| Of all of the countries to join the European Union | | | | wealth status and have adopted a very |
| back in 2004 the Czech Republic has benefited | | | | cosmopolitan and 'western' standard of living which |
| most from its membership; and the country's | | | | means anyone contemplating renovating real |
| economy has gone from strength to strength as | | | | estate particularly in Prague should do so with |
| a direct result. | | | | these facts in mind. Properties with high standard |
| The increasing wealth of the nation is being | | | | finishes and quality fixtures and fittings rent or sell |
| distributed among its people because Czech | | | | the fastest, and as mortgage products and |
| citizens are benefiting from an abundance of | | | | property based finance become more widely |
| better paying employment opportunities as more | | | | available across the Czech Republic so the |
| international companies relocate to the Czech | | | | consumer demand for larger and more expensive |
| Republic. | | | | properties to purchase intensifies. |
| All of these facts mean that the real estate | | | | This means that a real estate investor who gets |
| market in the Czech Republic is currently buoyant, | | | | on the property ladder now in the Czech Republic |
| in demand and potentially very lucrative for | | | | can improve, increase and expand his property |
| overseas investors who seek to directly target | | | | portfolio within the country as the Czech people |
| the local market with rental accommodation and | | | | become more able to afford more expensive |
| resale property. | | | | property. |
| The key to making a successful real estate | | | | US, UK and EU citizens are free to own real |
| investment in the Czech Republic is targeting the | | | | estate in the Czech Republic and many choose to |
| local market. Outside of the country's capital city | | | | do so through an SRO which is a Czech limited |
| of Prague there is very little tourism interest in | | | | liability company. These companies act as a |
| rental accommodation and very little expatriate | | | | taxation and liability shelter for property owners |
| interest in purchasing accommodation - so those | | | | and can be established within a couple of days by |
| who wish to profit have to identify exactly the | | | | any lawyer in the Czech Republic. Anyone |
| types of property the local citizens' demand and | | | | contemplating making an investment into real |
| target that particular market segment. | | | | estate in the country should budget for an |
| In Prague and the city of Brno for example, | | | | additional 8% on top of the base property price |
| quality family apartments are most in demand | | | | for taxation and fees associated with buying real |
| from the rental sector. In terms of properties | | | | estate - and no one should go it alone without the |
| people are seeking to purchase these include | | | | help, advice and assistance of an independent |
| family homes in city suburbs and well located | | | | lawyer. This is because the majority of property |
| apartments preferably with access to shared | | | | purchase related documentation will be in the |
| facilities such as a gym. | | | | Czech language and the property buying process |
| The Czech people are embracing their new found | | | | can be quite complicated and drawn out. |