ed a\u00a0\u2014 a\u017e do ned\u00e1vna\u00a0\u2014 ceny byt\u016f, kter\u00e9 nevyvol\u00e1valy \u017e\u00e1dn\u00e1 v\u00fdrazn\u00e1 vzru\u0161en\u00ed.<\/p>\n
Pak se spustil efekt p\u0159et\u00e9k\u00e1n\u00ed v\u00a0pln\u00e9 s\u00edle. Pardubice jsou dost bl\u00edzko Praze na to, aby tam lid\u00e9 pracuj\u00edc\u00ed v\u00a0metropoli doj\u00ed\u017ed\u011bt mohli\u00a0\u2014 alespo\u0148 p\u0159\u00edle\u017eitostn\u011b. A\u00a0dost daleko na to, aby ceny byt\u016f byly podstatn\u011b ni\u017e\u0161\u00ed. Tento prostor investo\u0159i i\u00a0b\u011b\u017en\u00ed kupuj\u00edc\u00ed zaplnili velmi rychle.<\/p>\n
Meziro\u010dn\u011b osmn\u00e1ctiprocentn\u00ed n\u00e1r\u016fst cen v\u00a0Pardubic\u00edch p\u0159itom neznamen\u00e1, \u017ee by trh byl p\u0159eh\u0159\u00e1t\u00fd ve smyslu spekulativn\u00ed bubliny. Ceny sp\u00ed\u0161e doh\u00e1n\u011bly zpo\u017ed\u011bn\u00ed\u00a0\u2014 p\u0159ibli\u017eovaly se hodnot\u00e1m, kter\u00e9 odpov\u00eddaj\u00ed ekonomick\u00e9 realit\u011b polohy a\u00a0kvality. Pr\u016fm\u011brn\u00fd byt 60\u00a0metr\u016f \u010dtvere\u010dn\u00edch se dostal na 5,16\u00a0milionu korun\u00a0\u2014 st\u00e1le podstatn\u011b m\u00e9n\u011b ne\u017e v\u00a0Brn\u011b a\u00a0nesrovnateln\u011b m\u00e9n\u011b ne\u017e v\u00a0Praze, ale dost na to, aby m\u00edstn\u00ed kupuj\u00edc\u00ed s\u00a0pr\u016fm\u011brn\u00fdmi p\u0159\u00edjmy za\u010d\u00ednali poci\u0165ovat tlak.<\/p>\n
N\u00e1jemn\u00e9 v\u00a0Pardubic\u00edch p\u0159itom vzrostlo v\u00a0lednu 2026\u00a0o\u00a0t\u00e9m\u011b\u0159 p\u011bt procent\u00a0\u2014 jeden z\u00a0nejv\u011bt\u0161\u00edch n\u00e1r\u016fst\u016f v\u00a0zemi. To je zrcadlo kupn\u00ed dynamiky: kde roste z\u00e1jem o\u00a0koupi, roste i\u00a0z\u00e1jem o\u00a0n\u00e1jem. A\u00a0oboj\u00ed se p\u0159el\u00e9v\u00e1 do cen.<\/p>\n
Z\u00e1hadn\u00e1 Olomouc: pro\u010d v\u00a0roce kvetouc\u00edch region\u016f klesla?<\/p>\n
Na pozad\u00ed region\u00e1ln\u00edho zdra\u017eov\u00e1n\u00ed je jeden v\u00fdrazn\u00fd v\u00fdjimek, kter\u00fd analytici sleduj\u00ed s\u00a0nap\u011bt\u00edm: Olomouc. M\u011bsto, kter\u00e9 bylo je\u0161t\u011b v\u00a0pr\u016fb\u011bhu roku 2025\u00a0v\u00a0centru z\u00e1jmu jako jedno z\u00a0nejperspektivn\u011bj\u0161\u00edch region\u00e1ln\u00edch m\u011bst, zaznamenalo v\u00a0lednu 2026\u00a0meziro\u010dn\u00ed pokles cen byt\u016f o\u00a08,5\u00a0procenta.<\/p>\n
Jak je to mo\u017en\u00e9? Pr\u016fm\u011brn\u00e1 cena bytu 60\u00a0metr\u016f \u010dtvere\u010dn\u00edch klesla z\u00a0p\u0159ibli\u017en\u011b 5,25\u00a0milionu korun v\u00a0lednu 2025\u00a0na necel\u00fdch 4,8\u00a0milionu o\u00a0rok pozd\u011bji. Pro prod\u00e1vaj\u00edc\u00ed to nen\u00ed p\u0159\u00edzniv\u00e1 zpr\u00e1va. Pro kupuj\u00edc\u00ed je to naopak p\u0159\u00edle\u017eitost\u00a0\u2014 a\u00a0z\u00e1rove\u0148 varov\u00e1n\u00ed.<\/p>\n
Olomouck\u00fd pokles ilustruje z\u00e1kladn\u00ed pravdu o\u00a0region\u00e1ln\u00edch trz\u00edch: nejsou homogenn\u00ed a\u00a0mohou se vyv\u00edjet velmi odli\u0161n\u011b od celost\u00e1tn\u00edch trend\u016f. Analytici ukazuj\u00ed na kombinaci faktor\u016f\u00a0\u2014 p\u0159ecen\u011bn\u00ed v\u00a0p\u0159edchoz\u00edch letech, kdy ceny p\u0159edb\u011bhly m\u00edstn\u00ed kupn\u00ed s\u00edlu, zpomalen\u00ed p\u0159\u00edlivu investor\u016f a\u00a0ur\u010dit\u00e9 ochlazen\u00ed popt\u00e1vky po tom, co p\u0159edchoz\u00ed vlna kupuj\u00edc\u00edch uspokojila sv\u016fj z\u00e1jem. Je to korekce, nikoliv krach\u00a0\u2014 ale je to p\u0159esn\u011b ten typ pohybu, kter\u00fd ukazuje, \u017ee region\u00e1ln\u00ed boom nefunguje v\u0161ude stejn\u011b.<\/p>\n
Liberec p\u0159i\u0161el o\u00a04,9\u00a0procenta mezim\u011bs\u00ed\u010dn\u011b, i\u00a0kdy\u017e meziro\u010dn\u011b st\u00e1le roste. Jihlava po prudk\u00e9m vzestupu v\u00a0pr\u016fb\u011bhu roku rovn\u011b\u017e korigovala o\u00a0\u010dty\u0159i procenta. Jsou to sign\u00e1ly, \u017ee i\u00a0v dob\u011b celkov\u00e9ho r\u016fstu mohou jednotliv\u00e9 trhy proch\u00e1zet bou\u0159liv\u00fdmi v\u00fdkyvy\u00a0\u2014 a\u00a0kdo vstoup\u00ed na vrcholu, m\u016f\u017ee \u010dekat nep\u0159\u00edjemn\u00e9 p\u0159ekvapen\u00ed.<\/p>\n
Pra\u017esk\u00e9 z\u00e1zem\u00ed jako paradox: pro\u010d je Beroun dra\u017e\u0161\u00ed ne\u017e Olomouc?<\/p>\n
Jeden z\u00a0nejpozoruhodn\u011bj\u0161\u00edch z\u00e1v\u011br\u016f aktu\u00e1ln\u00edch anal\u00fdz realitn\u00edho trhu zn\u00ed na prvn\u00ed poslech absurdn\u011b: krajsk\u00e1 m\u011bsta jsou v\u00a0pr\u016fm\u011bru levn\u011bj\u0161\u00ed ne\u017e pra\u017esk\u00e9 z\u00e1zem\u00ed. Beroun, M\u011bln\u00edk, Kol\u00edn nebo Kladno\u00a0\u2014 to jsou lokality, kde pr\u016fm\u011brn\u00e9 ceny byt\u016f p\u0159ekra\u010duj\u00ed pr\u016fm\u011br krajsk\u00fdch m\u011bst mimo Prahu a\u00a0Brno.<\/p>\n
Jak je to mo\u017en\u00e9? Vysv\u011btlen\u00ed je p\u0159itom prost\u00e9. Pra\u017esk\u00e9 z\u00e1zem\u00ed p\u0159il\u00e1kalo vlnu kupuj\u00edc\u00edch, kte\u0159\u00ed cht\u011bli levn\u011bj\u0161\u00ed byt, ale z\u00e1rove\u0148 doch\u00e1zkov\u00e1 vzd\u00e1lenost od Prahy. V\u00fdsledkem je, \u017ee se ceny v\u00a0t\u011bchto m\u00edstech nafoukly na \u00farove\u0148, kter\u00e1 m\u00edstn\u00edm cen\u00e1m neodpov\u00edd\u00e1\u00a0\u2014 nevzrostly organicky z\u00a0m\u00edstn\u00ed popt\u00e1vky, ale pod tlakem pra\u017esk\u00e9ho p\u0159etlaku. Kupuj\u00edc\u00ed z\u00a0metropole jsou ochotni platit v\u00edc, proto\u017ee st\u00e1le plat\u00ed m\u00e9n\u011b ne\u017e v\u00a0samotn\u00e9 Praze.<\/p>\n
Olomouc nebo Ostrava naopak le\u017e\u00ed d\u00e1l\u00a0\u2014 mimo denn\u00ed dojezdovou z\u00f3nu. T\u00edm p\u00e1dem jejich ceny nebyly tak rychle tla\u010deny pra\u017esk\u00fdmi kupuj\u00edc\u00edmi a\u00a0odr\u00e1\u017eej\u00ed sp\u00ed\u0161e m\u00edstn\u00ed ekonomickou realitu. To se v\u00a0posledn\u00edch dvou t\u0159ech letech za\u010d\u00edn\u00e1 m\u011bnit, ale cenov\u00e1 mapa st\u00e1le vykazuje tyto zd\u00e1nliv\u011b absurdn\u00ed rozd\u00edly.<\/p>\n
