Do you own land in the Czech Republic that you don’t have a use for and have decided to sell? Then you’ll need to do more than just write an ad. This article will guide you on how to proceed with selling land, avoiding common mistakes, and getting the highest possible price. Selling land in the Czech Republic can be done either on your own or with the help of a real estate agent. If you choose the first option, be prepared that the process of selling land might take more time, energy, and ultimately money than you thought. But if you’re ready for this reality, nothing’s stopping you. But what should you keep in mind when selling your land? Building, weadow, field? Not all land is the same – that’s how the first and most important point of the sale can be summarized. The potential buyer will be most interested in how they can utilize the land you have for sale. Will they be able to build a family house or a recreational facility? Or plant gardens and fruit trees? Therefore, it’s important to gather all the necessary information about the land you are selling. You should definitely familiarize...
Are you looking to sell a family house in the Czech Republic, but are unsure how to proceed? We’ve got you covered with a comprehensive guide on what needs to be arranged before selling, how to prepare the house for sale, and how to maximize the value of your property. Selling a family house is generally a bit more complicated and can take longer than selling an apartment. After all, buyers are usually looking for a home for a lifetime, a place for their family, and that decision naturally takes more time. Furthermore, there is slightly less demand for houses in the Czech Republic compared to apartments. That’s why it’s essential not to underestimate anything. If you’re uncertain about how to sell your house, we’re here to help! Start at the cadastre Your first step should be a (virtual) visit to the ‘cadastre’ (the land registry of the Czech Republic). You should verify whether the information in it matches reality – from the owner to the land area and all the structures on the property. If you discover any discrepancies, such as an unapproved garage or a fence in the wrong place, it’s important to rectify everything. The relevant authorities...
Are you thinking about selling your apartment or flat in Prague and wondering about all the steps you need to take to get the maximum value for your property or ensure a hassle-free transaction, and above all, do it quickly? In this article, we’ve got some tips for you on how to go about selling your apartment. You might be thinking that selling an apartment in Prague can’t be that different from selling one in other regions, right? Well, the rules are pretty much the same in places like Uherské Hradiště as they are in the capital city. However, the Prague real estate market has its unique features that you should keep in mind. It starts with the number of apartments available and ends with their prices. So, how do you sell an apartment in Prague? Is Prague expensive? When we talk about the real estate market in Prague, what often comes to mind is the high prices at which apartments are offered in the city. As a seller, this could work in your favour, because you’d get an amount for your property that you might not get in most other regions. However, for some sellers, this might lead to...
Over the past seven years Valuo, a company specialising in property valuation and related data collection, has meticulously tracked price trends within the Prague metro area. Its efforts have revealed a remarkable 68% increase in prices along the green line (Line A), where figures soared from an initial 79,000 CZK/m² to over 130,000 CZK/m². This sustained growth highlights the unwavering demand for housing near metro stations. Valuo’s analysis has been instrumental in providing insights into the real estate market. It focused on 80 m² apartments in personal ownership that have undergone full renovations. Leveraging data from finalised offers on real estate platforms, Valuo has offered a clear picture of the selling prices—a task not feasible with land registry data alone, which often lacks detailed information on the condition and floor area of sold properties. In its selection, only apartments located within a maximum of 1km from the nearest metro station were considered. An exception was made for the Letňany station on the red line (Line C), which is less densely populated and therefore the radius was expanded to 1.5km. Despite the uncertainties of 2022, 2023 showcased Prague’s resilience in maintaining high property values. According to Valuo’s findings, most locations around...
If you’re buying or selling property in the Czech Republic, you’ll come across the term “escrow of funds (úschova peněz)” or “escrow of the purchase price (úschova kupní ceny).” What does these terms mean, and why should you always make use of escrow? Let’s take a closer look at this article. In general, when selling or buying property in the Czech Republic, you can choose from three basic types of escrow for funds. These are: Lawyer’s escrow Notary’s escrow Bank escrow There’s also a special fourth category, which is the real estate escrow, meaning funds are held directly by the real estate agency. Each type of property escrow has its own advantages and disadvantages when selling a property. So what are they, and what factors should you consider before deciding on the one that suits both the seller and the buyer? Do you really need it? Are you wondering why escrow of funds is important when selling an apartment, house, or land? Well, the reasons are quite crucial, even though the buyer and the seller usually have different motivations for choosing the right type of escrow. In the Czech Republic, escrows are mainly used because there’s a gap of approximately...
Are you thinking about selling an apartment, family house, or land in the Czech Republic, but are unsure about all the steps you need to take for a smooth transaction and to get the best price? In this article, we’ll guide you through the process of selling property. Right from the start, it’s important to mention that if you decide to sell property in the Czech Republic entirely on your own, that is, without the help of a real estate agency, you’re in for a quite challenging time. Many people believe that selling “by themselves” will lead to higher profits because they won’t have to pay for a real estate agent’s services. However, this is rarely the case. Even after paying commissions etc., a reputable real estate agency can help determine a better value for your property, promote it effectively, and find suitable buyers, leaving you with more money. The important factor here is that you must work with a quality, reputable real estate agency. However, if you do decide to try and sell your apartment, family house, or land on your own, let’s explore how to sell property without involving a real estate agent. Setting the price The first...
