A house built ninety years ago should logically be at a disadvantage. Older installations, different standards, wear and tear. Yet, interwar functionalist villas are among the most sought-after and expensive properties on the market. Buyers compete for them, prices rise, and new, technically more perfect constructions often don't even come close to their prestige.
It looks like a paradox. In reality, it's a lesson about what makes value lasting and what, conversely, quickly fades away.
Ninety Years and Still on Top
The functionalism of the 1920s and 1930s, a golden era in the Czech Republic associated with Brno, Prague, and Zlín, created houses that still appear modern today. Clean lines, open spaces, large windows, honest materials. What was avant-garde then did not become retro, but a classic. And classics don't depreciate.
When an authentic functionalist villa appears on the market, it's not just a property, but a piece of cultural history with clear authorship and a story. This cannot be rebuilt or imitated, because originality also carries value.
Why It Retains Value
There are several reasons, all interconnected. The first is quality. These houses were built by top architects for demanding clients, with an emphasis on craftsmanship and durable materials. The second is timelessness. Functionalism did not rely on ornamentation that would go out of fashion, but on proportion and light, which age slowly. The third is rarity. There is a finite number of authentic villas, and no new ones are being added, so demand hits a fixed ceiling. And the fourth is prestige. Living in a building with history and a name is in itself a value that a new development project can hardly offer.
To this is added the location. Interwar villa districts were built in good addresses, often on a slope with a view and greenery, which cannot be acquired again today.
The Tugendhat Effect
The highest level of this logic is the Villa Tugendhat. The house, which is on the UNESCO list, has become a symbol that Czech interwar architecture has global value. This prestige spills over to less famous buildings of the same era. When an entire style is recognized as a pinnacle, the price of even a more ordinary villa belonging to it rises. Functionalism has become a brand of quality, and a brand drives value up.
It's not just about money. It's also about society having learned to appreciate this architecture, and that appreciation is reflected in the price.
Lessons for Today
From this, something emerges that transcends the real estate market. Value is held by what is quality, timeless, and honestly made, not what is newest or cheapest. Houses built today with an emphasis on trends and savings will age quickly and likely lose value. Houses built with respect for material, proportion, and craftsmanship have a chance to be in ninety years what a functionalist villa is today.
It's the same principle that applies to any well-designed object. Quality and restraint pay off over time, even if they cost more at the beginning. Cheap and ostentatious depreciates, honest and understated appreciates.
What to Take Away From This
Interwar villas will not depreciate because they embody everything that makes value lasting: quality, timelessness, rarity, and prestige. They are proof that a well-designed and honestly built object is the best long-term investment, not because it can be speculated on, but because time adds to it rather than subtracts from it. Next time you choose anything that is meant to last, it's worth asking not about the price, but whether it will still have value in decades.
This timelessness, where quality and material, not fashion, decide, is something we understand. It is the foundation from which it stems.