Pro kupuj\u00edc\u00edho to m\u00e1 praktick\u00fd d\u016fsledek: vzd\u00e1lenost od Prahy nen\u00ed automaticky z\u00e1rukou n\u00edzk\u00e9 ceny. Rozhoduj\u00edc\u00ed je pom\u011br mezi m\u00edstn\u00ed popt\u00e1vkou, p\u0159\u00edlivem extern\u00edch kupuj\u00edc\u00edch a\u00a0nab\u00eddkou nov\u00fdch byt\u016f. M\u00edsta v\u00a0koridoru pades\u00e1ti kilometr\u016f od Prahy jsou dnes v\u00a0mnoha p\u0159\u00edpadech p\u0159edra\u017een\u00e1 relativn\u011b k\u00a0tomu, co nab\u00edzej\u00ed.<\/p>\n
V\u00fdnosnost pron\u00e1jmu: kde d\u00e1vaj\u00ed byty jako investice smysl<\/p>\n
Pro investory do nemovitost\u00ed existuje jedna kl\u00ed\u010dov\u00e1 metrika: hrub\u00e1 v\u00fdnosnost pron\u00e1jmu, tedy pom\u011br ro\u010dn\u00edho n\u00e1jemn\u00e9ho k\u00a0po\u0159izovac\u00ed cen\u011b nemovitosti. A\u00a0pr\u00e1v\u011b tato metrika vysv\u011btluje velkou \u010d\u00e1st region\u00e1ln\u00edho z\u00e1jmu.<\/p>\n
V Praze se hrub\u00e1 v\u00fdnosnost pohybuje kolem 3,5\u00a0a\u017e 4,5\u00a0procenta. To je p\u0159i sou\u010dasn\u00fdch sazb\u00e1ch hypot\u00e9k\u00a0\u2014 st\u00e1le nad \u010dty\u0159mi procenty\u00a0\u2014 matematicky nev\u00fdhodn\u00e9. Jin\u00fdmi slovy: kdo si vezme hypot\u00e9ku na pra\u017esk\u00fd byt a\u00a0pronajme ho, bude spl\u00e1cet bance v\u00edc, ne\u017e dostane na n\u00e1jemn\u00e9m. Takov\u00e1 investice d\u00e1v\u00e1 smysl pouze p\u0159i p\u0159edpokladu v\u00fdrazn\u00e9ho dal\u0161\u00edho zhodnocen\u00ed nemovitosti\u00a0\u2014 a\u00a0to je v\u00a0podm\u00ednk\u00e1ch pra\u017esk\u00e9ho trhu s\u00e1zka, kter\u00e1 l\u00e1kala v\u00a0roce 2020, ale dnes je m\u00e9n\u011b jist\u00e1.<\/p>\n
V regionech vypad\u00e1 v\u00fdnosnost pron\u00e1jmu podstatn\u011b l\u00e9pe. V\u00a0Ostrav\u011b, Olomouci, Liberci nebo \u00dast\u00ed nad Labem se hrub\u00e1 v\u00fdnosnost pohybuje v\u00a0p\u00e1smu p\u011bti a\u017e sedmi procent. P\u0159i po\u0159izovac\u00ed cen\u011b 2,5\u00a0milionu korun a\u00a0ro\u010dn\u00edm n\u00e1jemn\u00e9m 150\u00a0tis\u00edc korun jde o\u00a0\u0161estiprocentn\u00ed v\u00fdnos\u00a0\u2014 v\u00fdrazn\u011b lep\u0161\u00ed ne\u017e pra\u017esk\u00e1 \u010d\u00edsla. A\u00a0i po ode\u010dten\u00ed n\u00e1klad\u016f na spr\u00e1vu nemovitosti, poji\u0161t\u011bn\u00ed a\u00a0\u010das bez n\u00e1jemn\u00edka z\u016fst\u00e1v\u00e1 \u010dist\u00e1 v\u00fdnosnost v\u00a0regionech atraktivn\u011bj\u0161\u00ed.<\/p>\n
To ov\u0161em neznamen\u00e1, \u017ee jsou region\u00e1ln\u00ed investice bez rizika. Pr\u00e1v\u011b naopak\u00a0\u2014 trhy v\u00a0Ostrav\u011b nebo Pardubic\u00edch, kter\u00e9 zdra\u017eily o\u00a0dvacet procent za rok, jsou p\u0159irozen\u011b n\u00e1chyln\u011bj\u0161\u00ed ke korekci. Kdo nakoup\u00ed na vrcholu vlny, m\u016f\u017ee v\u00a0horizontu dvou t\u0159\u00ed let vid\u011bt, jak se hodnota jeho investice m\u00edrn\u011b propad\u00e1. Pra\u017esk\u00fd trh je sice dra\u017e\u0161\u00ed, ale tak\u00e9 likvidn\u011bj\u0161\u00ed\u00a0\u2014 byt v\u00a0centru Prahy se\u017eene n\u00e1jemn\u00edka nebo kupce rychleji a\u00a0s men\u0161\u00edm rizikem pr\u00e1zdnin.<\/p>\n
Region\u00e1ln\u00ed investice jsou vy\u0161\u0161\u00ed v\u00fdnosnost v\u00fdm\u011bnou za vy\u0161\u0161\u00ed nejistotu. To je z\u00e1kladn\u00ed pravidlo, kter\u00e9 platilo v\u017edy\u00a0\u2014 a\u00a0plat\u00ed o\u00a0to v\u00edc v\u00a0dob\u011b, kdy ceny v\u00a0regionech rostou neobvykle rychle.<\/p>\n
Nov\u00e1 v\u00fdstavba jako kl\u00ed\u010dov\u00fd faktor, kter\u00fd regiony podce\u0148uj\u00ed<\/p>\n
Ceny nemovitost\u00ed jsou v\u00a0dlouhodob\u00e9 perspektiv\u011b v\u00fdsledkem jednoduch\u00e9 rovnice: popt\u00e1vka m\u00ednus nab\u00eddka. A\u00a0nab\u00eddka byt\u016f v\u00a0\u010cesku je chronicky nedostate\u010dn\u00e1\u00a0\u2014 to plat\u00ed jak pro Prahu, tak pro regiony, i\u00a0kdy\u017e z\u00a0r\u016fzn\u00fdch d\u016fvod\u016f.<\/p>\n
V Praze je probl\u00e9m notoricky zn\u00e1m\u00fd: pr\u016fm\u011brn\u00e1 doba stavebn\u00edho povolen\u00ed p\u0159esahuje p\u011bt let, spr\u00e1vn\u00ed spory mohou zablokovat projekt na cel\u00e9 desetilet\u00ed, a\u00a0develope\u0159i se \u010d\u00edm d\u00e1l v\u00edc pot\u00fdkaj\u00ed s\u00a0odporem \u010d\u00e1sti ve\u0159ejnosti. V\u00fdsledkem je, \u017ee ro\u010dn\u011b p\u0159ibude v\u00a0Praze kolem \u0161esti tis\u00edc nov\u00fdch byt\u016f\u00a0\u2014 p\u0159i popt\u00e1vce, kter\u00e1 je odhadov\u00e1na na dvojn\u00e1sobek.<\/p>\n
V regionech je situace jin\u00e1, ale ne nutn\u011b lep\u0161\u00ed. Stavebn\u00ed povolen\u00ed se vyd\u00e1vaj\u00ed rychleji a\u00a0odpor ve\u0159ejnosti b\u00fdv\u00e1 men\u0161\u00ed. Jen\u017ee develope\u0159i\u00a0\u2014 p\u0159itahovan\u00ed pra\u017esk\u00fdmi cenami a\u00a0pra\u017esk\u00fdmi mar\u017ei\u00a0\u2014 do region\u016f neinvestuj\u00ed zdaleka tolik, kolik by trh pot\u0159eboval. Ostrava, Pardubice nebo Olomouc maj\u00ed sice lep\u0161\u00ed podm\u00ednky pro v\u00fdstavbu, ale m\u00e9n\u011b developer\u016f, kte\u0159\u00ed by ji realizovali.<\/p>\n
Celorepublikov\u00e9 \u010d\u00edslo je p\u0159itom v\u00fdmluvn\u00e9: ro\u010dn\u011b se v\u00a0\u010cesku postav\u00ed p\u0159ibli\u017en\u011b 32\u00a0tis\u00edc byt\u016f, zat\u00edmco odhadovan\u00e1 popt\u00e1vka je 40\u00a0a\u017e 50\u00a0tis\u00edc. Tento schodek se ka\u017ed\u00fd rok kumuluje. A\u00a0pokud se nic z\u00e1sadn\u00edho nezm\u011bn\u00ed\u00a0\u2014 bu\u010f v\u00a0rychlosti povolov\u00e1n\u00ed, nebo v\u00a0atraktivit\u011b region\u00e1ln\u00edch trh\u016f pro velk\u00e9 investory\u00a0\u2014 nedostatek byt\u016f bude ceny tla\u010dit nahoru d\u00e1l.<\/p>\n
Z\u00e1kon o\u00a0podpo\u0159e v\u00a0bydlen\u00ed z\u00a0roku 2025\u00a0m\u011bl tempo v\u00fdstavby zrychlit. C\u00edl byl ambici\u00f3zn\u00ed\u00a0\u2014 zvednout ro\u010dn\u00ed p\u0159\u00edr\u016fstek nov\u00fdch byt\u016f z\u00a035\u00a0tis\u00edc na 45\u00a0tis\u00edc do roku 2026.\u00a0Realita je prozat\u00edm st\u0159\u00edzliv\u011bj\u0161\u00ed: byrokracie se zjednodu\u0161uje pomaleji, ne\u017e z\u00e1konod\u00e1rci doufali, a\u00a0stavebn\u00ed kapacita nesta\u010d\u00ed tempu legislativn\u00edch z\u00e1m\u011br\u016f.<\/p>\n
