Czech Republic hotels report full occupancy in May 2018

posted by Conbiz Info Center   [ updated ]

Czech Republic hotels report full occupancy in May 2018 

Hotels in the Czech Republic and other hospitality locations have reported full occupancy in May 2018. The data published by the Central Bureau of Statistics in the Czech Republic reveal that tourist occupancy in this moth broke all previous records – over 1.365 tourists, most of whom (60%) are foreigners.

This represents a rise of 15.6% compared to the previous month, and a rise of 4.2% in annual terms. Furthermore, over the first five months of 2018, Czech hotels have hosted around 5,526,000 people – a rise of 6.7% compared to the equivalent period in 2017, the previous record year of Czech tourism: 14.2 million people who were hosted in hotels in the Czech Republic, and 34 million lodgings.

The greatest rise in the number of guests (5.6%) was in 4 star hotels – around 867,000 people on May 2018 alone. In addition, the number of tourist lodgings in Czech hotels rose, reaching 13.2 million days.

Experts project that growth will continue at least until the end of the year for several reasons, including the relatively inexpensive rates of flying to and residing in the Czech Republic in comparison to Western Europe.

However, the experts project that the growth of the Czech economy will even further raise the number of guests in Czech hotels in the long run.

Do you also want to possess an apartment to host tourists or guests in Prague? Contact us

A study shows that living costs in the Czech Republic are lower than the European Union Average

posted 9 Jul 2018, 13:21 by Conbiz Info Center   [ updated 9 Jul 2018, 13:22 ]

A study shows that living costs in the Czech Republic are lower than the European Union Average

According to the data of a survey performed by the Eurostat Company it turns out that the Czech Republic is a relatively affordable country to live in, at least in comparison to the European Union average. The data of the survey, which examined the prices of over 2400 consumption products and services concluded that prices in the Czech Republic in 2017 were lower by 69% than the average in the European Union states, and particularly relatively to the West European States.

The survey shows that the most expensive country in the European Union is Denmark, and the least expensive in Bulgaria. In Addition, the survey shows that the Euro Block states were relatively expensive in relation to the European Union states who had not yet adopted the currency. Although the survey included no differences in the wages or the buying of the various European Union states, its results were surprising.

For example, the survey revealed that there were vast gaps (of up to 300%) in the general level of prices of various consumption products and services between the different states of the European Union. When one focuses on specific fields, the differences are no less conspicuous. For example, in 2017 there was gap of no less than 200% in the prices of basic food and (nonalcoholic) beverages between the different states.

The Eurostat experts claim that the differences derive from differences in taxation between the different states, but the bottom line doesn’t lie- the Czech Republic is simply less expensive to live in. The surprising thing is that there was not a single field in which the Czech price range exceeded the European Union average, but there was one field in which the Czech Republic met the mean – the field of Media.

In most of the parameters, the prices in the Czech Republic were well below average. For example: food and alcoholic beverages (86% of the average), furniture, alcohol and tobacco (74%), fuel (87%), clothing (99%), electronics, electric home appliances and footwear (93%).

In certain respects the Czech Republic reached the bottom of the list as one of the most inexpensive countries, for example in the field electronics products (92% of the average), and restaurants and hotels (60%), the Czech Republic was the third lowest priced country on the list. In the field of personal transportation devices the Czech Republic reached the second lowest place (82%), whereas in the field of transportation it reached the least expensive ranked place (52% of the average).

That is, by the way, one of the primary reasons that the Czech Republic in general, and Prague in particular, have enjoyed, over the past few years, positive immigration from throughout the European Union.

Do you want to hear more about investment opportunities, particularly for Israelis, in the Czech Republic? Please contact us.

Personal taxation in the Czech Republic

posted 1 Jul 2018, 23:54 by Conbiz Info Center   [ updated 1 Jul 2018, 23:55 ]

Personal taxation in the Czech Republic

Czechs who are foreign residents are liable for taxation only on their Czech derived income. Couples with at least one child may choose a common tax calculation subject to certain conditions. Czechs who are foreign residents may utilize tax deductions, provided that they derive 90% of their income from Czech sources.

Income tax in the Czech Republic

The income liable for taxation is usually the cumulative income of all sorts from which the permitted expenses are deducted. The taxation rate on income is a fixed 15%.

Income from rent

The income from leasing a non-commercial property under the common ownership of a married couple will be taxed only as the income as one of the members of the couple. Tax liable income can be calculated in one of two ways detailed in the article in this link.

