Yes, since Prague's Old Town is a UNESCO World Heritage site, and all those buildings have protection. You can't demolish them, and I don't see why anyone would want to. And there are plenty of developments outside of the historically protected zone. Even on Wenceslas Square, most of the buildings are new, and there are plenty of plans of development in that area. You can't compare Prague to Paris or Barcelona or almost any other city, because their historical areas have already been largely razed down. That's what makes Prague unique, not fake.