Prague Real Estate

Whether you are moving to the Czech Republic, or are interested in the possibility of owning property there for the purposes of rental income, an excellent place to begin is found in Prague. Prague is one of the oldest cities in Europe, with over a full millennia of it’s history still found in places within the city limits. Widely known as the City of One Hundred Spires, Prague blessedly escaped damage during World War II, unlike the majority of Europe, especially the larger cities. While it is fine to be looking into the real estate in Prague for the purpose of letting it out, for those who are interested in moving to Prague, the city has much to offer. There are some of the world’s best breweries in Prague, and world acclaimed foods. The art, both newer, and that from hundreds of years ago, is outstanding, and within a class of it’s own. Finding a job is a simple affair, with the Ministry of Labour and Social Affairs offering free assistance. A diverse country in itself, anywhere in the Czech Republic you will find English spoken, and even more so in the cities, such as Prague. In addition to English, two of the other most common languages, besides the native Slavic tongue of Czech, are German and Russian. Prague has much to offer, and not just in it’s real estate!

While for many years after the end of communism, Prague enjoyed a very large real estate upswing, the bubble is finally deflating. The good part is that while you may not be receiving a sale price over 400 times what you paid for property you bought, the real estate market is completely stable, and profitable. This is beneficial for all parties, as without the wild upward fluctuations, the homes around Prague are more affordable, and as a bonus for those interested in the investment value, there is a steady appreciative value on the real estate in Prague.

Currently, in the real estate market in Prague, the average mortgage rate is at a decade low of around 4%. Partially responsible for this was the introduction of around 10,000 new apartments in the last year alone! With all the competition in the real estate market of Prague, it helps in keeping the prices reasonable, and affordable for renters and purchasers alike. On the other hand, if you are searching for a great, luxuriant, upper end apartment, or home, you should expect to pay a higher price than you would have expected. Because the majority of Prague is more middle working class, there is a much lower need, and demand for luxury. Without the need or demand, the availability is also much lower itself, making for a very competitive race to attain any luxury apartment, or home which comes available on the market, though it’s guaranteed only a brief interlude before being occupied again.