Since gaining its independence, the Czech Republic has experienced a boom in the number of foreign investors who have become active in the real estate market in that country. More and more foreign nationals — primarily from the EU but also from many other nations around the world — are becoming involved in the real estate market in the Czech Republic.
Literally thousands of foreign nationals have invested in commercial property in the Czech Republic. The government of the Czech Republic has worked to liberalize and streamline the laws in the Czech Republic that deal with foreign ownership of real estate. While there remain some hurdles to foreign ownership of real estate in the Czech Republic, particularly for foreign nationals from non-EU countries, these hurdles hardly are insurmountable today. In addition, there are proposals in the works that will remove many of the barriers and hurdles to foreign ownership of property in the Czech Republic within the coming decade. But, again and with that said, any of the hurdles that remain in place today are far from insurmountable.
Investment Property in Czech Republic
As has been referenced, since the entry of the Czech Republic, there has been a surge in the number of foreign nationals who have taken to investing in property in the Czech Republic. Many of these foreign nationals have tried to take advantage of the economic growth that has been experienced in the Czech Republic in recent years by investing in and by purchasing commercial real estate in that country.
Investment in real estate is occurring not only in the more urban, commercial centres in the Czech Republic but also in some more rural areas of the country as well. The government of the Czech Republic has been intent on decentralizing commercial and industrial interests in the country to help boost the economic prospects and wellbeing in all parts of the country. Thus, many foreign nationals are investing.
Residential Real Estate in Czech Republic – Single Family Properties
Within the Czech Republic are many graceful estates with long histories. In recent years, many of these large residences have been put on the market for sale. Many foreign nationals have taken an interest in buying these properties for two reasons. First, these foreign investors have taken to purchasing these properties for use as their own second or holiday residences.
In addition to buying these properties for their personal uses, some foreign nationals are also buying these properties to convert them into inns or bed and breakfasts that are being used in the ever growing tourist trade in the Czech Republic.
Residential Real Estate in Czech Republic – Apartments
For many years, apartments have been the primary residences for many people who reside in some of the more major urban locations in the Czech Republic. This trend has not changed significantly in recent years.
Since the entry of the Czech Republic into the European Union, more and more foreign nationals have been spending extended periods of time in the Czech Republic for business purposes. In this regard, many foreign nationals have taken to purchasing apartments in the major urban and commercial centers in the Czech Republic for their own residential purposes while they are in the Czech Republic on business.
A growing number of foreign nationals — from the EU and from other nations the world over — are buying apartment units and buildings for investment purposes. These people are in turn renting these units to other people, generally foreign nationals who are in the country for business purposes. Industry analysts maintain that this trend is likely to continue well into the next decade as more and more foreign nationals are spending time in the country for business purposes and reasons.
Holiday Property in Czech Republic
Many people who are interested in investing in real estate in the international market are surprised to learn that the vacation real estate market in the Czech Republic is doing booming business in the 21st century. In the past decade, the Czech Republic has become a major stomping and stopping ground for tourists from across Europe and, indeed, from many other countries from around the world.
With the increase in tourism in the Czech Republic since the country gained its independence, there has been a similar increase in the development and remodeling of different properties that are being used by tourists and visitors to the country. For example, a significant number of apartment developments have been constructed with the goal of providing living space to men and women who intend to visit the Czech Republic for extended stays.
In addition to apartments, other vacation properties including hotels and stand alone single family residences are being developed, constructed and remodeled to provide living space for people who are interested in traveling to the Czech Republic for holiday purposes. Foreign nationals are highly involved in this type of real estate development.