Are you tired of the Prague city lifestyle and ready for a change? Or perhaps you did your math and figured out that it will be much more efficient to live outside and commute to Prague, instead of paying the high property prices in the capital. Well, pack your bags and get ready to explore 15 decently sized cities (population of 10,000 or more), where it might be easier to achieve your property dream, yet still within a short commute to Prague’s city center. Pros and cons are included, as well as some personal tips. First of all – why consider living outside of Prague? Well, there are many reasons: 1. Money, Money, Money: Who doesn’t love saving a little extra cash? By living in a smaller city, you can enjoy a lower cost of living, including more affordable housing, food, and daily expenses. Just check sreality.cz for the cost of properties in the nearby cities and you might be pleasantly surprised so see what is possible there for purchase! 2. Shorter Commute: This handy infographic produced by Valuo.cz shows 15 cities from which you can get to the center of Prague in less than one hour by public transport....
The real estate market in the Czech Republic has seen a significant shift in the past year, with an increase in the number of properties available, and a downturn in both the number of properties sold and the volume of mortgages being taken out. This change has been driven by a number of factors, including economic uncertainty and changes in consumer preferences. In this article, we will take a closer look at the key takeaways from the real estate market in 2022 compared to 2021. Now, I’m a naturally curious person and as such, I’m constantly monitoring the market but even I was surprised to see the number of available property adverts on sreality.cz increased 100% year-on-year for both rental and purchase properties. You might be thinking this means there’s a lack of potential buyers out there, but it’s more to do with properties are sitting on the market longer. What I’m seeing though is not necessarily an aversion to buying, but rather people being cautious and keeping an eye on the market, waiting for the good deals. For example, January is normally the quietest month of the year in terms of the property market, but I’ve had a record...
The cooling of the real estate market is already visible and developers are suffering from the lowest number of inquiries in a decade. In a market like this, it is not uncommon that developers simply stop construction in order to save money, rather than building apartments and having them left empty, waiting for buyers. This is exactly the case of Central Group, one of the biggest development companies in the country, which is delaying building of 730 units by about a year. “We are reacting to the situation on the market. At a time when sales are slowing down by more than half, it is not efficient to build new apartments for storage. There is a bad mood and uncertainty, people are interested in apartments and are asking, but they are postponing purchases. Instead of sinking billions into the development, it is better to have them free for acquisitions,” explained by Dušan Kunovský, the owner and founder of the largest residential builder in the Czech Republic. They expect sales will go up again in about a year or in 2024, with the biggest deciding factor being the mortgage interest rates. “The turning point, which according to analysis, should bring a...
What is the worst that can happen when you purchase a property? You receive it in a worse state than you viewed it? Or the tenants don’t want to leave? Perhaps it’s incredibly loud neighbors? This is nothing compared to what (could have) happened to one of our clients earlier this year… Buckle your seatbelts, we are going to take you down the rabbit hole. But don’t worry too much, this one has a happy ending! This is the story of a young expat family expecting a baby. They were in a bit of a rush to purchase a property before the baby arrived, but still had plenty of time to search for the right apartment. After watching the market for a couple of months and viewing dozens of places, they finally found their dream property. The seller was a reputable company with a long track record and all went well… The viewing, the bank valuation, reservation, signing, and paying money. It all went well until the last part. You might already know that when you purchase a property the money usually goes to an escrow account – a third-party account that holds the money safe until you are the...
Navigating Property Reservation Contracts in the Czech Republic: What You Need to Know
Did you know the most expensive villa in Prague is on sale for a mere €14m (340m CZK)? To put that in some perspective, the unique Jindřišská Věž is up for sale with starting price of 75m CZK. Both definitely not the cheapest properties around but today we bring you a list of the most expensive and also the cheapest areas in Prague where you can either spend a fortune or grab a bargain. As you probably know, the real estate market, after 10 years – hit the wall. High-interest rates, expensive properties, skyrocketing energy costs, and the war in Ukraine, all of that combined caused the property market to freeze and change direction, meaning bargains could become more commonplace. We asked two real estate experts which areas of Prague are the cheapest and most expensive to purchase a property in general, then we asked two property valuers their perspective? Which areas in Prague have the lowest price per m2? There is no surprise that the further you get from the center, the less expensive properties are, so naturally, we are looking at the suburbs at the edge of Prague. There is a Czech term “sídliště”, which refers to an...
The mortgage market is down more than 80% (in volume) compared to last year and clients are experiencing the highest rates in the last 20 years. If someone was waiting for recession, I believe now it is now safe to assume, winter is coming. At least in the real estate and mortgage world. 4/5 of people buying properties using mortgages are out, temporarily ČNB keeps the 2W repo rate at 7% – no change for a few months Mortgage rates are “stabilized” for now at around 6% Anyone who has been looking to buy a property in the last few years can surely confirm, this year and the past six months, in particular, have seen a lot of changes. While last year, as a buyer, it was quite often the case that the property was sold before you got to even see it, right now, properties are sitting on the market much longer. Last year it was common to have bid on the purchase price, right now asking 10% discount is nothing strange. What does this have to do with the interest rates? Well, the rate is one of the main reasons why the real estate market is experiencing a...
In what could be the biggest transaction in Czech banking since its privatization, Česká spořitelna looks set to take over the Sberbank debts. The news, announced by Sberbank insolvency administrator Jiřina Lužová recently, signals an end to uncertainty for thousands of mortgage holders throughout the Czech Republic. Former Sberbank clients have been waiting for over eight months for the information regarding which bank will take over their mortgages and loans and while it was possible to keep repaying loans, other banking operations within Sberbank were massively limited. This caused morale amongst its clients to drop and therefore encouraged the insolvency administrator to aim for a relatively fast sale. However, the transaction still has to be approved by the regulators, the Czech National Bank and The Office for the Protection of Competition. From the banks that were originally interested, the most advantageous offer was submitted by Česká spořitelna. According to Sberbankcz.cz the bank will pay 41,05 billion CZK for the total nominal value of assets of 47,1 billion CZK. One could say that Česká spořitelna got a bargain with a discount of 12,7%! With these numbers, we are speaking of the biggest transaction in the banking sector in the Czech Republic...
Hello everyone, my name is Robin and I am glad to be your real estate guide for Prague. If you want to know more about Prague, its districts, its history, and the best options to buy, keep an eye on my column to get the inside scoop! Over the last 10 years, I have helped over 300 expat families purchase property in this beautiful country and now I’m here to talk about everything I’ve learned in the hope it can help more of you. Because let’s be honest, if we think about Prague specifically, it really is a city like no other, right? According to our research, Prague scores pretty highly amongst expats for its standard of living, great public transport, work opportunities, safety, and of course the beautiful architecture. It’s no wonder so many expats are looking to buy property here. This article is an introduction to the new series about everything to do with Prague real estate and related material that will interest you even if you are not looking to buy. For example, did you know panelaks (those tall, plain apartment blocks) are a legacy of communism and its drive for simplicity? Another fun fact about panelaks:...
Don’t have an account? Register
Already have an account? Log In
How Would You Like to Promote Your Business? PR ArticleDisplay bannersVideo productionNewsletter adsJob ListingsInfluencer Marketing
Your Email
We will come back to you within 24 hours with our proporsal
