| Investing
in Prague real estate.
Prague is one of the most picturesque and
oldest capitals in the world.
From Hradcany (Prague Castle) to Karluv
Most (Charles Bridge) to the Staromestské namesti (Old
Town Square) and to to Vaclavské namesti (Wenceslas Square)
Prague visitors and residents alike admire and marvel the city’s
baroque and gothic architectural beauty and cultural heritage.
In 2001, Prague accommodated more 3,000,000
visitors of which 2,500,000 were foreign visitors.
The residential real estate market in Prague
is one of the most vigorous markets on the European continent.
Located in the heart of the Europe Community
as of My 2004, Czech republic's entry into the EU- Prague attracts business ventures and investors
from all over the world.
They are attracted by the local multi-lingual
work force which is well educated, and the beauty of the City
itself.
These factors contribute to the fact that
Prague’s residential market boasts a very high annual growth.
Constructions of new housing projects started
in the Czech Republic in 2002 increased by 14% in comparison to
2001.
Construction of house building projects'
completion in 2002 rose by 12% in comparison to 2001.
In Prague the number of new housing constructions
started in 2002 increased by a more than 50% over previous year.
The demand for apartments in Prague, despite
these statistics, will continue to remain higher than the supply.
Overall, in the Czech Republic, there is
a 300,000 new residential dwellings shortage.
Lots of room for new investors.
See also the next section:
Prague Real Estate Market
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