Photo: from open sources
World news:the Value of residential property in the Czech Republic in early 2017, is significantly ahead of other countries in the European Union and by 12.8% higher than prices in the same period last year.
This year the estate has risen in virtually all EU countries apart from Croatia, Italy and Greece. But in the Czech Republic the most notable jump is also due to the relative stability of the economy in previous years. A large increase is also observed in Lithuania and Latvia (just over 10%), Hungary 8%, the UK is 5.6%, Germany 5.1%, in the Capital.
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And prices are rising in all regions with the highest values in Prague and other major cities. The cost of apartments is increased in two times faster than wages. In the first quarter of 2017, wages rose 2.8%, and the cost of housing – by 5.3% .
The main impetus for the increase in housing prices in the Czech Republic is the influx of people wanting to take advantage of mortgage lending. In November 2016, banks have provided loans amounting to €844,8 million, and in the first half of this year amounted to €4.6 billion €729,6 million more than the peak last year. Banks issued mortgages approximately 2 million people.
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High demand for housing loans due to low interest rates – an average of 2% per annum. Unemployment in the Czech Republic is the lowest in the EU, and the ability to work and earn money – the highest for all time of existence of the country. Incomes have increased, and it is not surprising that more and more people want to invest in real estate.
The country is experiencing rising prices not only for sale but also for rental housing. In this regard, local homeowners are much more carefully choose potential tenants.