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Prague residential and commercial property for sale - prices

Prices of real estate in Czechia are significantly growing during the last three years and it seems that the factors causing this development are here to stay for couple more years. Low interest rates, low mortgages and investors looking for safe territory where to increase the value of their assets. Czech crown and thereby its real estate are undervalued.

Prices are growing mainly in Prague, since 2012 they have grown by one third. Average price per square meter of a new flat in Prague is 70 thousand CZK. In previous years it was between 60 and 65 thousand CZK per square meter. There are not many apartments for sale in 45 thousand per sq. meter category.

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Taxation of Czech Real Estate

There is a Property Transfer Tax of 4% to be paid by the seller from the sale price of the property. This rule should change soon and the obligation to pay this tax would be switched from the seller to the buyer. Newly constructed residential sales are subject to 15 % VAT, up to certain size. Luxury, newly built properties are subject to 21 % VAT. New commercial properties are also subject to VAT of 21% of the sales price. This year there is a new VAT introduced on construction plots with utility networks, also with the base rate of 21 %.

Still Czech republic is one of the countries with lowest tax burden in the area of real estate. Annual tax on real estate is negligible, there is no inheritance tax among close relatives. Hotels, apartment houses and other commercial properties are often sold via Czech registered companies to avoid paying property transfer tax of 4 %.

Chateaux in Czech republic

In the past decade most buyers of chateaux in Czechia were foreigners. Recently it is mainly local people that are buying Czech historical monuments. In Czechia there are approximately 1000 castles and chateaux. Renaissance chateaux originate mainly from the 16th century, as this style arrived to Czechia later than to southern Europe. In the 17th century the baroque style prevails and in the first half of the 18th century the baroque gradually gives way to rococo and then to neoclassicism that has become dominant in Bohemia in the second half of the 18th century. The 19th century in Czechia has become the century of historical romanticism inspired by English examples. It was the time that not only brought us many new luxury properties but even older castles and chateaux were getting new facades, towers and battlements.

Now some 40 castles and chateaux are for sale in Czechia. The prices of Czech chateaux vary significantly. Prices depend not only on how well preserved the property is but in most cases on the proximity to Prague. If a well preserved chateau with park is situated near border with Germany it can cost e.g. 800 thousand euro, if a similar one is 30 minutes drive from Prague then the asking price would most likely be 4 million euro. Properties in need of full refurbishment would usually be listed for between 170 and 400 thousand euro, again depending to their location.