  • Capital gains tax from realization of real estate in the Czech Republic is usually included in the calculation of the total liable income and is taxed at the regular income tax rate of 15%. The capital gains are usually calculated as the price of the property at the sale minus the costs of purchase.
  • Capital gains from selling properties that are not tax-deductible businesses in the event that the property owner has held the property for at least 5 years.

Inheritance tax

Its rate is 0%. To read more press here.

Purchase tax

A purchase tax is placed in the Czech Republic on all real estate properties at purchase, with the exception of properties purchased from a contractor. The purchase tax is collected from the buyer, and its rate is 4% of the purchase price.

For more on the tax system of the Czech Republic – read here.

Hurry up: Czech mortgages are about to become far less accessible…

posted 20 Jun 2018, 22:18 by Conbiz Info Center   [ updated 20 Jun 2018, 22:19 ]

The Czech News site suggests you hurry up: Czech mortgages are about to become far less accessible… 

The Central Czech Bank is about to tighten its regulatory policy in the field of mortgages. According to the news site, a number of banks in the Czech Republic have confirmed that they are expecting new regulations from the Czech Central Bank. These regulations are about to be published in the middle of the Month of June 2018, and it is projected that they will reduce the mortgage ceiling in accordance to the income levels of the mortgage applicants.

Validation of this claim has been received by the Governor of the Central Czech Bank, Jiří Rusnok. He claims that mortgages make up around 60% of the total loans for Czech households (a rise of around 50% compared to the past two years), so that this has only one meaning – Czech citizens taking mortgages are undertaking financial commitments which are beyond their economic earnings. 

In the event that this is indeed the case, this means that buying a house or an apartment in the Czech Republic is about to become a bit more difficult for Czech citizens than in the past. When you add to this the high real estate prices, the task becomes nearly impossible. The new ordinance is supposed to negatively impact about a third of the mortgage seekers for one main reason – the monthly repayment of the mortgages will not be able to be higher than the threshold of 40% of the monthly income. 

For example, a Czech individual currently earning 23,000 Czech Korunas a month had so far been able to receive a mortgage as high as 3,000,000 Czech Korunas whose repayment was spread over 25 years. According to the new regulations, this same individual will now be able to receive a mortgage no higher than 2,000,000 Czech Korunas. 

In addition, the Central Czech Bank is projected to limit loans to a sum no higher than eight times the annual income of the mortgage applicants. The purpose of these regulations is to reign in the loans taken at sums higher than the monthly income, so that they are meant to primarily harm the areas where the average wage are lower than the cities of Prague or Brno.

These ordinances are the realization of the recommendations given to the Czech Republic by the International Monetary Fund in May. Nor is the Czech Republic alone in this regard. Ordinances of this type have become standard in other central banks in Europe and the entire world. It is true that the banks of the Czech Republic prefer for the Central Bank raise the interest rates rather than embrace such ordinances, but this is not the first time that the Czech Central Bank intervenes in the field of mortgages.

The first time the Czech Central Bank intervened in this manner occurred in the Autumn of 2016, when the number of mortgages provided by the Banks reached a record high. On April 2018 the Central Czech Bank released two new ordinances : the level of the Mortgage would not exceed 90% of the value of the real estate asset and these mortgages would only be provided to 15% of the mortgage applicants.

These ordinances had one primary result so far – the number of Czech mortgage applicants has declined over the past few months. However, this number did not decline drastically and there is significant concern that an economic recession may occur due to difficulties in paying back the mortgages, primarily among lower income Czech citizens. It is therefore expected that these ordinances and regulations will have an impact, leading to the number of mortgages and loans per households to decline in 2018 and in 2019.

Nonetheless, claims about a potential destabilization of the entire Czech market seem excessive and the economy of the Czech Republic continues to be strong. Salaries are rising regularly (they are now higher by nearly 35% in comparison with the salaries prior to the 2007 - 2008 economic crisis), unemployment is low, and the economic policy of the Czech Republic has been praised for many years. Moreover, the expectation is that these ordinances will prove to be of considerable benefit to the economy of the Czech Republic and will restrain the current risks. These ordinances do not contradict the current economic situation in the Czech Republic but project the situation in the future. According to the Governor of the Central Czech Bank "The Economic situation in the Czech Republic is not projected to change anytime soon, but in the event that the interest rates or unemployment rates rise, we want to make sure that Czech households do not run into problems that might have a negative impact on the entire market."