\u00darokov\u00e9 sazby: tich\u00fd motor, kter\u00fd h\u00fdbe cel\u00fdm trhem<\/p>\n
\u017d\u00e1dn\u00e1 anal\u00fdza cen nemovitost\u00ed nen\u00ed kompletn\u00ed bez pohledu na hypot\u00e9\u010dn\u00ed trh. A\u00a0tady se odehr\u00e1l v\u00a0posledn\u00edch dvou letech pozoruhodn\u00fd posun.<\/p>\n
\u010cesk\u00e1 n\u00e1rodn\u00ed banka sn\u00ed\u017eila z\u00e1kladn\u00ed \u00farokovou sazbu z\u00a0vrcholu 5,75\u00a0procenta v\u00a0l\u00e9t\u011b 2024\u00a0na 3,5\u00a0procenta v\u00a0b\u0159eznu 2026.\u00a0To je pokles o\u00a0v\u00edce ne\u017e dva procentn\u00ed body za necel\u00e9 dva roky. V\u00a0absolutn\u00edch \u010d\u00edslech: kdo si bere hypot\u00e9ku dnes, plat\u00ed zhruba o\u00a0t\u0159etinu m\u00e9n\u011b na \u00faroc\u00edch ne\u017e p\u0159ed dv\u011bma lety. A\u00a0to se okam\u017eit\u011b propisuje do kupn\u00ed s\u00edly.<\/p>\n
V praxi to vypad\u00e1 takto: p\u0159i hypot\u00e9ce na p\u011bt milion\u016f korun se 25letou splatnost\u00ed znamen\u00e1 pokles sazby o\u00a0dva procentn\u00ed body sn\u00ed\u017een\u00ed m\u011bs\u00ed\u010dn\u00ed spl\u00e1tky p\u0159ibli\u017en\u011b o\u00a0\u010dty\u0159i a\u017e p\u011bt tis\u00edc korun. To nen\u00ed zanedbateln\u00e1 \u010d\u00e1stka\u00a0\u2014 pro mnoho rodin je to rozd\u00edl mezi t\u00edm, zda si hypot\u00e9ku mohou, nebo nemohou dovolit.<\/p>\n
V\u00fdsledkem bylo o\u017eiven\u00ed popt\u00e1vky, kter\u00e9 analytici sice \u010dekali, ale jeho\u017e intenzita je p\u0159ekvapila. Objem nov\u011b sjednan\u00fdch hypot\u00e9k v\u00a0roce 2025\u00a0dos\u00e1hl 321\u00a0miliard korun\u00a0\u2014 nejlep\u0161\u00ed v\u00fdsledek od rekordn\u00edho roku 2021.\u00a0A\u00a0v \u00fanoru 2026\u00a0se hypote\u010dn\u00ed trh za\u0159adil mezi p\u011bt historicky nejsiln\u011bj\u0161\u00edch m\u011bs\u00edc\u016f v\u016fbec; celkov\u00fd objem dos\u00e1hl 40,5\u00a0miliardy korun, o\u00a014,5\u00a0procenta v\u00edce ne\u017e v\u00a0lednu. Pr\u016fm\u011brn\u00e1 v\u00fd\u0161e nov\u00e9 hypot\u00e9ky p\u0159itom v\u00a0\u00fanoru 2026\u00a0dos\u00e1hla 4,63\u00a0milionu korun\u00a0\u2014 meziro\u010dn\u011b o\u00a016\u00a0procent v\u00fd\u0161e. A\u00a0pr\u016fm\u011brn\u00e1 m\u011bs\u00ed\u010dn\u00ed spl\u00e1tka se zastavila na 24\u00a0700\u00a0korun\u00e1ch.<\/p>\n
\u010c\u00e1st tohoto z\u00e1jmu p\u0159i\u0161la z\u00a0Prahy, \u010d\u00e1st z\u00a0region\u016f. Ale pr\u00e1v\u011b v\u00a0regionech je matematika p\u0159\u00edzniv\u011bj\u0161\u00ed: p\u0159i ni\u017e\u0161\u00ed po\u0159izovac\u00ed cen\u011b a\u00a0v\u00fdrazn\u011bji se zlep\u0161uj\u00edc\u00ed dostupnosti hypot\u00e9k se region st\u00e1v\u00e1 atraktivn\u011bj\u0161\u00edm. Kupuj\u00edc\u00ed, kter\u00fd rok \u010dekal, zda sazby klesnou dost na to, aby si mohl dovolit byt v\u00a0Pardubic\u00edch, letos zjistil, \u017ee m\u016f\u017ee. Tato odlo\u017een\u00e1 popt\u00e1vka se najednou realizuje\u00a0\u2014 a\u00a0to tla\u010d\u00ed ceny nahoru.<\/p>\n
Jen\u017ee pr\u00e1v\u011b v\u00a0okam\u017eiku, kdy se zd\u00e1lo, \u017ee hypote\u010dn\u00ed sazby budou d\u00e1l klesat, p\u0159i\u0161lo varov\u00e1n\u00ed z\u00a0jin\u00e9 strany. Tr\u017en\u00ed \u00farokov\u00e9 swapy\u00a0\u2014 instrumenty, jimi\u017e banky nakupuj\u00ed pen\u00edze na financov\u00e1n\u00ed hypot\u00e9k\u00a0\u2014 v\u00a0posledn\u00edch m\u011bs\u00edc\u00edch zdra\u017euj\u00ed. A\u00a0banky na to reaguj\u00ed. V\u00a0dubnu 2026\u00a0sedm z\u00a0deseti sledovan\u00fdch bank zv\u00fd\u0161ilo \u00farokov\u00e9 sazby, v\u00a0dob\u011b, kdy trh tradi\u010dn\u011b nab\u00edz\u00ed jarn\u00ed slevy. Pr\u016fm\u011brn\u00e1 sazba se tak po m\u011bs\u00edc\u00edch poklesu zastavila a\u00a0\u010d\u00e1st bank ji v\u00fdrazn\u011b zv\u00fd\u0161ila nad hranici p\u011bti procent.<\/p>\n
\u00c9ra levn\u00e9ho financov\u00e1n\u00ed mo\u017en\u00e1 pomalu kon\u010d\u00ed. Analytici se shoduj\u00ed, \u017ee sazby pod \u010dty\u0159mi procenty\u00a0\u2014 kter\u00e9 se nakr\u00e1tko uk\u00e1zaly v\u00a0\u00fanoru u\u00a0Monety Money Bank\u00a0\u2014 jsou sp\u00ed\u0161e v\u00fdjimkou ne\u017e pravidlem. Realistick\u00fd v\u00fdhled pro rok 2026\u00a0mluv\u00ed o\u00a0stagnaci nebo m\u00edrn\u00e9m r\u016fstu sazeb. A\u00a0to m\u011bn\u00ed v\u00fdpo\u010dty kupuj\u00edc\u00edch: kdo \u010dekal na levn\u011bj\u0161\u00ed hypot\u00e9ky, mo\u017en\u00e1 \u010dekat p\u0159estal.<\/p>\n
Od dubna 2026\u00a0nav\u00edc plat\u00ed zp\u0159\u00edsn\u011bn\u00e1 pravidla pro investi\u010dn\u00ed nemovitosti: pom\u011br p\u016fj\u010dky k\u00a0hodnot\u011b nemovitosti se sn\u00ed\u017eil na 70\u00a0procent, tak\u017ee investor mus\u00ed m\u00edt k\u00a0dispozici 30\u00a0procent vlastn\u00edch prost\u0159edk\u016f. Toto opat\u0159en\u00ed \u010cesk\u00e9 n\u00e1rodn\u00ed banky c\u00edl\u00ed na ochlazen\u00ed spekulativn\u00edho segmentu\u00a0\u2014 ale jeho dopad na region\u00e1ln\u00ed trhy bude pravd\u011bpodobn\u011b omezen\u00fd, proto\u017ee velc\u00ed investo\u0159i v\u00a0regionech tradi\u010dn\u011b pracuj\u00ed s\u00a0vy\u0161\u0161\u00edm pod\u00edlem vlastn\u00edho kapit\u00e1lu.<\/p>\n
N\u00e1jemn\u00ed trh v\u00a0regionech: kam te\u010de p\u0159etlak kupn\u00edho trhu<\/p>\n
Existuje spolehliv\u00fd ukazatel toho, jak moc se trh v\u00a0dan\u00e9 lokalit\u011b m\u011bn\u00ed: n\u00e1jemn\u00ed ceny. Kde roste z\u00e1jem o\u00a0koupi, roste zpravidla i\u00a0z\u00e1jem o\u00a0n\u00e1jem. A\u00a0kde popt\u00e1vka po n\u00e1jmu roste, roste i\u00a0n\u00e1jemn\u00e9. Region\u00e1ln\u00ed mapa n\u00e1jm\u016f pro rok 2026\u00a0je proto p\u0159esnou kopi\u00ed mapy kupn\u00edch cen\u00a0\u2014 ale s\u00a0jist\u00fdm zpo\u017ed\u011bn\u00edm.<\/p>\n
V lednu 2026\u00a0zaznamenal nejvy\u0161\u0161\u00ed mezim\u011bs\u00ed\u010dn\u00ed n\u00e1r\u016fst n\u00e1jemn\u00e9ho v\u00a0cel\u00e9 republice\u00a0\u2014 o\u00a0t\u00e9m\u011b\u0159 p\u011bt procent\u00a0\u2014 Pardubice. \u00dast\u00ed nad Labem p\u0159idalo p\u0159es \u010dty\u0159i procenta, Jihlava p\u0159es t\u0159i. To jsou p\u0159esn\u011b ta m\u011bsta, kde dynamicky rostou i\u00a0kupn\u00ed ceny. Trhy jsou propojen\u00e9: kdo si nem\u016f\u017ee nebo nechce koupit, pronajme si\u00a0\u2014 a\u00a0n\u00e1jemn\u00ed trh absorbuje p\u0159etlak, kter\u00fd se nestihne vykr\u00fdt koup\u00ed.<\/p>\n
