Buying an apartment in the Czech Republic: a profitable purchase?
The Czech Republic is a colorful and interesting country, famous for its national cuisine, unique architecture and an abundance of attractions. The flow of Russian tourists here does not dry out from year to year. For many of them, the country is so deep in soul that they decide to purchase housing here. A lot of buyers and those who purchase real estate in the Czech Republic, based on an objective analysis, evaluating the prospects and advantages. What attracts prudent future owners?
Real estate market
The real estate market in the Czech Republic is full of offers. In every major city and in the countryside, lots are put up for sale. Demand is for new buildings and secondary housing in Prague, Karlovy Vary, educational centers such as Brno and houses in well-maintained villages. Different in price and area options are offered in large numbers, allowing you to satisfy the needs of any customers.
In the capital and in the popular resort of Karlovy Vary, the cost of apartments is the highest. In the center of Prague, prices per square meter are close to € 5,453, the upper bar is € 9,000. And this is not the limit. In spa centers, for example, in Marianske Lazne, the cost of a square is half the price, and in remote corners such as Ustia Krai, it is almost 10 times. The average price per square meter in the Czech Republic is 3300 €.
The nuances of owning an apartment
For those who plan to live in the country for at least 5 or 6 months each year or move here for permanent residence, buying their own home is definitely profitable. So, renting a modest studio in Prague will cost at least 450 € per month (5400 € per year). Over 10 years, rent is summed up in the cost of small apartments in the secondary market. A new building will have to be paid back a little longer – but it will already be a decent apartment in a good area of the capital.
Czech law does not provide for facilitating the procedure for obtaining a residence permit for foreign real estate investors, but gives them visa benefits. Owners can apply for a multi-visa and remain in the country for 180 days a year. The rest of the time, you will have to pay utility bills and pay the trustee for leasing operations. Payment of housing and communal services for a studio apartment in Prague costs about 136 € per month.
Benefits for Owners
A significant plus for foreign investors is the lack of threshold values in the cost of housing for multivisa. The conditions are the same for the owner of luxury apartments in the center of the capital and the owner of a modest cottage in the village, bought for an amount of 3900 €. Inexpensive to acquire and low-cost to maintain ownership in the province will bring considerable benefits. In the Czech Republic, every region is interesting for tourists. The country is relatively small and the transport system is developed – you can travel without spending money on staying in hotels, but living comfortably in your home.
Another advantage for real estate investors is guaranteed liquidity of the property. Due to the stability of the Czech economy, starting in 2010, apartment prices are constantly growing. In the country, annual growth is up to 2%, apartments in Prague are getting more expensive – on average by 4%. Investing in Czech housing looks against this background a profitable company.
And the main argument in favor of buying an apartment in the Czech Republic is the opportunity to give their heirs a decent education. At any state university, and diplomas of many Czech higher education institutions are highly quoted in European countries, study in Czech is free. Tuition in English or Russian is also very affordable. One has only to solve the question of living at the time of study. Is it worth it to huddle with other students in the hostel, distracted by endless parties, or is it better to work productively and fully relax in your own apartments, saving on rent? The answer is obvious.