Are you thinking of making a solid long-term investment in the Czech Republic? We will be happy to be of assistance.

Over a million tourists boarded in Airbnb apartments in the Czech Republic in 2017

posted 11 Jun 2018, 23:49 by Conbiz Info Center   [ updated 11 Jun 2018, 23:50 ]

Over a million tourists boarded in Airbnb apartments in the Czech Republic in 2017

Over a million tourists who visited the Czech Republic last year boarded in the country through Airbnb, a growth of over 50% in comparison to the previous year. That's not all – the number of tourists who have made use of Airbnb outside Prague has grown by 108%. These figures have been published by Anita Roth, Chief of the Research Department of Airbnb.

Most of the Airbnb users in the Czech Republic in 2017 arrived from Germany and the United States, but Europeans in general made up 75% of the total number of lodgers. In total, the Airbnb users in the Czech Republic expended over 320 million Euro's on lodging in the Airbnb apartments.

There are currently over 11,000 people (some investors who specifically bought these apartments for this purpose) who are offering rooms or entire apartments to rent in the framework of Airbnb, so that they make on the average 54,000 Czech Korunas a year. Prague, South Moravia and Silesia are currently the most popular Airbnb destinations in the Czech Republic.

The average age of Airbnb hosts in the Czech Republic is 30+, but Anita Roth claims that the trend is changing, and that more and more older people are offering rooms or apartments to rent via Airbnb.

The statistics proves this: about 10% of the hosts are 60 and above and Airbnb enables them to continue to enjoy a high standard of living in the city center. In fact, the most rapidly growing Airbnb host demographic are women over 60.

Does this sound interesting?

Read more on investing in Airbnb dedicated apartments in Prague or contact us for more details.

The Municipal Government of Prague mobilizes to promote business development

posted 29 May 2018, 00:47 by Conbiz Info Center   [ updated 10 Jun 2018, 11:23 ]

The Municipal Government of Prague mobilizes to promote business development

The Municipality of Prague is launching a new online application called innovationmarket. The goal of this initiative is to assist Prague businesses to implement innovative concepts and form connections with scientific research institutes which are developing innovative technology, such as the Charles University (UK), the Technical Czech University (ČVUT), The Czech University of Life Sciences (ČZU), high-tech companies and more.

The Mayor of Prague Adriana Krnáčová said that the promotion of innovation and entrepreneurship is extremely important for the city: "We have opened up 2 municipal technological incubators in which we provide new companies with the opportunity to develop ideas and projects. We have also established a creative centre in which companies can merge innovation, culture and education."

The internet application provides information regarding to a variety of services offered by the university and municipal research institutes, including a detailed description of every service and means of communication to form a connection with the representatives of the various institutes. The data bank is available at Currently the databank includes data from 90 scientific research institutes active in Prague. This data will be updated on a regular basis, both at the initiative of the various institutes and according to demand. The database of the application is available by computer or by smartphone and can be searched by service type, research field and full text.

"The online application is the tool which we want to use to connect the business community with scientific research" says the mayor. In fact, the online application is intended to improve the accessibility of entrepreneurs to opportunities offered by the Prague research community but is also meant to assist the research institutes by transforming their ideas into commercial initiatives and improvements.

The mayor adds the following: "This application reinforces the Prague Voucher Project and creates a comprehensive solution that implements university research ideas in the non-academic world". The Prague Voucher Project, which was launched in 2017, subsidizes several scientific fields and supports innovative projects, for example by funding technological incubators. The project offers 480 million Czech Korunas to entrepreneurs in Prague.

Do you want to read more about innovation and new developments in Prague? Click here.

Congresses and conventions: Prague ranked 8th in the world

posted 29 May 2018, 00:43 by Conbiz Info Center   [ updated 29 May 2018, 00:44 ]

Congresses and conventions: Prague ranked 8th in the world

A yearly survey by the ICCA (International Congress and Convention Association) has revealed that Prague is ranked 8th in the number of high participant events held in it and is considered to be one of the most popular sites in the world for conventions and congresses. This ranking represents an ascension of 3 ranks since the 2016 survey. The five leading cities, by the way, have remained unchanged since 2015: Barcelona, Paris, Vienna, Berlin and London (Though their relative rankings have shifted).

