Property in Prague Czech Republic investors beware!
Property in Prague Czech Republic has been a great example of a former communist state turning to a prime investment region for overseas property investors. Property prices are on the up and the big multi nationals are moving in but not all is rosey in the garden of investment property in Prague Czech Republic
Prague has become a popular location for filming movies, as the city did not suffer much destruction in World War II. The city is often used to replicate Amsterdam and London. Prague hosts numerous cultural events and has many theaters. The "Black Light Theater" is a prominent feature of the cultural events that take place in the city and the art form is believed to have originated in Prague.
Popular property investment areas include Mala Strana, Stare Mesto and Nove Mesto. Property in Prague is charming with the medieval features of the ancient city. Visitors find cobbled roads, ancient courtyards and a couple of ancient castles. The city is lively and young. The social nightlife may last in to the wee hours of the morning and the younger generations are particularly drawn to Prague. The city has an excellent transportation system and the historic Charles Bridge joins the two parts of the city together in classic medieval style.
Overseas property investors looking for hard evidence that Czech Republic is a great place to invest need to follow the path of the big multi nationals. The Czech Republic capital Prague has been swamped by a large number of international businesses. They have been attracted to the region for several reasons. These include the business friendly regulations, large English speaking and educated work force and a good environment to work.
The communist era has left suburbs of Prague with inadequate and poorly built housing. The increasing wealth of the Czech national means they will no longer accept these poor living conditions and the demand for new housing is on its way up. Estimates show that nearly one third of Prague's population need re-housing and experts in the region indicate that up to 15000 new homes need to be completed annually to 2010 to satisfy demand.
Prague has also been popular as a place for overseas property investors to purchase flats and studio apartments for rental to tourists, as the beauty of Prague makes visitors want to stay for longer than three days and two nights. There are numerous homes being sold for the purpose of vacation and holiday homes. Prague is also enjoying one of the most vigorous residential housing markets on the continent.
Investor warning! The Czech Republic is being tipped as one of the best places to buy in Central Eastern Europe's however investors need to take action in 2007 to avoid the huge increase in VAT set to take place at the beginning of 2008.
Article Tags: Czech Republic
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ABOUT THE AUTHOR
Nicholas Marr is a lifetime property investor and CEO of Marr International Ltd a UK based property marketing company that is responsible for one of the worlds leading overseas property web sites at http://www.homesgofast.com/home/Czech_Republic/