Naopak v\u00a0Ostrav\u011b n\u00e1jemn\u00e9 v\u00a0lednu 2026\u00a0m\u00edrn\u011b kleslo\u00a0\u2014 o\u00a0t\u00e9m\u011b\u0159 t\u0159i procenta. Na prvn\u00ed pohled paradox v\u00a0dob\u011b, kdy kupn\u00ed ceny let\u00ed prudce nahoru. Vysv\u011btlen\u00ed je ale logick\u00e9: Ostrava m\u00e1 st\u00e1le relativn\u011b silnou n\u00e1jemn\u00ed z\u00e1kladnu, velkou \u010d\u00e1st popt\u00e1vky tvo\u0159\u00ed dlouhodob\u00ed n\u00e1jemci, a\u00a0p\u0159\u00edliv nov\u00fdch kupuj\u00edc\u00edch s\u00a0pra\u017esk\u00fdmi platy nemus\u00ed nutn\u011b ihned generovat z\u00e1jem o\u00a0n\u00e1jemn\u00ed bydlen\u00ed na m\u00edstn\u00edm trhu. M\u016f\u017ee j\u00edt i\u00a0o do\u010dasn\u00fd efekt sez\u00f3nnosti nebo o\u00a0korekci po p\u0159edchoz\u00edm siln\u00e9m r\u016fstu.<\/p>\n
N\u00e1jemn\u00ed trh ukazuje je\u0161t\u011b jednu v\u011bc: v\u00a0regionech roste pod\u00edl lid\u00ed, kte\u0159\u00ed v\u00a0n\u00e1jmu z\u016fst\u00e1vaj\u00ed nikoliv z\u00a0volby, ale proto, \u017ee si koupi nemohou dovolit. N\u00e1jemn\u00ed bydlen\u00ed p\u0159est\u00e1v\u00e1 b\u00fdt v\u00a0\u010desku v\u00fdlu\u010dn\u011b p\u0159echodnou stanic\u00ed p\u0159ed vlastn\u00edm bydlen\u00edm a\u00a0st\u00e1v\u00e1 se trvalou \u017eivotn\u00ed strategi\u00ed. Trend Report 2026\u00a0zpracovan\u00fd serverem Hypoindex ukazuje, \u017ee n\u00e1jemn\u00ed bydlen\u00ed se st\u00e1v\u00e1 standardn\u00ed volbou nejen pro mlad\u00e9, ale nov\u011b i\u00a0pro rodiny a\u00a0lidi ve st\u0159edn\u00edm v\u011bku. A\u00a0to i\u00a0v regionech, kde je\u0161t\u011b p\u0159ed t\u0159emi lety byla po\u0159izovac\u00ed cena bytu dostupn\u00e1 prakticky pro ka\u017edou dvojici s\u00a0pr\u016fm\u011brn\u00fdm p\u0159\u00edjmem.<\/p>\n
Demografick\u00e1 v\u011b\u017e ze slonoviny: pro\u010d \u010d\u00edsla nevypov\u00eddaj\u00ed v\u0161e<\/p>\n
Pr\u016fm\u011brn\u00e9 ceny byt\u016f v\u00a0krajsk\u00fdch m\u011bstech\u00a0\u2014 kolem 4,4\u00a0milionu korun na konci roku 2025\u00a0\u2014 vypadaj\u00ed na prvn\u00ed pohled zvl\u00e1dnuteln\u011b. Ale pr\u016fm\u011br je z\u00e1ke\u0159n\u00fd, proto\u017ee skr\u00fdv\u00e1 strukturu.<\/p>\n
V ka\u017ed\u00e9m region\u00e1ln\u00edm centru existuj\u00ed minim\u00e1ln\u011b dv\u011b naprosto odli\u0161n\u00e9 cenov\u00e9 vrstvy. Star\u00fd panelov\u00fd bytov\u00fd fond z\u00a0dob socialismu nab\u00edz\u00ed byty za ceny, kter\u00e9 jsou o\u00a0t\u0159etinu a\u017e o\u00a0polovinu ni\u017e\u0161\u00ed ne\u017e aktu\u00e1ln\u00ed pr\u016fm\u011br. Jsou to byty, kter\u00e9 maj\u00ed sv\u016fj kupn\u00ed trh\u00a0\u2014 a\u00a0p\u0159itahuj\u00ed jin\u00fd typ kupuj\u00edc\u00edho ne\u017e novostavby. Kdo chce za rozumn\u00e9 pen\u00edze velk\u00fd byt v\u00a0Ostrav\u011b, m\u016f\u017ee ho koupit v\u00a0panelov\u00e9m dom\u011b za cenu, kter\u00e1 st\u00e1le vypad\u00e1 realisticky. Kdo chce novostavbu s\u00a0n\u00edzkoenergetick\u00fdm standardem, terasou a\u00a0podzemn\u00edm parkingem, zaplat\u00ed podstatn\u011b v\u00edc\u00a0\u2014 a\u00a0p\u0159ipodobn\u00ed se tak Praze v\u00edc, ne\u017e by \u010dekal.<\/p>\n
Toto rozvrstven\u00ed trhu z\u00e1rove\u0148 vysv\u011btluje zd\u00e1nliv\u00fd paradox: i\u00a0v dob\u011b region\u00e1ln\u00edho boomu polovina byt\u016f v\u00a0cel\u00e9 republice st\u00e1le m\u011bn\u00ed majitele za m\u00e9n\u011b ne\u017e \u010dty\u0159i miliony korun. Pr\u016fm\u011br t\u00e1hnou nahoru dra\u017e\u0161\u00ed segmenty a\u00a0dra\u017e\u0161\u00ed lokality, zat\u00edmco st\u0159ed trhu se dr\u017e\u00ed n\u00ed\u017e. Pro kupuj\u00edc\u00ed, kte\u0159\u00ed v\u011bd\u00ed, co hledaj\u00ed, to m\u016f\u017ee b\u00fdt v\u00fdhoda\u00a0\u2014 pokud nejsou sv\u00e1z\u00e1ni n\u00e1rokem na novostavbu nebo konkr\u00e9tn\u00ed presti\u017en\u00ed \u010dtvr\u0165.<\/p>\n
Zaj\u00edmav\u00e1 je v\u00a0tomto kontextu i\u00a0demografick\u00e1 prom\u011bna kupuj\u00edc\u00edch. Je\u0161t\u011b p\u0159ed p\u011bti \u0161esti lety byl typick\u00fd kupuj\u00edc\u00ed bytu v\u00a0krajsk\u00e9m m\u011bst\u011b m\u00edstn\u00ed obyvatel s\u00a0m\u00edstn\u00edmi p\u0159\u00edjmy a\u00a0m\u00edstn\u00edmi vazbami. Dnes je to st\u00e1le \u010dast\u011bji n\u011bkdo, kdo do regionu p\u0159ich\u00e1z\u00ed odjinud\u00a0\u2014 z\u00a0Prahy, Brna nebo ze zahrani\u010d\u00ed. Tento kupuj\u00edc\u00ed m\u00e1 jin\u00e9 n\u00e1roky, jin\u00fd vkus a\u00a0jin\u00fd finan\u010dn\u00ed kapacitu. Chce novostavbu nebo renovovan\u00fd byt v\u00a0centru, chce dobrou restauraci v\u00a0p\u011b\u0161\u00ed dostupnosti a\u00a0spolehliv\u00e9 vlakov\u00e9 spojen\u00ed. A\u00a0t\u00edm, jak tuto nab\u00eddku trh nab\u00edz\u00ed, m\u011bn\u00ed tv\u00e1\u0159 region\u00e1ln\u00edch center\u00a0\u2014 k\u00a0lep\u0161\u00edmu i\u00a0k hor\u0161\u00edmu z\u00e1rove\u0148.<\/p>\n
Mal\u00e9 obce a\u00a0z\u00e1hada ceny bez vzd\u00e1lenosti<\/p>\n
Je tu je\u0161t\u011b jeden fenom\u00e9n, kter\u00fd \u010desk\u00e1 medi\u00e1ln\u00ed diskuse o\u00a0trhu s\u00a0bydlen\u00edm p\u0159\u00edli\u0161 nezd\u016fraz\u0148uje: ceny byt\u016f v\u00a0mal\u00fdch obc\u00edch. Intuice \u0159\u00edk\u00e1, \u017ee vesnice nebo mal\u00e9 m\u011bsto mus\u00ed b\u00fdt levn\u00e9. Data to pop\u00edraj\u00ed.<\/p>\n
V obc\u00edch do osmi tis\u00edc obyvatel, kter\u00e9 le\u017e\u00ed v\u00a0z\u00e1zem\u00ed Prahy nebo Brna, jsou pr\u016fm\u011brn\u00e9 prodejn\u00ed ceny byt\u016f srovnateln\u00e9 nebo vy\u0161\u0161\u00ed ne\u017e v\u00a0krajsk\u00fdch m\u011bstech mimo tyto z\u00e1zem\u00ed. Byt v\u00a0\u0158\u00ed\u010danech, Brand\u00fdse nad Labem nebo v\u00a0obci dvacet kilometr\u016f za Brnem m\u016f\u017ee st\u00e1t v\u00edce ne\u017e srovnateln\u00fd byt v\u00a0Olomouci nebo Zl\u00edn\u011b\u00a0\u2014 p\u0159esto\u017ee jde o\u00a0\u0159\u00e1dov\u011b men\u0161\u00ed s\u00eddlo s\u00a0omezen\u011bj\u0161\u00ed infrastrukturou.<\/p>\n