The survey includes cities in which regular conventions numbering over 50 participants take place. In Prague over 150 such conventions have been held since 2017 , which won it the 8th rank, previously held by Amsterdam, which descended from the 7th to the 16th rank. In fact, Prague was considered to be the great surprise of this survey, and this is the first time it had won a place among the leading ten cities.

However, not all the conferences held in Prague were included in the survey – the CSU (Central Czech Bureau of Statistics) records show that over 4000 conferences and conventions were held in Prague, in which over 500,000 people participated, most from the United States of America, the United Kingdom, Germany, Switzerland and France.

The Manager of the Central Czech Bureau of Statistics, Roman Mushka, declared in a press release the following: "Prague is considered to be a popular destination for various congresses and conventions and spring and autumn are considered to be the most popular seasons in the field of congresses and conventions in Prague". He noted that Prague held around 50 congresses and conventions in 2017 that hosted over 1000 participants each and that he projects that this trend is projected to continue…

For example, the CEO of ICCA Martin Sirk claims that in a world which is increasingly unpredictable and ever changing the number of international congresses and conventions is bound to rise. He claims that the best way to face the tsunami of information and knowledge is through conventions in new academic fields, or conventions that reach new audiences. The bottom line is that as new challenges arise the field of congresses and conventions is expected to continue to grow.

How Does the Czech Republic Real Estate Market Look Like?

posted 5 Apr 2018, 00:01 by Conbiz Info Center   [ updated 5 Apr 2018, 00:02 ]

How Does the Czech Republic Real Estate Market Look Like?

The real estate market in the Czech Republic enjoys a great deal of macroeconomic economic stability and is therefore of interest to many investors. Before you is a short review of the Czech Republic Real Estate market and answers to many of the questions that are of interest to potential investors, including possible obstacles for investment, financing conditions, and more.

The economic situation in the Czech Republic on the macro level is a source of pride to the citizens of the Czech Republic. Over the past few years the economy of the Czech Republic has grown each year by around 3% and the expectation is that this trend will persist for years to come. The Czech Koruna, which is the local currency, remains stable, though on April 2017, the pegging of the currency to the Euro has been canceled. In addition, from 2016 onwards, the Czech Republic has enjoyed the lowest unemployment rate in all of Europe. 

Real Estate in the Czech Republic 

The real estate market in the Czech Republic is affected by the macro economic situation in the country. The proof thereof is the extent of the real estate transactions in the first half of 2017 has broken all records and reached a total of 2.1 billion Euro. The projection is that this situation will last thanks to the low interest rates, high employment rates, and high capitalization rates in luxury real estate assets, so that investment in real estate becomes particularly worthwhile in comparison to other investment options. 

Residential Real Estate 

The primary bottleneck in the field of real estate in the Czech Republic is the low availability of residential real estate, particularly in the most desired neighborhoods of Prague. Even though the demand for residential real estate has steadily risen over the years, the number of new construction projects remains low. The primary reason for the gap between supply and demand is the long approval process required for new construction in the Czech Republic. For example, the number of new constructed projects in 2016 was lower by 15% than the number of construction permits.

Commercial Real Estate 

The Czech Real Estate Market is flourishing in the field of commercial real estate (offices and malls) as well. For example, the office catchment in Prague is over 90% (The highest rate since 2008) and the malls continue to be a highly desired real estate target of acquisition. Nonetheless, the number of new construction projects in the field of commercial real estate remains low, and the demand four outstrips the supply. 

Bank financing and mortgages in the Czech Republic 

According to the KPMGProperty Lending Barometer, Real estate financing has remained stable over the past few years. The findings of the survey are that the rate of high risk loans in the field of real estate in the Czech Republic is no higher than that of Germany and Scandinavia. 

Furthermore, the banks in the Czech Republic enable taking out loans in foreign currency, particularly in Euros . Furthermore, the survey finds that the Czech banks ask for rates of up to 70% LTV and enable a debt ratio of at least 1.2%. They also provide generous loans to remunerative real estate properties, for example 2.22-2.68 percent for offices, 2.26 – 2.6% for other commercial real estate and 2.4 – 2.73 percent for logistical real estate. 

Who Invests in Real Estate in the Czech Republic. 

Most investors in real estate in the Czech Republic are foreign investors (around 70%), with German investors retaining their high representation. A significant rise in other European, as well as American and Asian investors is also notable. Many Israeli companies are also active in the field of Real Estate in the Czech Republic (particularly in the field of constructing apartments and projects) that realize the potential of real estate assets purchased prior to the economic crisis of 2008. 

