Housing, Real Estate & Relocation in Czech Republic

jamescruz — Thu Jul 02, 2009 12:22 pm

Author: jamescruz

Posted: Thu Jul 02, 2009 12:22 pm

This is nice that you have mentioned almost all necessary information regarding Czech Republic's housing, real estate & relocation industry here.

Regards
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HOUSING IN CZECH REP / CZECH REP HOUSING GUIDE

Czech Republic Info — Mon May 21, 2007 5:49 am

Author: Czech Republic Info

Posted: Mon May 21, 2007 5:49 am

HOUSING IN CZECH REPUBLIC

GENERAL

Expatriate areas

Popular areas for the expatriate community are Brno, Cesky, Krumlov, Pardubice, Prague and Tabor.

Housing

The availability of houses in the whole country and particularly in these areas varies. At the moment the market is better than before but it will still take some time to find the house with your required specifications. Most expatriates rent their houses or apartments; some buy their homes. Both options are available and will be looked at with you but mainly depend on your company policy, income, and the length of your stay.

Cost of housing

Varies from area to area and the size of the house or apartment; you'll pay anything from EUR 300 in the smaller towns to EUR 500 - 2000 or higher for an apartment in Prague.

RENTING A PROPERTY

Rental property is in short supply, especially in Prague's more desirable neighbourhoods. It is important to contact a reputable real estate agency that is familiar with the rental market in the area you select. You can expect to pay the agency either a fixed sum for mediation or the equivalent of a month's rent or a portion thereof.

The rental-housing situation is rather complicated. Landlords may be individuals or corporate entities. Apartments and flats fall under one legal category, while houses fall under a separate legal category.

It is crucial to enter into a rental agreement with a valid occupational lease within which every single detail of the lease is clearly specified in writing. It is strongly advised that the prospective renter engage a solicitor to ensure the lease is accurate and that it provides him/her with full protection under the complex laws governing property rental.

It is not unheard of for landlords negotiating with foreigners to request up to six months rent in advance, in addition to a security deposit. Generally however, rents are paid monthly, often via automated bank withdrawal.

Leases that are inclusive of utilities are not uncommon. In that event, advance payments are set by the landlord depending upon the number of occupants and estimated consumption. Occasionally the advance payments for services may be based upon the square footage of the residence.

Most foreigners rent through the "free market", as opposed to controlled-rent units that are strictly regulated by the government. Free market rentals are generally much more expensive but may be the only available option, as the desirable lower-cost controlled rent units are usually occupied long term by Czech citizens.

BUYING A PROPERTY

The most common (and easiest) way for a foreigner to legally purchase property is by establishing an SRO in their name. An SRO is a limited liability corporation registered with the Companies Registrar in the Czech Republic. An SRO can also be a useful tool for dealing with taxes and local compliance issues. An SRO designed specifically for purchasing real estate does not require a separate business licence.

Documents needed for setting up an SRO:
- Bound copy of all registration documents;
- Certificate of incorporation;
- Change of registered address;
- Change of company name;
- Notary fees;
- Stamp duties;
- Legal representation to Commercial Court;
- Memorandum of Association (translated);
- Minutes of General Meeting (translated);
- Any standard translator fees.

EU citizens without an SRO may purchase land (excluding agricultural or forest land) after obtaining a residence permit. However, EU (and non-EU) citizens who have set up an SRO are allowed to purchase land regardless of residency.

An individual who is a foreign resident may also own real estate in the Czech Republic in any of the following instances:
- By inheritance;
- On purchasing real estate for a diplomatic representation;
- Division of real estate on divorce, when one of the partners is a foreign resident;
- Exchanging foreign-owned real estate in the Czech Republic with other real estate in the Republic;
- Construction of a building when the land is already owned by a foreign resident.

Generally speaking, the further away from Prague the cheaper the cost of real estate. Prices in the Czech Republic have been increasing at a steady pace, and are predicted to continue doing so for at least the next six years, until they reach parity with real estate prices in adjacent European countries.

On the whole, it is still possible to purchase property at a significant saving when compared to similar properties in the rest of Europe. It is important to utilise the services of a reputable real estate agency when looking for property.

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Housing, Real Estate & Relocation in Czech Republic

HOUSING IN CZECH REP / CZECH REP HOUSING GUIDE