P\u0159\u00ed\u010dina je jasn\u00e1: pra\u017esk\u00fd a\u00a0brn\u011bnsk\u00fd p\u0159etlak zas\u00e1hl z\u00e1zem\u00ed velk\u00fdch m\u011bst dlouho p\u0159ed t\u00edm, ne\u017e se dostal do vzd\u00e1len\u00fdch region\u016f. Tyto obce se staly jak\u00fdmisi satelity metropol\u00ed\u00a0\u2014 fakticky jejich obytnou \u010d\u00e1st\u00ed, propojen\u00e9 d\u00e1lnicemi a\u00a0rychl\u00edky. A\u00a0jejich ceny to odr\u00e1\u017eej\u00ed.<\/p>\n
Pro kupuj\u00edc\u00edho to m\u00e1 praktick\u00fd d\u016fsledek: hled\u00e1te-li levn\u00e9 bydlen\u00ed s\u00a0dobr\u00fdm spojen\u00edm do Prahy, pravd\u011bpodobn\u011b naraz\u00edte. Trh v\u00a0pra\u017esk\u00e9m z\u00e1zem\u00ed tuto iluzi d\u00e1vno rozpt\u00fdlil. Skute\u010dn\u00e1 alternativa k\u00a0Praze le\u017e\u00ed tam, kde je doj\u00ed\u017ed\u011bn\u00ed do hlavn\u00edho m\u011bsta nere\u00e1ln\u00e9\u00a0\u2014 a\u00a0kde se p\u0159inejmen\u0161\u00edm \u010d\u00e1st pracovn\u00edho \u017eivota p\u0159esouv\u00e1 bu\u010f na home office, nebo do m\u00edstn\u00edho zam\u011bstn\u00e1n\u00ed.<\/p>\n
Co \u0159\u00edkaj\u00ed \u010d\u00edsla o\u00a0vzd\u00e1lenosti od Prahy a\u00a0cen\u00e1ch byt\u016f<\/p>\n
Realitn\u00ed analytici sestavili v\u00a0posledn\u00edch m\u011bs\u00edc\u00edch zaj\u00edmavou mapu, kter\u00e1 vizualizuje vztah mezi vzd\u00e1lenost\u00ed od Prahy a\u00a0cenou bytu. V\u00fdsledek je p\u0159ekvapiv\u00fd.<\/p>\n
Do vzd\u00e1lenosti zhruba 50\u00a0kilometr\u016f od Prahy ceny byt\u016f v\u00edcem\u00e9n\u011b kop\u00edruj\u00ed vzd\u00e1lenost\u00a0\u2014 \u010d\u00edm d\u00e1l, t\u00edm levn\u011bji. Ale v\u00a0p\u00e1smu 50\u00a0a\u017e 100\u00a0kilometr\u016f se k\u0159ivka zarovn\u00e1: ceny v\u00a0Mlad\u00e9 Boleslavi nebo Kol\u00edn\u011b nejsou v\u00fdrazn\u011b ni\u017e\u0161\u00ed ne\u017e ceny v\u00a0Nymburku nebo P\u0159\u00edbrami, p\u0159esto\u017ee jsou o\u00a0des\u00edtky kilometr\u016f d\u00e1l.<\/p>\n
Teprve nad sto kilometr\u016f od Prahy\u00a0\u2014 tedy v\u00a0z\u00f3n\u011b, kde je denn\u00ed doj\u00ed\u017ed\u011bn\u00ed prakticky nere\u00e1ln\u00e9\u00a0\u2014 se ceny za\u010d\u00ednaj\u00ed v\u00fdrazn\u011bji li\u0161it. A\u00a0paradoxn\u011b pr\u00e1v\u011b tady, v\u00a0Ostrav\u011b, Pardubic\u00edch, Zl\u00edn\u011b nebo Olomouci, doch\u00e1zelo v\u00a0posledn\u00edch dvou t\u0159ech letech k\u00a0nejrychlej\u0161\u00edmu procentu\u00e1ln\u00edmu r\u016fstu.<\/p>\n
Geografick\u00e1 poloha p\u0159estala b\u00fdt determinuj\u00edc\u00edm faktorem ceny byt\u016f. V\u00a0\u00e9\u0159e pr\u00e1ce na d\u00e1lku ji nahradila jin\u00e1 prom\u011bnn\u00e1: pom\u011br kvality bydlen\u00ed, \u017eivotn\u00edch n\u00e1klad\u016f a\u00a0pracovn\u00edch p\u0159\u00edle\u017eitost\u00ed. Mlad\u00e1 Boleslav nab\u00edz\u00ed bl\u00edzkost Prahy, ale relativn\u011b mal\u00e9 m\u011bsto bez v\u00fdrazn\u00e9 kulturn\u00ed nab\u00eddky. Ostrava nab\u00edz\u00ed velkom\u011bstsk\u00fd komfort za zlomek pra\u017esk\u00fdch cen\u00a0\u2014 a\u00a0pro \u010d\u00e1st kupuj\u00edc\u00edch je to dnes p\u0159ita\u017eliv\u011bj\u0161\u00ed kombinace.<\/p>\n
Region\u00e1ln\u00ed boom a\u00a0jeho stinn\u00e9 str\u00e1nky<\/p>\n
Je snadn\u00e9 prezentovat region\u00e1ln\u00ed zdra\u017eov\u00e1n\u00ed jako \u010dist\u011b pozitivn\u00ed jev\u00a0\u2014 o\u017eiven\u00ed trhu, p\u0159\u00edliv investic, modernizace. Ale m\u00e1 to i\u00a0stinn\u00e9 str\u00e1nky, kter\u00e9 b\u00fdvaj\u00ed v\u00a0nad\u0161en\u00fdch anal\u00fdz\u00e1ch p\u0159ehl\u00ed\u017eeny.<\/p>\n
M\u00edstn\u00ed kupuj\u00edc\u00ed s\u00a0region\u00e1ln\u00edmi p\u0159\u00edjmy \u010del\u00ed trhu, kter\u00fd jim postupn\u011b unik\u00e1. Pr\u016fm\u011brn\u00e1 mzda v\u00a0Ostrav\u011b je v\u00fdrazn\u011b ni\u017e\u0161\u00ed ne\u017e pra\u017esk\u00fd pr\u016fm\u011br\u00a0\u2014 a\u00a0p\u0159esto kupuj\u00ed na stejn\u00e9m trhu s\u00a0lidmi, kte\u0159\u00ed maj\u00ed pra\u017esk\u00e9 v\u00fdd\u011blky. V\u00fdsledkem je rostouc\u00ed tlak na dostupnost bydlen\u00ed i\u00a0v regionech, kter\u00e9 byly je\u0161t\u011b doned\u00e1vna relativn\u011b komfortn\u00ed.<\/p>\n
Probl\u00e9m dostupnosti bydlen\u00ed se tak p\u0159est\u00e1v\u00e1 b\u00fdt v\u00fdlu\u010dn\u011b pra\u017esk\u00fd a\u00a0st\u00e1v\u00e1 se celorepublikov\u00fdm. Pr\u016fm\u011brn\u00fd byt v\u00a0\u010cesku dnes odpov\u00edd\u00e1 13,6\u00a0ro\u010dn\u00edch plat\u016f\u00a0\u2014 t\u0159et\u00ed nejhor\u0161\u00ed v\u00fdsledek v\u00a0cel\u00e9 Evropsk\u00e9 unii. A\u00a0to je pr\u016fm\u011br, do n\u011bho\u017e jsou zapo\u010d\u00edt\u00e1ny i\u00a0regiony. Pokud region\u00e1ln\u00ed ceny porostou tempem, jak\u00e9 vid\u00edme nyn\u00ed, pr\u016fm\u011br se v\u00a0p\u0159\u00ed\u0161t\u00edch letech v\u00fdrazn\u011b zhor\u0161\u00ed.<\/p>\n
Deset procent \u010desk\u00fdch dom\u00e1cnost\u00ed vyd\u00e1v\u00e1 na bydlen\u00ed p\u0159es \u010dty\u0159icet procent sv\u00fdch p\u0159\u00edjm\u016f. To je pr\u00e1h, za kter\u00fdm odborn\u00edci hovo\u0159\u00ed o\u00a0bytov\u00e9 chudob\u011b\u00a0\u2014 situaci, kde po zaplacen\u00ed n\u00e1jmu nebo hypot\u00e9ky zb\u00fdv\u00e1 tak m\u00e1lo, \u017ee rodina fakticky \u017eije od v\u00fdplaty k\u00a0v\u00fdplat\u011b. A\u00a0tato skupina roste.<\/p>\n
Zvl\u00e1\u0161tn\u00ed kategori\u00ed jsou mlad\u00ed bez rodinn\u00e9ho z\u00e1zem\u00ed. Pro n\u011b je situace akutn\u011bj\u0161\u00ed ne\u017e pro kohokoli jin\u00e9ho. Kupuj\u00edc\u00ed bez vkladu od rodi\u010d\u016f pot\u0159ebuje v\u00a0Praze naspo\u0159it minim\u00e1ln\u011b 2,5\u00a0milionu korun jako z\u00e1lohu. V\u00a0regionech je ta \u010d\u00e1stka ni\u017e\u0161\u00ed\u00a0\u2014 ale ne o\u00a0tolik ni\u017e\u0161\u00ed, aby probl\u00e9m vy\u0159e\u0161ila. A\u00a0zat\u00edmco ceny rostou rychle, mzdy rostou pomaleji. N\u016f\u017eky se rozev\u00edraj\u00ed i\u00a0v m\u00edstech, kter\u00e1 se je\u0161t\u011b ned\u00e1vno zd\u00e1la b\u00fdt bezpe\u010dnou alternativou.<\/p>\n
Kde se skute\u010dn\u011b vyplat\u00ed koupit dnes<\/p>\n
