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:...
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