Are you thinking of purchasing a real estate asset in Prague? Contact us.

Source: KPMG

Tourism to the Czech Republic has reached a record high in 2017

posted 4 Apr 2018, 23:47 by Conbiz Info Center   [ updated 4 Apr 2018, 23:51 ]

Tourism to the Czech Republic has reached a record high in 2017

The data of the Czech Republic Central Bureau of Statistics is that 2017 was a peak season in the field of tourism to the Czech Republic. The number of guests in the hotels, hostels, guesthouses and camping sites in the Czech Republic passed the 20 million mark for the first time ever, a rise of 9.1% in comparison to 2016, in which the Czech Republic hosted 1.7 million less visitors. The rise in tourism in 2017 includes both internal and incoming tourism, including 10 million foreign tourists who represent a rise of 9.2% in comparison to the previous year. However, internal tourism in the Czech Republic has also risen, reaching 9.9 million people, a rise of 9% in comparison to 2016.

One of the most important parameters in the field of tourism is the number of nights spent at lodgings performed by tourists in the Czech Republics. In 2017, the total number of nights spent at lodgings reached 53.3. million nights, a rise of 7.3% in comparison to 2016. The number of tourists and overnight stays was high in all regions of the Czech Republic, but particularly in the Region of South Moravia, where occupancy grew by 14.6% and the number of overnight stays grew by 14.9%.

Rises of over 10% were also registered in the Plzeň , Ústí nad Labem, Moravian-Silesian and Karlovy Vary Regions. Prague was the site, in 2017, of no less than 7,652,865 tourists, of them 6.6 million foreign tourists – a rise of 7.4% in comparison to 2016.

2017 witnessed 850,000 more foreign tourists than 2016. The countries of origin of the tourists were primarily Germany (1.95 million tourists – a rise of 3.9% in comparison to 2016). Slovakia (689,490 tourists – a rise of 7.2%) and Poland (578,465 tourists – a rise of 6.9%).

The Russian Federation was the fourth largest source of tourists – 551,191 in number (A rise of 35.5% in comparison to 2016). China at 491,648 tourists (A rise of 38.2%, largely thanks to new direct flights from Prague from a variety of locations within China) was the sixth largest source of tourists, whereas South Korea (417,438 tourists -a rise of 28.2% in comparison to 2016) was the sixth.

The Fourth Quarter of 2017 Has Also Reached a Tourism Record High. 

In the final quarter of 2017, a rise of 6.1% was registered in the number of overnight stays in comparison to the fourth quarter in 2016. The number of overnight stays of foreign tourists in various lodgings rose by 7.4% whereas that of local tourists rose by 7.7%. the number of overnight stays in that period came out to 10.5 million Czech Korunas, a rise of 6.1% compared to the fourth quarter of 2016. The rise in Hotel overnight stays came out to 7.1%, whereas overnight stays in guesthouses rose by 6.2%. local tourism is responsible for a 4.2% rise in the number of overnight stays whereas foreign tourism is responsible for a rise of 7.4% of the overnight stays.

All regions in the Czech Republic have shown this rise but in Plzen the rise in overnight stays has been truly outstanding – a 21.1% percent rise in all types of overnight stays: a 22.1% rise in the number of overnight stays, a rise of 22.1% in foreign tourist overnight stays, and a rise of 20.4% in internal tourist overnight stays. South Moravia has also shown a double digit rise of 17.2%, whereas other regions of the Czech Republic have registered a lower rise of under 10%.

In the fourth quarter of 2017 7.9% more tourists have reached the Czech Republic in comparison to the fourth quarter of 2016, with a rise of 8.1% in foreign tourism and a rise of 7.7% in internal tourism being registered. During that period, 4.3 million guests were registered in collective lodgings – a rise of 7.9% in comparison to the fourth quarter of 2016. Overall, the number of foreign tourist overnight stays at collective lodgings rose by 8.1%, whereas that of local tourists rose by 7.7%.

Most tourists (1.6 million people) stayed in 4-star hotels, representing a rise of 8.3% in comparison to 2016. Around 1.3 million people stayed in 3-star hotels (a rise of 7.4% a year), and guest houses registered a rise of 7.4% in comparison to 2016.