On Thursday last week (February 8th), the Czech National Bank lowered the inter banking rates by 0.5%, to what is now the lowest rates since June 2022. It was about time… In December, they lowered it 0.25% and now, with the lowering of 0.5% to the current rate of 6.25%, I think it sets a clear trend of lowering rates that I believe will continue until the end of the year. What does it mean in real life? Long story short, cheaper loans and less interest on savings accounts. With lowering the rates, the Czech National Bank wants to stimulate the flow of money into the economy, rather than encouraging people to let money sit in a bank account or avoid borrowing due to high interest rates. Lowering rates should mean the opposite to stimulate the economy Did the interest rates already drop? No, not yet but we can expect it very soon to happen. Right now (as of 13.2.2024) you can still find savings accounts which provide more than 6% on savings but I suspect it will not last for very long. Similarly, mortgage banks haven’t reacted to this recent lowering yet. It typically takes a few days or...
When dealing with a Czech real estate agency, you’ll likely come across the term ‘exclusive contract‘ (exkluzivní smlouva). It‘s important to understand the implications of these kinds of contracts and what you need to take into consideration before entering into one. In this guide, we’ll delve into the details of these contracts and give you insights into how to set them up correctly. Let’s get started. What is an exclusive contract? Essentially, an exclusive contract means that you, the seller, must cooperate only with the real estate agency with which you have entered into the exclusive contract, and for the entire period of the contract. Disadvantages of an exclusive contract Limited cooperation For the seller, this type of contract is a ‘bet on one card‘. If the real estate agency turns out to be incompetent, you cannot simply terminate your cooperation with them, because you are tied in until the end of the contract. This can be especially annoying if you are in a hurry to sell your property. Penalties and sanctions Any exclusive contract with a real estate agency will include various restrictions, sanctions, and penalties. These are intended to force the seller to maintain their cooperation with the...
Developers are set to complete thousands of flats in Prague this year, all at prices below the city’s average. According to Deloitte data, the average price per square meter in the fourth quarter of last year was CZK 152,600, but the completed flats are expected to be around ten percent cheaper. Central Group, the largest Czech residential developer, plans to finish 1,100 flats this year across projects in Prague 3, Prague 8, Prague 9, and Prague 10. An additional 1,500 apartments may be included in the sale, contingent on permitting processes. Skanska is in a similar position, completing 208 apartments this year in projects in Kbely and Modřany. Renata Vildomcová, a spokeswoman for the company, shared that over 73 percent of flats in the Albatros Kbely project have been sold, with an average price of CZK 123,000 per square meter. Developer Finep plans to complete 500 flats this year in fully sold-out projects with prices starting from CZK 82,000. Finep spokesman Tomáš Heček explained that the lower prices are due to selling most of the apartments before completion, reflecting a different economic situation. Looking ahead, Finep aims to start construction on 26 apartment buildings and 2,150 flats in various projects...
Owning property in Prague or the Czech Republic is the goal of many. To live in a city with such a rich history, beautiful architecture, work opportunities, and safe and clean (mostly) environment is surely very nice, but once you accomplish this dream, you might ask “What’s next”? Then you remember a holiday destination in the Canary Islands, or a house in Croatia, perhaps a flat in your home country, or maybe property in Spain or France? If you do not have the cash to pay for it from your own sources, the logical question is “Can the bank pay for it”? The answer is YES, but… Czech banks will not use properties abroad as mortgage security or collateral since they do not understand the local laws and can only help if you can provide sufficient collateral here. Let me work with the basic assumption, that you are financially stable with above-average income, you already bought a property in Prague a few years ago, and you know what you are doing. I will also not discuss the investment potential of these holiday homes, since that is another topic to be covered and probably not by me. Let me explore how...
Just as nature has its more favorable seasons, so the property market is similar. There are months when property sells well and months when the demand is very low. Therefore, it pays to plan ahead when thinking about going to market. A poorly chosen period means a slow sale at a lower price, whereas a well chosen period can result in a quick sale at a higher price. If you plan to sell real estate in the Czech Republic, you can schedule your sale based on the advice I’ll give you in this article. When is the best time to sell a property? Well, in the Czech Republic, the best time for selling homes is during the spring. The next good option is late summer. But remember, it’s not set in stone – other things matter too, like the type of property you are selling. If you’re looking to put your property on the market, March is a great month. That’s when a of potential buyers start actively looking. Usually, there are more people wanting to buy houses than there are houses available, creating a competitive atmosphere that might speed up the selling process and maybe even get you a...
This is a frequent question we get from clients who plan to invest in property in the Czech Republic, whether that’s an investment in apartments, apartment buildings, land or commercial real estate. The answer is very simple: if you plan to own the property for a substantial time, then in the vast majority of cases it is much better to buy the property in your name, primarily because of the income tax savings you’ll make should you decide to sell the property at some point in the future. Let’s take a look at a simple and also very common example. In 1992, two different entrepreneurs got the idea to buy an apartment building in Vinohrady in Prague. At the time, buildings such as these sold for about 1 million crowns. From today’s point of view, this is a ridiculously small amount of money, as the value today would be closer to 100 million crowns. However, at that time, buying real estate was not very common; rent controls were in place, buildings were in a very bad condition, etc. In this example, the first of our two entrepreneurs decided to buy a building for a company that he founded solely for...
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