Prague Property Demand to Remain Strong

  • 16 years ago
  • Uncategorized
Residential real estate in Prague is expected to remain in strong demand through 2009 as the market will open up to more foreigners in May. Demand for households and flats will continue, though not at quite the same levels as in 2007 and the first half of 2008. Experts predict that demand will resemble that of 2005 and 2006, according to a report in Hospodářské noviny.
Reports indicate that as many as one fourth of all Prague households are considering buying a new house or flat in the next three years. Additionally, Czech citizens are increasingly buying property in the capital as a second investment. Finally, in May of 2009 the restrictions on foreign buyers will be lifted. Up until that time, only EU residents can purchase property directly. Other foreigners have to buy through a company until that time.
Quality houses and flats will see prices rise in the 5 – 10 percent range for the year, according to one developer. Many people see real estate as a safe investment in times of economic crises. Although mortgages will be harder to obtain with more stringent loan requirements on the part of the banks, people still want good housing and good investment.
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