According to local survey of AAAbyty, average price of apartment increased in the first 9 months of this year in average by 5%. Land prices have increased by up to 9.0% in average and the demand is increasing. Regional city Pilsen recorded only minimal change in price of apartment, when prices stagnated or increased by 1% only. On the opposite side there is Ostrava, where the prices increased by up to 35%. AAAbyty expects increase in prices by 2 to 3% until the year end. Our view: The survey shows only the average price for the whole Czech Republic, which includes old as well as new residential units. Single-digit figures are not so surprising as the price growth deceleration after higher double-digit figures has been widely expected. Besides it is expected that older Communist type units will stagnate or even slightly decline going forward, while newly build units should further rise at lower single-digit figure reflecting increasing construction costs. The survey shows that bet on certain regional cities and regions which attracts industry production could be beneficial for the developers, however we don't expect this news to have a trading impact.