Hello all, just wanted to get your opinion as to whether it is a good idea to buy an underground parking spot at Nove Medlankey, Brno, I am weighing up the benefits to both rentals and eventual resale vs the cost of aprox £5000

We always buy parking when it is available, as if one does not, then one is at a disadvantage vs other properties when it comes to rentals ( even though the parking does not provide a good yield), but more importantly, when it comes to selling the property, one could seriously reduce ones pool of potential buyers without parking. The only exception is with studios where the cost of parking as a proportion of the total price is high, and buyer/tenant profile is anyway different

As I understand it the parking spaces that were originally for sale were 'open-air' and it appears that these have now been designated 'free' parking by the local council and that the Parking Spaces being offered are in a different block. If there is sufficient free parking I am unlikley to buy a space as it is unlikely to have any real value.

Thanks for your replies Max & Pete, Pete do you know if it is the open air or underground car parking spaces or both that are being offered in a different block?

Hi Hitesh I believe they were underground. You will also see more posts and thoughts on the subject on http: / /www .propertysecrets .net /topic /22186 /0 /8231 .html Cheers Pete

Hi guys This is my take on it. One thing to bear in mind is this. The CEE countries are in transition with incomes and expectations rising fast. At the moment, car ownership in Czech, although not a luxury, is certainly not as prevalent as in the west, so currently, parking is not generally a huge issue, Fast forward several years with income growth and higher credit acceptance in society, and car ownesrship and parking (especially scarce free parking) becomes more of an issue. In an apartment complex where parking spaces are the norm, not having one puts you at a disadvantage when you come to resell, plus, your tenants will probably expect it. I agree, the value of parking in more suburban areas tends to grow in value at a far lesser rate than the apartment, but the consequences of not taking it occur further down the line. It also to an extent depends on your holding strategy, but I cannot see medlanky as being anything but a medium to long term hold. Curious on other peolpls thoughts on this as a general issue, rather than Medlanky in particular

Max Would be interested to read yout thoughts on the Medlanky site in general. It's location seems quite a lot further out than Kosmova with poorer transport links. Do you think these will improve and will the location be attractive to Czechs in 5 to 10 years time? Regards Will