Odpov\u011bd\u011bt na tuto ot\u00e1zku jednodu\u0161e by bylo neup\u0159\u00edmn\u00e9\u00a0\u2014 trh je p\u0159\u00edli\u0161 r\u016fznorod\u00fd na to, aby existoval jedin\u00fd spr\u00e1vn\u00fd recept. Ale ze sou\u010dasn\u00fdch dat vypl\u00fdv\u00e1 n\u011bkolik princip\u016f, kter\u00e9 jsou pro kupuj\u00edc\u00edho i\u00a0investora u\u017eite\u010dn\u00e9.<\/p>\n
Za prv\u00e9: n\u00edzk\u00e1 absolutn\u00ed cena nen\u00ed z\u00e1rukou dobr\u00e9 investice. \u00dast\u00ed nad Labem pat\u0159\u00ed k\u00a0cenov\u011b nejdostupn\u011bj\u0161\u00edm krajsk\u00fdm m\u011bst\u016fm v\u00a0\u010cesku\u00a0\u2014 pr\u016fm\u011brn\u00fd byt 60\u00a0metr\u016f \u010dtvere\u010dn\u00edch stoj\u00ed kolem 2,6\u00a0milionu korun. Ale tamn\u00ed popt\u00e1vka je slab\u0161\u00ed, demografie nep\u0159\u00edzniv\u00e1 a\u00a0v\u00fdnosnost pron\u00e1jmu je siln\u011b z\u00e1visl\u00e1 na kvantit\u011b, nikoliv kvalit\u011b n\u00e1jemn\u00edk\u016f. Je to trh, kter\u00fd vy\u017eaduje hlubokou m\u00edstn\u00ed znalost.<\/p>\n
Za druh\u00e9: tempo r\u016fstu minulosti nezaru\u010duje tempo r\u016fstu v\u00a0budoucnu. Ostrava zdra\u017eila o\u00a021,7\u00a0procenta\u00a0\u2014 to je impozantn\u00ed \u010d\u00edslo. Ale z\u00e1rove\u0148 to zvy\u0161uje riziko korekce. Trhy, kter\u00e9 se rychle rozeh\u0159ej\u00ed, se mohou stejn\u011b rychle ochladit, pokud se zm\u011bn\u00ed ekonomick\u00e9 podm\u00ednky. Pokles sazby hypot\u00e9k, kter\u00fd poh\u00e1n\u00ed \u010d\u00e1st popt\u00e1vky, se nemus\u00ed opakovat.<\/p>\n
Za t\u0159et\u00ed: z\u00e1zem\u00ed velk\u00fdch m\u011bst je dra\u017e\u0161\u00ed, ne\u017e vypad\u00e1. Kdo hled\u00e1 levn\u00e9 bydlen\u00ed v\u00a0bl\u00edzkosti Prahy, naraz\u00ed na p\u0159ekvapen\u00ed: St\u0159edo\u010desk\u00fd kraj nab\u00edz\u00ed v\u00a0pr\u016fm\u011bru vy\u0161\u0161\u00ed ceny byt\u016f ne\u017e \u0159ada krajsk\u00fdch m\u011bst. Vzd\u00e1lenost sto pades\u00e1t kilometr\u016f od Prahy m\u016f\u017ee d\u00e1t ekonomicky v\u00fdhodnou alternativu\u00a0\u2014 ale vy\u017eaduje p\u0159ijet\u00ed faktu, \u017ee \u017eivotn\u00ed centrum se p\u0159esouv\u00e1.<\/p>\n
Za \u010dtvrt\u00e9: v\u00fdnosnost pron\u00e1jmu v\u00a0regionech je vy\u0161\u0161\u00ed, ale rizikov\u00e1 p\u0159ir\u00e1\u017eka tak\u00e9. Pro investory, kte\u0159\u00ed maj\u00ed r\u00e1di klidn\u00fd sp\u00e1nek, z\u016fst\u00e1v\u00e1 Praha paradoxn\u011b bezpe\u010dn\u011bj\u0161\u00ed\u00a0\u2014 p\u0159es ni\u017e\u0161\u00ed v\u00fdnosnost. Pro ty, kdo jsou ochotni n\u00e9st vy\u0161\u0161\u00ed riziko v\u00fdm\u011bnou za vy\u0161\u0161\u00ed v\u00fdnos, nab\u00edzej\u00ed regiony atraktivn\u00ed p\u0159\u00edle\u017eitosti.<\/p>\n
Nov\u00e1 v\u00fdstavba jako kl\u00ed\u010dov\u00fd faktor, kter\u00fd regiony podce\u0148uj\u00ed<\/p>\n
Ceny nemovitost\u00ed jsou v\u00a0dlouhodob\u00e9 perspektiv\u011b v\u00fdsledkem jednoduch\u00e9 rovnice: popt\u00e1vka m\u00ednus nab\u00eddka. A\u00a0nab\u00eddka byt\u016f v\u00a0\u010cesku je chronicky nedostate\u010dn\u00e1\u00a0\u2014 to plat\u00ed jak pro Prahu, tak pro regiony, i\u00a0kdy\u017e z\u00a0r\u016fzn\u00fdch d\u016fvod\u016f.<\/p>\n
V Praze je probl\u00e9m notoricky zn\u00e1m\u00fd: pr\u016fm\u011brn\u00e1 doba stavebn\u00edho povolen\u00ed p\u0159esahuje p\u011bt let, spr\u00e1vn\u00ed spory mohou zablokovat projekt na cel\u00e9 desetilet\u00ed, a\u00a0develope\u0159i se \u010d\u00edm d\u00e1l v\u00edc pot\u00fdkaj\u00ed s\u00a0odporem \u010d\u00e1sti ve\u0159ejnosti. V\u00fdsledkem je, \u017ee ro\u010dn\u011b p\u0159ibyde v\u00a0Praze kolem \u0161esti tis\u00edc nov\u00fdch byt\u016f\u00a0\u2014 p\u0159i popt\u00e1vce, kter\u00e1 je odhadov\u00e1na na dvojn\u00e1sobek.<\/p>\n
V regionech je situace jin\u00e1, ale ne nutn\u011b lep\u0161\u00ed. Stavebn\u00ed povolen\u00ed se vyd\u00e1vaj\u00ed rychleji a\u00a0odpor ve\u0159ejnosti b\u00fdv\u00e1 men\u0161\u00ed. Jen\u017ee develope\u0159i\u00a0\u2014 p\u0159itahovan\u00ed pra\u017esk\u00fdmi cenami a\u00a0pra\u017esk\u00fdmi mar\u017ei\u00a0\u2014 do region\u016f neinvestuj\u00ed zdaleka tolik, kolik by trh pot\u0159eboval. Ostrava, Pardubice nebo Olomouc maj\u00ed sice lep\u0161\u00ed podm\u00ednky pro v\u00fdstavbu, ale m\u00e9n\u011b developer\u016f, kte\u0159\u00ed by ji realizovali.<\/p>\n
Celorepublikov\u00e9 \u010d\u00edslo je p\u0159itom v\u00fdmluvn\u00e9: ro\u010dn\u011b se v\u00a0\u010cesku postav\u00ed p\u0159ibli\u017en\u011b 32\u00a0tis\u00edc byt\u016f, zat\u00edmco odhadovan\u00e1 popt\u00e1vka je 40\u00a0a\u017e 50\u00a0tis\u00edc. Tento schodek se ka\u017ed\u00fd rok kumuluje. A\u00a0pokud se nic z\u00e1sadn\u00edho nezm\u011bn\u00ed\u00a0\u2014 bu\u010f v\u00a0rychlosti povolov\u00e1n\u00ed, nebo v\u00a0atraktivit\u011b region\u00e1ln\u00edch trh\u016f pro velk\u00e9 investory\u00a0\u2014 nedostatek byt\u016f bude ceny tla\u010dit nahoru d\u00e1l.<\/p>\n
Z\u00e1kon o\u00a0podpo\u0159e v\u00a0bydlen\u00ed z\u00a0roku 2025\u00a0m\u011bl tempo v\u00fdstavby zrychlit. C\u00edl byl ambici\u00f3zn\u00ed\u00a0\u2014 zvednout ro\u010dn\u00ed p\u0159\u00edr\u016fstek nov\u00fdch byt\u016f z\u00a035\u00a0tis\u00edc na 45\u00a0tis\u00edc do roku 2026.\u00a0Realita je prozat\u00edm st\u0159\u00edzliv\u011bj\u0161\u00ed: byrokracie se zjednodu\u0161uje pomaleji, ne\u017e z\u00e1konod\u00e1rci doufali, a\u00a0stavebn\u00ed kapacita nesta\u010d\u00ed tempu legislativn\u00edch z\u00e1m\u011br\u016f.<\/p>\n
Z\u00e1hadn\u00e1 Olomouc: pro\u010d v\u00a0roce kvetouc\u00edch region\u016f klesla?<\/p>\n
Na pozad\u00ed region\u00e1ln\u00edho zdra\u017eov\u00e1n\u00ed je jeden v\u00fdrazn\u00fd p\u0159\u00edpad, kter\u00fd analytici sleduj\u00ed s\u00a0nap\u011bt\u00edm: Olomouc. M\u011bsto, kter\u00e9 bylo je\u0161t\u011b v\u00a0pr\u016fb\u011bhu roku 2025\u00a0v\u00a0centru z\u00e1jmu jako jedno z\u00a0nejperspektivn\u011bj\u0161\u00edch region\u00e1ln\u00edch m\u011bst, zaznamenalo v\u00a0lednu 2026\u00a0meziro\u010dn\u00ed pokles cen byt\u016f o\u00a08,5\u00a0procenta.<\/p>\n
