Recommended Areas in Prague for Real Estate Investment
Post date: Jan 22, 2016 1:12:50 PM
Good Areas in Prague for Real Estate Investment
Prague 1 – Josefov
The Josefov quarter is the very heart of Prague and it is probably the most expensive property in the entire Czech Republic, by price per square meter. This quarter includes the buildings of the Jewish community - the Jewish Museum, recognized as the top tourist site in the country. Parizska, the fancy high class shopping avenue, is also located in this quarter, culminating at Old Town Square, and it is lined with designer shops such as Louis Vuitton, Prada, and more.
Prague 1 – Nové Mesto (New Town)
The Nové Mesto quarter is Prague's main business and commercial area. Wenceslas Square, the museum, and the famed Palladium Shopping Centre, are all located here. Recently, dozens of tourist flats have begun emerging in this area, employing the services of www.airbnb.com and similar websites. This quarter features modern office buildings and shopping avenues. Aside from the tourist scene, this is also Prague's business centre.
Prague 2 – Vinohrady
The Vinohrady quarter received its name from the vineyards that once thrived on its outskirts. The Vinobrani festival still takes place here in the grape harvest season. This quarter is considered one of Prague's most high class residential areas and it is populated mainly by foreign residents living in the city. This is a beautiful area with small picturesque cafes. The quarter is located between Prague 2 and Prague 3.
Prague 3 – Žižkov
The Žižkov quarter has become very popular among young people in recent years due to its proximity to the large university located within it. Many small inexpensive neighborhood bars with a young fresh atmosphere for a historical city such as Prague are also emerging. Those parts of the quarter furthest from the centre of town have weaker populations.
Prague 4 – Pankrác
Prague 4 is Prague's largest district. It also has the largest number of residents. Pankrác is a relatively small quarter within this district and it has grown into a large business centre with banking and corporate offices in fields such as human resources, architecture, accounting, and so forth. At the heart of the quarter is the Pankrác mall. The purchase of real estate in this area is a fairly safe investment as there is a shortage of flats and office workers will be very glad (and will pay more) to find a flat near their place of work.
Prague 4 – Nusle
The Nusle quarter is adjacent to the Pankrác quarter and until recently was considered a less desirable investment. The considerable demand in the neighboring quarter has affected Nusle as well. With the passage of time the population has improved, and with it the demand and property prices. This quarter has excellent public transportation and it is only a 7 minute ride from the centre of town. Property prices are still low compared to nearby quarters.
Prague 5 – Smichov
The Smichov quarter is on the west side of the Vltava river that intersects Prague. It is Prague's popular office district. Companies such as Google, AVG, Johnson & Johnson, L'Oréal and others, have chosen to locate their offices in this quarter. Smichov also has a successful mall called Nový Smichov. Property prices in areas near the metro are similar to those in Prague 1 and Prague 2.
Prague 5 – Stodůlky
In the area of Stodůlky dozens of new flats have recently been constructed, arranged around several office buildings serving large companies. This as a result of the need to develop an additional commercial area in Prague. It is hard to say that the quarter is a booming success, but this may change in the future. At present, workers' families live in Stodůlky and housing prices are sluggish.
Prague 6 – Dejvická
Dejvická is the main quarter in Prague 6 and it is considered one of Prague's fanciest areas. It is the site of quite a number of embassies, as well as the home of many ambassadors, who live in private villas. The attractive location of the quarter, on the way from Prague 1 to the city's airport, has had an effect. Prague 6, and Dejvická in particular, are in high demand by foreigners, who are constantly raising property prices to new heights.
Prague 6 – Břevnov
Břevnov is a very popular quarter due to its proximity to green parks and to the famous castle – the Prague Castle. It is also close to the highways leading out of the city and to the tunnel road that attracts those who work outside the city. The tunnel road saves them hours of morning traffic.
Prague 7 – Letná
The Letná quarter is named for Park Letná in its midst. This quarter is full to capacity because the demand for flats is extremely high. The area is very close to the centre of town. In the heart of Letná, at the park, many shows and festivals take place throughout the year, and this quarter attracts young people from the upper middle class.
Prague 7 – Holešovice
Holešovice was at one time inundated by the homeless and by gypsies, and was often flooded, as in the spring and summer when the snow melts the river would overflow. In the last five years the quarter has begun to flourish and to attract young people and students who can no longer afford to live in the Žižkov quarter. At the same time, new modern projects have begun to emerge along the river and these have the effect of raising the price of real estate in older buildings in the vicinity as well.
Prague 8 – Karlín
The quarter of Karlín served, during World War II, as a German military base. To enable the wide military vehicles to pass through its streets, these were built more expansively than in the other districts of Prague. Karlín was a slums with a chronic flooding problem. After the great flood of 2002 the municipality was forced to renovate many buildings and the area received a big boost. In the last decade modern office buildings have been appearing in the quarter, as well as restaurants and cafes that are full to capacity. On summer evenings restaurants and cafes place candlelit tables on the spacious sidewalks, lending a special magic to the quarter.
Prague 8 – Libeň
The quarter of Libeň is close to Karlín from a geographical point of view but light years away with regard to the demand for real estate and the nature of the population. The Prague 8 municipality has introduced a five-year plan for renovating the quarter's facade and it is expected to go through a transformation in the next few years. Conservative investors who have the patience to wait over a decade – this is the place for you.
Prague 9 – Vysočany
The quarter of Vysočany has been characterized in recent years by new projects involving the construction of hundreds of residential units. The quarter is home to the largest indoor performance centre in Prague, O2 Arena with a capacity of over 20 thousand, where the largest shows in the Czech Republic are staged. The quarter is considered a big success but its relative distance from the centre of town (a 25 minute tram ride) makes it less attractive for young people.
Prague 10 – Vršovice
The quarter of Vršovice borders on Vinohrady (Prague 2) but has retained reasonable price levels. The quarter has a unique character. Some like it and some don't, but, for certain, Vršovice cannot be ignored. Most of its streets are paved with square shaped cobblestones that make women in high heels watch their step, its buildings are picturesque, and it is one of the quarters that helps justify the designation "Classic Prague".