OFFPLAN NEWS

(28.06.2007 )
Czech property Check out Czech Republic for property investment

A change in VAT laws in the Czech Republic is set to see an increase in the number of Britons investing in the property in Czech Republic, according to a spokesperson for Property Secrets.

The VAT rule alterations, due to come into effect in 2008, coupled with the accelerated growth in the economy are set to drive property investment in the Czech Republic in the next few years.

VAT rates will go up from five to 19 per cent from January 1st next year.

According to Property Secrets, the Czech Republic will see an average GDP growth of between six and seven per cent over the next three years.

Other economic signs for the country also seem positive, including predicted wage increases.

A report from the company also predicts an average property price increase of 13 per cent this year, with Prague and Brno set to see even more marked increases.

Simon Tweddle, head of research and analysis at Property Secrets, said: "The Czech Republic's economic performance plus the predicted interest-only mortgages entering the market in late 2007 are extremely good reasons for investors to cast the eye over property there, but the real driver for demand in 2007 is going to be the changing VAT laws that become effective on January 1st 2008."

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