Buying Property

Buying property in the Czech Republic

Buying property in the Czech Republic

Prague is a great choice for buying real estate and investment projects. As you know, from year to year the value of real estate in the Czech Republic increases, which makes investing in real estate in Prague especially attractive. Recently, a very popular region for investment is the northern Czech Republic. Many turn their attention to attractively priced real estate in the resort town of Teplice, located near the border of the Czech Republic with Germany.

According to the latest data, interest in buying property in Prague is increasing. And this is not surprising, since the Czech Republic is a very attractive country for investing in real estate. Real estate prices in Prague are growing, even despite the crisis, and investing in the purchase of an apartment, house or land in the Czech Republic today is very profitable. The prices are the most moderate in Europe, and the standard of living is the same as in any other economically developed and stable European country. Of course, these factors attract an increasing number of foreigners who want to buy property.

According to the current legislation, all real estate, whether in Prague, Teplice or any other city, is recorded in the “real estate cadastres”. When buying real estate with the previous owner, a purchase and sale agreement is concluded, which is submitted to the real estate cadastre, where it is registered and the data on the owner are correspondingly changed. In this case, we are talking about the classic version of the purchase of real estate. The firm or individual then becomes the owner of the property.
There is another type of property – cooperative. In cooperative ownership, a very large number of proposals appear in the Uste region, and especially in the city of Teplice and its environs. This is due to the fact that in the 80-90s of the twentieth century, programs were implemented for the construction and provision of housing for Czech citizens with the creation of cooperatives.
The acquisition of real estate in cooperative ownership, as a rule, is not possible for a foreign individual without permanent residence status. There are exceptions prescribed in the charter of cooperatives.
Cooperative property in itself is no worse than private property, cooperative houses are in proper condition, the difference will be that in the real estate cadastre the cooperative will be the owner of the house. When registering a transaction with cooperative property, a share is acquired for the company, that is, a share in the cooperative, and the founders, directors and members of their families have the right to reside, inherit and have other legal rights.
A cooperative apartment will not be able to become a pledge, and therefore a mortgage will not be possible.

Buying an apartment or real estate in Prague, in a few years you will be able to sell it profitably. The tourism business is also very developed in the Czech Republic, and by renting out your property in Prague, you can get a good and stable income.