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Buying a Property in the Czech Republic

Why the Czech Republic?

As a landlocked communist country, what is now the Czech Republic was hardly a magnet for tourists. However, it is now a parliamentary democracy, a member of the European Union and one of the most stable and prosperous of the post-communist states.

Prague, the capital, with its blend of history and contemporary culture, has become a hotspot for city breaks. This new popularity and the availability of low-cost flights have set the scene for a burgeoning international property market.

We hope this guide will help you decide whether to consider the Czech Republic for your property purchase. There are many research tools to help you, including television and radio programmes, magazines, the internet, property exhibitions, and estate agents in both the UK and the Republic.

The Czech property market

Residential property in the Czech Republic is currently considered by many to offer one of the safest investment opportunities in Central and Eastern Europe. Though rising rapidly, prices represent good value in comparison with some of the traditional markets for UK second home and investment property purchasers.

Several factors have contributed to market growth, including EU membership, strong economic performance, the country’s location in the heart of Europe and a low supply of quality housing in relation to demand.

In Prague, prices for modern apartments are increasing at 20 per cent per year, and rental demand is strong. Gross rental yields are generally between 7.5 per cent and 8.5 per cent.

Properties are sold either OV (private ownership) or DV (cooperative ownership).

Czech Republic: Popular property locations

As in other former communist countries, the international property market is developing slowly, rippling out from the capital.

Prague is undoubtedly still the number one Czech Republic location for foreign investors, being the country’s leading industrial centre and one of Europe’s most beautiful and historic cities. It now attracts more than three million tourists each year, and that number is constantly increasing.

However, secondary markets are now emerging in other key urban areas with a high proportion of professionals and expatriates, such as Brno.

As you would expect, there are huge variations in price. For example, prices in Brno are approximately a third of those in Prague. In general, the further an area is from Prague, the cheaper it will be.

Prague

Set on the banks of the Vltava River, Prague has captured the imagination of visitors down the ages. Famous for its old-world charm, architectural treasures and vibrant musical and artistic life, Prague is also very much a modern European metropolis, full of energy, with a lively street scene.

As in any major city, prices vary with area. Properties are available from as little as CZK1,800,300 (about £44,000), but the average cost of a two-bedroom apartment is CZK6,300,800 (approximately £153,000). Predictably, areas closest to the centre are the most expensive, and better deals are to be found further out.

More than 20 UK airports provide flights to Prague International Airport. EasyJet offers low-cost services from Gatwick, Stansted, Bristol, Newcastle and Nottingham East Midlands.

More pages

Page 1: Why the Czech Republic?
Page 2: Brno
Page 3: Taxation
Page 4: Communications

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