Jak je to mo\u017en\u00e9? Pr\u016fm\u011brn\u00e1 cena bytu 60\u00a0metr\u016f \u010dtvere\u010dn\u00edch klesla z\u00a0p\u0159ibli\u017en\u011b 5,25\u00a0milionu korun v\u00a0lednu 2025\u00a0na necel\u00fdch 4,8\u00a0milionu o\u00a0rok pozd\u011bji. Pro prod\u00e1vaj\u00edc\u00ed to nen\u00ed p\u0159\u00edzniv\u00e1 zpr\u00e1va. Pro kupuj\u00edc\u00ed je to naopak p\u0159\u00edle\u017eitost\u00a0\u2014 a\u00a0z\u00e1rove\u0148 varov\u00e1n\u00ed.<\/p>\n
Olomouck\u00fd pokles ilustruje z\u00e1kladn\u00ed pravdu o\u00a0region\u00e1ln\u00edch trz\u00edch: nejsou homogenn\u00ed a\u00a0mohou se vyv\u00edjet velmi odli\u0161n\u011b od celost\u00e1tn\u00edch trend\u016f. Analytici ukazuj\u00ed na kombinaci faktor\u016f\u00a0\u2014 p\u0159ecen\u011bn\u00ed v\u00a0p\u0159edchoz\u00edch letech, kdy ceny p\u0159edb\u011bhly m\u00edstn\u00ed kupn\u00ed s\u00edlu, zpomalen\u00ed p\u0159\u00edlivu investor\u016f a\u00a0ur\u010dit\u00e9 ochlazen\u00ed popt\u00e1vky po tom, co p\u0159edchoz\u00ed vlna kupuj\u00edc\u00edch uspokojila sv\u016fj z\u00e1jem. Je to korekce, nikoliv krach\u00a0\u2014 ale je to p\u0159esn\u011b ten typ pohybu, kter\u00fd ukazuje, \u017ee region\u00e1ln\u00ed boom nefunguje v\u0161ude stejn\u011b.<\/p>\n
Liberec p\u0159i\u0161el o\u00a04,9\u00a0procenta mezim\u011bs\u00ed\u010dn\u011b, i\u00a0kdy\u017e meziro\u010dn\u011b st\u00e1le roste. Jihlava po prudk\u00e9m vzestupu v\u00a0pr\u016fb\u011bhu roku rovn\u011b\u017e korigovala o\u00a0\u010dty\u0159i procenta. Jsou to sign\u00e1ly, \u017ee i\u00a0v dob\u011b celkov\u00e9ho r\u016fstu mohou jednotliv\u00e9 trhy proch\u00e1zet bou\u0159liv\u00fdmi v\u00fdkyvy\u00a0\u2014 a\u00a0kdo vstoup\u00ed na vrcholu, m\u016f\u017ee \u010dekat nep\u0159\u00edjemn\u00e9 p\u0159ekvapen\u00ed.<\/p>\n
Kde se skute\u010dn\u011b vyplat\u00ed koupit dnes<\/p>\n
Odpov\u011bd\u011bt na tuto ot\u00e1zku jednodu\u0161e by bylo neup\u0159\u00edmn\u00e9\u00a0\u2014 trh je p\u0159\u00edli\u0161 r\u016fznorod\u00fd na to, aby existoval jedin\u00fd spr\u00e1vn\u00fd recept. Ale ze sou\u010dasn\u00fdch dat vypl\u00fdv\u00e1 n\u011bkolik princip\u016f, kter\u00e9 jsou pro kupuj\u00edc\u00edho i\u00a0investora u\u017eite\u010dn\u00e9.<\/p>\n
Za prv\u00e9: n\u00edzk\u00e1 absolutn\u00ed cena nen\u00ed z\u00e1rukou dobr\u00e9 investice. \u00dast\u00ed nad Labem pat\u0159\u00ed k\u00a0cenov\u011b nejdostupn\u011bj\u0161\u00edm krajsk\u00fdm m\u011bst\u016fm v\u00a0\u010cesku\u00a0\u2014 pr\u016fm\u011brn\u00fd byt 60\u00a0metr\u016f \u010dtvere\u010dn\u00edch stoj\u00ed kolem 2,6\u00a0milionu korun. Ale tamn\u00ed popt\u00e1vka je slab\u0161\u00ed, demografie nep\u0159\u00edzniv\u00e1 a\u00a0v\u00fdnosnost pron\u00e1jmu je siln\u011b z\u00e1visl\u00e1 na kvantit\u011b, nikoliv kvalit\u011b n\u00e1jemn\u00edk\u016f. Je to trh, kter\u00fd vy\u017eaduje hlubokou m\u00edstn\u00ed znalost. Meziro\u010dn\u00ed n\u00e1r\u016fst cen p\u0159es \u010dty\u0159i procenta\u00a0\u2014 v\u00fdrazn\u011b pod republikov\u00fdm pr\u016fm\u011brem\u00a0\u2014 ukazuje, \u017ee ne ka\u017ed\u00e9 levn\u00e9 m\u011bsto je kandid\u00e1tem na p\u0159\u00ed\u0161t\u00edch osmn\u00e1ct m\u011bs\u00edc\u016f.<\/p>\n
Za druh\u00e9: tempo r\u016fstu minulosti nezaru\u010duje tempo r\u016fstu v\u00a0budoucnu. Ostrava zdra\u017eila o\u00a021,7\u00a0procenta\u00a0\u2014 to je impozantn\u00ed \u010d\u00edslo. Ale z\u00e1rove\u0148 to zvy\u0161uje riziko korekce. Trhy, kter\u00e9 se rychle rozeh\u0159ej\u00ed, se mohou stejn\u011b rychle ochladit, pokud se zm\u011bn\u00ed ekonomick\u00e9 podm\u00ednky. Zdra\u017eov\u00e1n\u00ed hypot\u00e9k, kter\u00e9 se r\u00fdsuje na horizontu, m\u016f\u017ee \u010d\u00e1st popt\u00e1vky utlumit\u00a0\u2014 a\u00a0pr\u00e1v\u011b region\u00e1ln\u00ed trhy, kter\u00e9 t\u00e1hla odlo\u017een\u00e1 popt\u00e1vka a\u00a0p\u0159\u00edliv kupuj\u00edc\u00edch zven\u010d\u00ed, jsou citliv\u011bj\u0161\u00ed.<\/p>\n
Za t\u0159et\u00ed: z\u00e1zem\u00ed velk\u00fdch m\u011bst je dra\u017e\u0161\u00ed, ne\u017e vypad\u00e1. Kdo hled\u00e1 levn\u00e9 bydlen\u00ed v\u00a0bl\u00edzkosti Prahy, naraz\u00ed na p\u0159ekvapen\u00ed: St\u0159edo\u010desk\u00fd kraj nab\u00edz\u00ed v\u00a0pr\u016fm\u011bru vy\u0161\u0161\u00ed ceny byt\u016f ne\u017e \u0159ada krajsk\u00fdch m\u011bst. Vzd\u00e1lenost sto pades\u00e1t kilometr\u016f od Prahy m\u016f\u017ee d\u00e1t ekonomicky v\u00fdhodnou alternativu\u00a0\u2014 ale vy\u017eaduje p\u0159ijet\u00ed faktu, \u017ee \u017eivotn\u00ed centrum se p\u0159esouv\u00e1.<\/p>\n
Za \u010dtvrt\u00e9: v\u00fdnosnost pron\u00e1jmu v\u00a0regionech je vy\u0161\u0161\u00ed, ale rizikov\u00e1 p\u0159ir\u00e1\u017eka tak\u00e9. Pro investory, kte\u0159\u00ed maj\u00ed r\u00e1di klidn\u00fd sp\u00e1nek, z\u016fst\u00e1v\u00e1 Praha paradoxn\u011b bezpe\u010dn\u011bj\u0161\u00ed\u00a0\u2014 p\u0159es ni\u017e\u0161\u00ed v\u00fdnosnost. Pro ty, kdo jsou ochotni n\u00e9st vy\u0161\u0161\u00ed riziko v\u00fdm\u011bnou za vy\u0161\u0161\u00ed v\u00fdnos, nab\u00edzej\u00ed regiony atraktivn\u00ed p\u0159\u00edle\u017eitosti. V\u00a0Ostrav\u011b, Olomouci nebo Liberci se hrub\u00e1 v\u00fdnosnost pron\u00e1jmu pohybuje v\u00a0p\u00e1smu p\u011bti a\u017e sedmi procent\u00a0\u2014 v\u00fdrazn\u011b l\u00e9pe ne\u017e pra\u017esk\u00e1 \u010d\u00edsla kolem 3,5\u00a0a\u017e 4,5\u00a0procenta.<\/p>\n
Za p\u00e1t\u00e9: datum vstupu na trh hraje v\u00a0regionech v\u011bt\u0161\u00ed roli ne\u017e v\u00a0Praze. Pra\u017esk\u00fd trh je stabiln\u011bj\u0161\u00ed a\u00a0m\u00e9n\u011b citliv\u00fd na kr\u00e1tkodob\u00e9 v\u00fdkyvy. Region\u00e1ln\u00ed trh m\u016f\u017ee za rok vzr\u016fst o\u00a0dvacet procent\u00a0\u2014 a\u00a0za rok nato korigovat o\u00a0osm. Kdo vstupuje s\u00a0kr\u00e1tk\u00fdm investi\u010dn\u00edm horizontem, riskuje v\u00edc. Kdo nakupuje pro vlastn\u00ed bydlen\u00ed a\u00a0pl\u00e1nuje z\u016fstat, \u010das vyhlad\u00ed i\u00a0nep\u0159\u00edzniv\u00fd vstupn\u00ed okam\u017eik.<\/p>\n
V\u00fdnosnost pron\u00e1jmu jako kompas v\u00a0nezn\u00e1m\u00e9m ter\u00e9nu<\/p>\n
