Prague is changing with brand new property developments springing up over the city. It is also attracting overseas property investors to buy property in the city.
For many people, the city of Prague leads to thoughts of beautiful old architecture, cafes and the bohemian lifestyle. Lately, though, the capital city of the Czech Republic is seeing some fast rising developments alongside international investment in its economy. The combination makes this city a great place to look for real estate investors who want a home in this part of Europe or a place to earn some rental income.
Parts of Prague are seeing new developments spring up quickly, and these properties are also appreciating in value just as quickly. Over the past several years there has been nearly 20% annual increase in property values. Although this is one of the more developed cities in Eastern Europe, it is still relatively inexpensive when compared to some Western European locales. Additionally, Czechs tend to prefer new property to older, restored places, so some of the more classical properties in downtown aren’t nearly as expensive as they might be elsewhere. This is something to keep in mind when looking for buy-to-let properties.
Several developments that have gone up in recent years include Central Park Praha and Andel City. Central Park offers high-end luxury accommodations aimed at urban professionals, while Andel City is a mixed use complex containing a hotel, cinema, residential property and business towers. Prices at Central Park Praha start at €130,000, while flats in Andel City begin at €140,000 for a one bedroom unit.
Recently launched in Prague is The Avenium Residence development is located on the left bank of the Vltava River, next to Libeňský Most Bridge, only a five-minute drive from the established business district of Karlin. A key feature of this development is that it is situated right next to one of the biggest residential and commercial developments in Prague; the J&T Tower City development, which will offer 95,000 square metres of floor space on 40 storeys.
More about this and other Investment property Prague
Margund Schuh of UBM Bohemia, the developer behind Andel City, is aware of the desirability of new buildings and properties. “Newly built property, on average, has increased more in price than old, except well-refurbished places in special locations,” she notes. At the same time, she is very pleased with the impact of projects such as Andel City on Prague. “I strongly believe that projects like Andel City have had a positive impact on the city’s atmosphere by changing an inner-city factory district into somewhere with a perfect living and working environment and a very good infrastructure.”
With new development and lots to offer, Prague is a location that is drawing investors from near and far. It’s a good time to take a look at this historic and thriving city.
