Czech price surge underway - the predicted 2
nd
big growth phase of property prices starts now
19th December 2006
The Czech property market has baffled experts for a while now - the price growth was solid, but it didn't reflect the real underlying strength of the Czech economy, the amount of FDI the country attracts as well as the growth in wages.
Some experts argue that a slow down in price growth was inevitable following the exceptional growth prior to and immediately after EU accession in 2004. Some believe there was a psychological block among Czech buyers, unable to grasp the idea that there was still massive room from price growth in the market.
The reality is, however, that, according to Eurostat, property prices in the Czech Republic are at just 38 per cent of the EU-15 average, the economy is growing at 6 per cent-plus a year, inflation is around 1.3 per cent, and wage growth is at around six per cent.
Now, there is evidence that the price take off began again in 2006, Rooney & Bennett, an advertising and marketing agency, based in Prague, which tracks property values, claims prices in the Czech capital have grown by between 20 and 30 per cent in 2006 - and the same growth is anticipated in 2007.
Prices outside the capital have risen at a more modest ten per cent. Around half of all flats sold in the country are still in Prague.
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