Pro investory existuje jedna metrika, kter\u00e1 dok\u00e1\u017ee rychle odli\u0161it zaj\u00edmav\u00fd trh od atraktivn\u011b vypadaj\u00edc\u00edho, ale problematick\u00e9ho: hrub\u00e1 v\u00fdnosnost pron\u00e1jmu. Jde o\u00a0prost\u00fd pom\u011br ro\u010dn\u00edho n\u00e1jemn\u00e9ho k\u00a0po\u0159izovac\u00ed cen\u011b nemovitosti.<\/p>\n
V Praze tento ukazatel dlouhodob\u011b kles\u00e1. Ceny byt\u016f rostly rychleji ne\u017e n\u00e1jemn\u00e9, a\u00a0v\u00fdnosnost tak sklouzla na hodnoty, p\u0159i nich\u017e je investice do pron\u00e1jmu finan\u010dn\u011b obhajiteln\u00e1 pouze p\u0159i p\u0159edpokladu trval\u00e9ho zhodnocov\u00e1n\u00ed nemovitosti. Pokud ceny stagnuj\u00ed nebo klesnou, investor s\u00a0pra\u017eskou hypot\u00e9kou a\u00a0pra\u017esk\u00fdmi n\u00e1jemci m\u016f\u017ee b\u00fdt v\u00a0z\u00e1porn\u00e9m cash flow.<\/p>\n
V regionech je situace jin\u00e1. Ostrava, Olomouc, Liberec nebo \u00dast\u00ed nad Labem st\u00e1le nab\u00edzej\u00ed trhy, kde p\u0159i rozumn\u00e9m vstupn\u00edm n\u00e1kladu lze dos\u00e1hnout \u0161estiprocentn\u00ed nebo vy\u0161\u0161\u00ed hrub\u00e9 v\u00fdnosnosti. To je p\u00e1smo, kde investice d\u00e1vaj\u00ed ekonomick\u00fd smysl i\u00a0bez spekulace na zdra\u017eov\u00e1n\u00ed\u00a0\u2014 \u010dist\u011b na z\u00e1klad\u011b p\u0159\u00edjmu z\u00a0n\u00e1jmu.<\/p>\n
Jen\u017ee pr\u00e1v\u011b tady nastupuje riziko korekce. Trhy, kter\u00e9 v\u00a0posledn\u00edm roce zdra\u017eily o\u00a0dvacet procent, zten\u010dily investorsk\u00fd pol\u0161t\u00e1\u0159. Kdo koupil byt v\u00a0Ostrav\u011b v\u00a0roce 2024, m\u00e1 v\u00fdrazn\u011b lep\u0161\u00ed v\u00fdnosnost ne\u017e kdo kupuje dnes. Pro nov\u00e9ho kupuj\u00edc\u00edho na vysoce zdra\u017een\u00e9m region\u00e1ln\u00edm trhu se matematika za\u010d\u00edn\u00e1 podobat t\u00e9 pra\u017esk\u00e9\u00a0\u2014 jen\u017ee bez pra\u017esk\u00e9 likvidity a\u00a0stability.<\/p>\n
Region\u00e1ln\u00ed investice jsou vy\u0161\u0161\u00ed v\u00fdnosnost v\u00fdm\u011bnou za vy\u0161\u0161\u00ed nejistotu. To je z\u00e1kladn\u00ed pravidlo, kter\u00e9 platilo v\u017edy\u00a0\u2014 a\u00a0plat\u00ed o\u00a0to v\u00edc v\u00a0dob\u011b, kdy ceny v\u00a0regionech rostou neobvykle rychle.<\/p>\n
Celkov\u00fd obraz \u010desk\u00e9ho realitn\u00edho trhu v\u00a0roce 2026\u00a0je v\u00fdrazn\u011b diferencovan\u011bj\u0161\u00ed ne\u017e kdy d\u0159\u00edv. Praha z\u016fst\u00e1v\u00e1 nejdra\u017e\u0161\u00edm a\u00a0nejlikvidn\u011bj\u0161\u00edm trhem\u00a0\u2014 m\u00edstem, kde nemovitost nejl\u00e9pe uchov\u00e1v\u00e1 hodnotu a\u00a0nejsnadn\u011bji se prod\u00e1. Ale tempo jej\u00edho r\u016fstu je v\u00a0aktu\u00e1ln\u00edm srovn\u00e1n\u00ed sp\u00ed\u0161e pr\u016fm\u011brn\u00e9.<\/p>\n
Regiony\u00a0\u2014 a\u00a0zvl\u00e1\u0161t\u011b Ostrava, Pardubice a\u00a0Zl\u00edn\u00a0\u2014 za\u017e\u00edvaj\u00ed boom, jeho\u017e hybnou silou je kombinace levn\u011bj\u0161\u00ed startovn\u00ed ceny, rostouc\u00ed popt\u00e1vky od p\u0159ist\u011bhovalc\u016f s\u00a0vy\u0161\u0161\u00edmi p\u0159\u00edjmy a\u00a0zlep\u0161uj\u00edc\u00ed se hypot\u00e9\u010dn\u00ed dostupnosti. Tento boom je re\u00e1ln\u00fd. Ale stejn\u011b re\u00e1ln\u00e9 jsou i\u00a0rizika, kter\u00e1 s\u00a0n\u00edm p\u0159ich\u00e1zej\u00ed.<\/p>\n
Jestli se mapa bydlen\u00ed p\u0159ekresluje, pak nikoliv tak, \u017ee Praha p\u0159est\u00e1v\u00e1 b\u00fdt atraktivn\u00ed. P\u0159ekresluje se proto, \u017ee regiony kone\u010dn\u011b dokazuj\u00ed, \u017ee nab\u00edzej\u00ed re\u00e1lnou alternativu\u00a0\u2014 nikoliv kompromis. \u017de vzd\u00e1lenost p\u0159estala b\u00fdt synonymem nedostupnosti. \u017de byt v\u00a0Ostrav\u011b nebo Pardubic\u00edch m\u016f\u017ee b\u00fdt racion\u00e1ln\u00edm, nikoli nouzov\u00fdm \u0159e\u0161en\u00edm.<\/p>\n
A ten pardubick\u00fd p\u00e1r, se kter\u00fdm jsme za\u010dali, to v\u00ed dob\u0159e. Sed\u00ed sto pades\u00e1t kilometr\u016f od sv\u00fdch \u0161\u00e9f\u016f, maj\u00ed terasu a\u00a0v\u00fdhled, a\u00a0jejich nemovitost za posledn\u00ed rok vyd\u011blala v\u00edc, ne\u017e by vyd\u011blala v\u00a0Praze. Ostatn\u00ed sleduj\u00ed \u010d\u00edsla, sleduj\u00ed sazby, \u010dekaj\u00ed na spr\u00e1vn\u00fd okam\u017eik. Jen\u017ee na realitn\u00edm trhu\u00a0\u2014 zejm\u00e9na na trhu, kter\u00fd se rychle m\u011bn\u00ed\u00a0\u2014 spr\u00e1vn\u00fd okam\u017eik m\u00e1lokdy \u010dek\u00e1.<\/p>\n
https:\/\/reallocate.cz\/blog\/vvoj-cen-bytu-v-krajskch-mestech-cr-leden-2026\/https:\/\/www.realityvencovsky.cz\/rezidencni-trh-v-ceske-republice-2025\/https:\/\/www.hyponamiru.cz\/vyvoj-cen-nemovitosti-v-cr\/https:\/\/www.cbamonitor.cz\/kategorie\/ceny-nemovitostihttps:\/\/www.hypoindex.cz\/clanky\/najemni-bydleni-v-cesku-meni-pravidla-hry\/https:\/\/www.indexprosperity.cz\/2026\/uroven-bydleni-5\/https:\/\/www.banky.cz\/clanky\/vyvoj-cen-nemovitosti-v-cr-v-letech-2020-az-2024\/https:\/\/stavebnice-svepomoci.cz\/dostupnost-bydleni-v-cr-proc-ceny-bytu-rostou-rychleji-nez-nase-platy<\/p>\n","protected":false},"excerpt":{"rendered":"Byl to p\u00e1r, kter\u00fd pracoval z\u00a0domova. On softwarov\u00fd v\u00fdvoj\u00e1\u0159, ona projektov\u00e1 mana\u017eerka. Oba s\u00a0pra\u017esk\u00fdmi platy, oba unaven\u00ed z\u00a0Prahy.…\n","protected":false},"author":2,"featured_media":74701,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[67,1311,68,649],"class_list":{"0":"post-74700","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-business","9":"tag-bydleni","10":"tag-byznys","11":"tag-spolecnost"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116513074269294299","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/74700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=74700"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/74700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/74701"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=74700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=74700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=74700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}