OFFPLAN NEWS

(28.06.2007 )
Property in Czech Republic Time for UK investors to check out the Czech Republic

The Czech Republic property market is primed for a second phase of accelerated growth which is catching the eye of investors across Europe, but it isn’t solely the strength of the economy that is driving this interest. Changing VAT laws will see UK investors flock to buy in Czech before new rates come into practice in 2008, according to Property Secrets Head of Research and Analysis Simon Tweddle.

There are several reasons why Czech is set to outperform its rivals. Property Secrets forecast an average 6-7% GDP growth for the next 3 years in Czech with FDI and wage increases features of the strong economic performance which is boosting its property market. Property Secrets expect property prices to increase by an average of 13% across Czech in 2007, with hot-spots such as Prague and Brno forecasted to record impressive property price growth of 20% and 15% respectively.

That accounts for the growth and to an extent the demand, but this doesn’t tell the whole story as Tweddle outlines.

“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 1 January 2008.”

The new legislation will see VAT rates increasing on 1 January 2008 from the current 5% to 19%.

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