Czech Republic Property Investment News

Czech real estate popular among British investors

The latest reports from the Czech Republic indicate that much of the recent interest in Czech property is originating from British investors, and the capital city of Prague in particular is a popular choice among a growing number of buyers.

The Czech economy has enjoyed solid growth since the beginning of the decade, and the country has a stronger economy than other former-Communist countries of Central Eastern Europe. This has made investment property in the Czech Republic a popular choice among many buyers.

The demand for property has traditionally been highest in the country’s cities, and this appears to be the case with the recent surge in interest. In the last month, the development company Czech Property Investments (CPI Group) revealed that a 50% stake in the business has been sold to British real estate investors Henry Charbit and Charles Joory.

Tomáš Drábek, the head of the investment department of real estate company King Sturge’s Czech headquarters, insists that this is a reflection of a growing trend, saying “We can definitely expect the growth of British investments in the Czech Republic”.

However, alongside the growing demand from British investors, there is a potential rise in demand from the Czech residents themselves. It has recently been announced that wages in the country are expected to grow by nearly 8% on average in the next year, equalling a real growth of around 3%.

Investors in Prague property have also welcomed the news that a record 12 million passengers passed through the Prague-Ruzyne airport before December this year, which was 7.3% higher than the same period of 2006. An official from the company that runs the airport, Letiste Praha, predicts that the number of passengers passing through the airport in 2007 will approach 12.5 million in total.