The highest number of tourists in this quarter arrived from Germany (477,899 people - a rise of 3.5% in comparison to the fourth quarter of 2016), Slovakia (169,400 people – a rise of 9.1%), Russia (A rise of 23%), China (A rise of 25.7%) and South Korea (A rise of 20.4%).

During the fourth quarter of 2017 Prague enjoyed an inflow of 1.94 million tourists (1.63 million of them foreign tourists) representing a rise of 7.2% in tourism, both internal and foreign tourism. The number of overnight stays in tourist lodgings in Prague rose in the fourth quarter of 2017 to 4.52 million nights (of which 3.99 million overnight stays at tourist lodgings were performed by foreign tourists) -a rise of 7.5% in the total number of overnight stays and a rise of 7.6% in the overnight stays of foreign tourists.

Do you find these numbers interesting? We will be happy to help you locate an interesting, and remunerative, investment in Prague. What best works in the Old City of Prague are real estate properties and apartments that are intended for tourist lodgings through the AIRBNB booking platform.

The annual return on investment in this model is roughly 8-12% a year (Without taking into account the rise in property values).

If you are interested, then please- Contact us

The value of apartments in Prague has risen on the average by 68% in the past five years

posted 4 Apr 2018, 23:38 by Conbiz Info Center   [ updated 4 Apr 2018, 23:39 ]

The value of apartments in Prague has risen on the average by 68% in the past five years 

Purchasing an apartment for investment purposes in Prague is turning out to be a very wise investment indeed. Apartment owners in Prague have profited more than investors in the European securities or gold exchange. According to the data of the real estate company Central Group, an investment of one million Czech Korunas in an apartment in Prague has provided a return on the investment of 68% over the past five years. In fact, only real estate investment in London over these years has even approached the return of investment on apartments in Prague – a rise of 63.8% over 5 years.

The only investment to provide a higher return than investment in Prague Real Estate was the S&P 500 index (In the New York City Stock Exchange) – a return on investment of 113% over five years. The EuroStoxx50 and the Liv-Ex Fine Wine 100 have also provided a fine return on investment of 47.2% and 30.4%, but this is still significantly lower than the return on investment in Prague real estate.

Investment in cryptocurrencies has also derived a fine return since 2012, but such investments have experienced considerable fluctuations and may well fall in value as regulation of cryptocurrencies spreads. For example, on December 2012, a single bitcoin was worth 13$ whereas at the end of 2017 it was worth 17,900$. However, by the beginning of 2018, the bitcoin was valued at only 11,134$.

Unlike the bitcoin, investment in traditional currencies turned out to be non-remunerative. For example, the American Dollar rose in value over the past 5 years by 8.2%, whereas the Euro declined in value by 0.3% in comparison to the Czech Koruna. Nor did investment in oil turn out to be a good choice – investors experienced losses of 40%.

Investment in real estate in Prague did not experience any of the fluctuations associated with other types of investments such as investment in gold or stocks. It is true that investment in the PX50 index in the Prague stock exchange resulted in a return of 17% over 5 years, but it also experienced very high fluctuations. Gold also experienced high fluctuations in value, losing 12% of its value during this period. 

"It is apparent that investment in an apartment in Prague is a very stable investment in comparison to other types of investments" says Michaela Tomskova, the CEO of the Central Group, and adds: "Unlike the stock or commodity indexes, investment in Prague real estate has not experienced any fluctuations and is therefore considered a particularly safe investment."

It is true that the rate of the rise in apartment prices in Prague is expected to be moderated given the decline in the availability of apartment prices, but price rises are still projected over the next years. Investors on their parts prefer small apartments (kk+1 and kk+2) because they are more easily rented out. 

According to the data of the Central Group Company, around 20-25% of the apartments sold in Prague are for investment purposes, both to derive a steady income from apartment leasing and for future profits from rises in the apartment value. Experts estimate that inflation has pushed people to seek investments with a high return, whereas economic growth in the Czech Republic has provided people with more money to invest. 

The data of the Central Group is that there is a considerable difference between the prices of new and old apartments in Prague. This difference can reach 15%. Furthermore, since October 2016, the purchase of second hand apartments is subject to a 4% purchasing tax on the buyer. Central Group furthermore recommends that the energetic efficiency (For example, heating costs) of any asset be taken into account in the calculation of long term expenses, because new real estate properties are generally built according to greener standards. 

Are you interested in investing in the Czech Republic? Please contact us and we will be happy to assist you.

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