Prague Property

Prague property is booming. Prague is often known as the City of A Hundred Spires. With buildings dating back more than 11 centuries, Prague represents one of the oldest and most beautifully picturesque capitals in the world. From Old Town Square to Wenceslas Square; from Charles Bridge to the incredible Prague Castle, Prague residents and visitors alike marvel at the city’s romantic ambience.

Since the barrier of the “Iron Curtain” came down in the early 1990s, Prague is now centrally located in the heart of Europe. The capital of the Czech Republic, Prague continues to attract more and more business investment with multi-national corporations now setting up their headquarters in the city and taking advantage of a multi-lingual workforce, low inflation and low interest rates and the overall economic stability.

Prague property has now become an attractive opportunity for property investors and the city enjoys one of the most vigorous residential housing markets on the continent. When it comes to Prague property, there is a high and increasing demand for quality new build accommodation; the cost of residential Prague property is around a third that of other major European capital cities. Prague property prices have been rising at between 10-15% per annum for a number of years and this trend is predicted to continue for the foreseeable future. Mortgage financing is freely available to both Czech nationals and foreign investors. With mortgage rates comparable to the UK, and up to 85% loan to value, there is a healthy rental market offering attractive yields. These and so many other factors have contributed to Prague becoming the perfect place to expand a property portfolio.

There are a number of exciting new Prague property developments being built in and around the city, from the wonderful River Diamond near the city’s financial heart, through Nova Harfa near the Sazka Arena (for sport and entertainment), out to Jesenice and beyond.

The outlook for residential Prague property development is extremely promising for developers who have the experience of providing excellent quality for market prices. There is a steady increase in potential buyers for all sectors of the residential market, and, as the market develops, and the experience and knowledge of the consumer grows, the old adage “value for money” will be the driving force for the success of developments in all sectors over the next several years.

Prague is divided technically into 15 districts but in practice they are still referred to using the old district numbers of 1 – 10.

Most single people and couples without children moving to or already living in Prague want to live in an apartment close to the centre, generally the areas of Prague 1, 2, 3 or the closer parts of Prague 8 & 9. The main reasons for choosing Prague property in these areas are the restaurants, entertainment and the excellent public transport facilities – no more than 10-15 minutes into the centre by tram or bus.

Families, however, often prefer to live in homes nearer local and international schools located in the areas of Prague 4, 5 and 6.

Good Prague property, newly renovated or newly built, can be found throughout the city, but is concentrated in the more popular areas. People most commonly ask for near the centre. Parts of the city which are a little more out of the way can have lower prices, but as a rule good value can be found anywhere with the correct homework.

Prague is easily accessible from the UK with numerous low cost airlines operating daily services to the city’s Ruzyne airport - itself only a 20 minute drive from the City centre. With a flight time of just one and a half hours from the UK, and very low prices, Prague has lively night life and is delightful destination for a romantic break with your partner. Keeping an eye on your Prague property investments in this, the most enchanting of cities, will always be an enjoyable experience.