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Czech Republic Property Investment News
Big changes see Prague property soar
Investment property in the Czech Republic has been transformed by major political and economic changes, according to one housing consultancy.
Talking to the Guardian, Simon Ryan of European Property Purchases, explained that investing in the Czech Republic, particularly in Prague, is very much a worthwhile pursuit.
Like many of the emerging markets in eastern Europe, the Czech Republic continues to grow into a major economic force since the departure of Communism.
"It's right in the middle of Europe and has been classed as the central hub of European commerce," Mr Ryan explained.
"There has been massive investment in it from blue chip companies looking to move from the UK, Ireland, France and Germany because they can buy commercial premises at half the price they can in other European countries and employ local people at a greatly reduced cost.
"It means many locals are getting paid more money than they are used to and they want to live in new properties, rather than the old grey community buildings, to reflect their new status in life."
Overseas investors are restricted to just 15 per cent of property in Prague, so as to protect the economic interests of local residents.
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