Prague Property Market and Real Estate Guide

(Prague, Czech Republic)



View over PragueCompact Prague squeezes its thousands of residential apartments into an area that is among the most heavily touristed compartments in Europe. Plenty of city properties are within walking distance to Wenceslas Square and the historical attractions of inner Prague.

This has not slowed to the downturn in the Prague property market, however. Since 2008, the global recession has seen property values decrease steadily and as of the close of 2009, an average drop of seven percent in value was experienced by property owners across the city.


Changes to foreign property ownership laws have not helped the slide either, with the embattled Prague property market even more difficult to access for non-residents since changes to legislation in 2009. In general, Prague is increasingly less of a magnet for permanent residency, while its popularity as a place for a short-term visit shows no signs of flagging.

Renting Serviced Apartments

The average length of stay in Prague is three nights, and hotels renting rooms by the night take up the bulk of the tourist influx. However, Prague is increasingly popular as a conference and meeting destination among corporations eager to impress delegates with a beautiful central European location.

As a result, luxury serviced apartments have become something of a boom market in Prague. There is a mix of old and new here, with some serviced apartments in Prague being located inside old buildings and displaying an ornate, antique style. Other serviced apartments are housed in new glass and steel buildings. Lease terms begin at one week with a one-week deposit, and service varies, from a bi-weekly maid service to 24-hour butler attendance.

Photograph showing buildings in Prague

Buying Apartments and Houses

Non-EU nationals or EU nationals who do not have residency rights in the Czech Republic will find it more difficult to purchase property in Prague since changes to property ownership laws in 2009. American citizens can still acquire the right to reside on demand, but other nationalities may struggle.

The suburbs of the north and west are popular among expats for their residential feel, while business visitors may prefer to reside in a Nove Mesto apartment. Families will find good value properties in the eastern suburb of Zizkov.

Those living outside the EU or the United States can purchase property in Prague via an organization called an SRO-a limited liability company, which acts as a liaison between the investor and the Czech national required to participate in the investment as an equal partner.

Real Estate Agents

Finding an English-speaking real estate agent in Prague, much less one who oversees a healthy portfolio of available properties, is not especially easy. This is not a city famous for its real estate market and most arrangements are best made by liaison agents in potential investors' home countries.

Check out the following Prague real estate agents:

Svoboda and Williams
Address: Benediktska 3, Prague, CZ-11000, Czech Republic, CZ
Tel: +42 257 328 281
Email: info@svoboda-williams.com
Website: www.svoboda-williams.com
Svoboda and Williams is an upscale real estate agency located in downtown Prague. Its portfolio is heavy with new apartments and residences suited for business professionals.

Tide Reality
Address: Svobodova 9, Prague, CZ-12800, Czech Republic, CZ
Tel: +42 224 914 914
Email: info@tide.cz
Website: www.tide.cz
Established for 15 years, Tide Reality services foreigners who are sourcing property of all kinds and market levels in Prague.

Orion
Address: Holeckova 31, Prague, CZ-15000, Czech Republic, CZ
Tel: +42 257 314 511
Email: info@orionreal.cz
Website: www.orionreal.com
Orion has a good spread of properties for sale and rent across Prague, including good value apartments outside the inner city.