Avoid costly Real Estate mistakes home buying for flippers
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The Czech Republic Property
All EU citizens are allowed to buy property in The Czech Republic.
Also, there is an agreement between USA and the Czech Republic which states that all
Us nationals being among the favored nations, can acquire property if they hold a resident permit for longer than 3 months. Other favored nations are:
Norway, Switzerland, Lichenstein.
This law does not apply to property such as agricultural land or forestry.
For all the rest, if they want to buy properties or land, they have to setup a Czech limited company with the purpose of investing.
There are two types of property:
Private ownership
Cooperative ownership
Private ownership, we all know what it means, and usually this is the type of property in which
most if not all foreign investors are interested.
The second one it means that a property belongs to a membership association and it is reserved to Czech nationals and it concerns apartments in old apartment blocks.
An English speaking lawyer should be hired. He will be in charge with conducting searches at the central registry of property ownership which is also called Kadastral.
He has to make sure that the owner has the right to sell the property and that there are do debts on property. Also the buyer should have independent structural survey done on the property.
The taxes and other fees that the buyer is expected to pay when signing the transaction represents an approximate of 8% of the purchasing price.
The supply of newly built apartments does not meet the demand for them, because the potential buyers are seeking more spacious and better equipped property.
This is one of the reasons for which Prague is a very appealing option to the foreign investor.
The local people are buying old properties to be renovated in order to rent them to Western expatriates at a later time.
While a real estate register exists as a depository for property conveyances, mortgages, etc., this information is not universally guaranteed and the process of documentation is slow.
The Association of Real Estate Offices of The Czech Republic (ARK CR)
Na Chodovci 2880/3, 141-00 Prague 4,
Czech Republic
Tel: (+420) 272 762 953 Fax.: (+420) 272 766 401
e-mail: arkcr@arkcr.cz
website: http://www.arkcr.cz
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Property Price Guide
For newly built apartments in Prague, the price can vary between 60,000 -140,000 $ depending on the location.
Central Prague, however remains expensive.
You should expect to pay for a 100 m2 apartment no less
than 1500 USD/ m2 and as high as 2000 USD/ m2
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Real Estate Agents
ALFA REAL ESTATE s.r.o.
Mukarovského 5 / 1985,
Praha (Stodulky)
Tel: 235 521 966
CZECH REAL ESTATE s.r.o.
Platnérská 7 / 87,
Praha (Staré Mesto
Tel: 224 814 452
ICKM REAL ESTATE, s.r.o.
Vezenská 116 / 5, Praha
Tel: 222 313 100
224 811 212
MARGHERI REAL ESTATE s.r.o.
Krocínova 3 / 333,
Praha (Staré Mesto)
Tel: 224 212 486
224 221 714
STARCON REAL ESTATE s.r.o.
Celetná 19 / 594,
Praha (Staré Mesto
Tel: 461 541 337
SLAVIA REAL ESTATE, s.r.o.
Újezd 1 / 600, Praha (Malá Strana)
Tel: 251 612 422
251 622 104
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