Czech housing market fully opens for foreigners

The foreigners wishing to buy a real estate for living will be able to do so freely from the next year in the Czech Republic. The law proposal by the Ministry of finance was accredited by the government.

The foreigners won’t be, however, able to buy agricultural land yet.

Still, the access to realities was much easier for citizens from member countries than for those outside the EU. For example citizens from other member countries didn’t have to found a corporate body, when they wanted to buy a property, from 2004.

The law change will bring, according to real estate agents, increased interest in local properties, especially among Eastern-European investors. Those will be interested in flats of especially middle and lower average standard.

And which nationalities buy flats in Prague? According to M&M reality, 50% are Slovaks. Second are with 35% Vietnamese, followed by Russians, Ukrainians and Netherlanders.