Key Data
- Capital City: Prague
- Language: Czech
- Population: 10.3 million
- Time Zone: +1 GMT
- Currency: Czech Krouna
- Climate: - 15° C > 35° C
- GDP: $141 billion
- Inflation: 3.4%
Now a fully-fledged member of the EU, the Czech Republic's property market is booming. Most overseas investment is focused on capital city and stag-weekend destination Prague, as is most of the country's business and tourism activity. Fuelled by wealth from an influx of international companies and tourists, Prague's average wage is now 50 per cent higher than the country as a whole. Prague is a cheap destination to get to, the buying process is simple, the costs are low and the economy is been booming.
Buyers are hoping to tap into this wealth by investing in buy-to-let properties in some of the Czech capital's top locations. Generally investors are looking for resale apartments of a classical style, but a central location always seems paramount. Prices range from around £80,000 for a new-build to millions for executive penthouses, with the market having a focus on long-term rentals.
Prague is divided up into clear districts, each of which has its own number. Investors tend to head for the central districts in search of buy-to-let opportunities. This is mainly because of the beautiful architecture, but also most investors are businessmen looking for a central base that offers good rental potential. The Czech Republic's growing economy has caused a small exodus, with citizens leaving the countryside in search of higher city wages, creating demand for rental properties.
