How to buy properties in Czech Republic

 

There are some restrictions and special requirements to different nationals when purchasing properties in Czech Republic. There are four groups that can buy properties without any restrictions and these include Czech citizens, legal entities that have headquarters in the country, foreigners with a permanent residence permit and people who were granted asylum in the Czech Republic. EU-citizens (and those of Iceland, Liechtenstein and Norway) and US-citizens can buy their second home after getting a permission to reside in the country, which is a simple and free procedure. Other nationals though, must have a visa, reside in the country for seven years or marry a Czech citizen in order to obtain a green card that allows them to buy property. The other option is to register a company but it should also have an EU or Czech citizen as a managing director.
 

The housing market in the Czech Republic is quite stable during the last few years and there is even a tendency for the prices to continue to increase. Part of this is due to the interest of foreigners who decide to choose the country for their holiday villa or buy-to-let condo. The projections are that high-end property market will become even stronger and that the price for luxury housing, especially in the capital Prague, will continue rising by 12% or 15% per year until at least 2018.
 

Once you have settled the procedure of acquiring permission to buy properties and have sufficient funds to get your dream home, you will find out that the steps to follow in the actual transaction are not much different than anywhere else. There are, of course, some additional fees that need to be covered, which unfortunately are not the lowest across real estate markets, but are nevertheless, not too high. As usual the buyer covers most of the fees, which can be between 3.5% and 6% of the property price.
 

There is no doubt that Prague, often described as having the charm of a box of chocolates, is one of the most attractive places for residing. It is one of the most expensive, too, in terms of price per square meter – about €4,000 per sq.m. – and if you prefer an investment property, you should know that rental yields in the capital are quite low. You can, however, find very attractively-priced villas or flats in other regions of the Czech Republic, such as Central Bohemian or South Moravian Regions.

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