Looking for an inexpensive place to stay in Prague that is central and hip. Close to cafes, restaurants, etc. for under $100.
If you're looking to be around great cafes and restaurants, I would suggest staying slightly outside of the main Old Town core.
Karlín is a great location for cafes and restaurants (market options are not the best, as far as I'm aware)...some of the city's best coffee spots are within walking distance, or a 5-minute tram ride. (Můj šálek kávy, EMA espresso bar, Restaurant Cafe Karlín are the best bets.) Though there's not much of cultural attraction in Karlin itself, it's close enough to the náměstí Republiky area, from which you can be at Staroměstské náměstí (Old Town Square) in 5minutes (walking), or up on Letná Park for the views in 10 minutes (tram).
I would also recommend the New Town area, south of Palackého náměstí. It's a very quiet residential area that is right next to the Vltava River and the lively (especially in the summer) riverwalk Náplavka. There aren't many good options for restaurants in the vicinity, however I Need Coffee!, Mamacoffee, and Kavárna Pražírna are some great cafes that are nearby.You're also just a 10-minute tram ride along the river from Old Town Square and The Jewish Quarter. As for markets, there are a few express options (Tesco, Billa) but I would highly recommend you check out the farmers' market at Náplavka on Saturdays.
For both of the above, your best bet is Airbnb.
Another great neighbourhood is the Vršovice area. It's closer to being a 15-20 minute tram ride from the Old Town core, but it's definitely lively. Definitely more a hipsterish, student vibe here....so, plenty of vegan cafes and restaurants and, of course, tons of bars. Your best bet for accommodation here might actually be Czech Inn, Prague Hostel, which is right in the center of the neighbourhood. It was one of the first modern design type hostels in the city, and it's still a good choice.
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Airbnb is definitely the way to go. I've stayed in some nice hostels that have private rooms for very cheap. Then I moved there for 6 months. Last December I went back for the first time since living there and stayed in an airbnb right across the street from the Four Seasons Hotel, about a 2 minute walk from the Charles Bridge. I think for the 6 nights we were there it came out to about $750. The apartment was huge and so nice. You can find some great places. I would suggest staying near old town square ish area....easy walking everywhere and very centrally located if you want to venture further on public transpo. Will you be flying in or arriving by train? If you fly, don't take a taxi from the airport. The 119 bus goes directly from the airport terminal to the last stop on the green line (Dejvice I believe) and then you can take that. A few stops into the center of town. Anyway, definitely recommend airbnb!
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My wife and I went to Prague last month and had a fantastic time!
In Prague, we stayed for 6 nights. I would highly recommend checking out Airbnb and staying in Prague 1 near Old Town Square. We stayed at a great apartment about a 5 minute walk from OTS. The following link is to the host we stayed with, Peterhttps://www.airbnb.com/users/show/17882002 . He has several properties, speaks perfect English, is very professional, and is literally available for questions, to schedule transportation or whatever at all times. I would highly recommend staying with him.