Prague Prime Homes
Market Conditions
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Contact

For additional information please contact:

Prague Prime Homes Management s.r.o.

Letenska 8

118 00 Prague

Email: office@pragueprimehomes.eu

Phone: +420 775 985 795

OVERVIEW MARKET CONDITIONS IN PRAGUE AND IN THE CZECH REPUBLIC

The Czech Republic has been one of the most stable markets in new Europe in the last years: Since accession to the EU the Czech Republic could exhibit over the years a stronger economic growth than many countries in Western Europe.

After an interruption of this growth due to the economic crisis and the sovereign debt crisis in Europe GPD in the Czech Republic currently is growing not as fast as in the past but according to analysis of international experts such Jones Lang Lasalle the Czech Republic is expected to see a higher growth than the Eurozone average over the medium term again.

At the same time the Czech Republic has a much lower debt level than other European countries: The external debt in the Czech Republic is about 50 % of GDP – in the EU average the external debt is about 85 %. The inflation rate in the Czech Republic is currently around 2 % - and is thereby lower than in most other countries in the new Europe.

The capital city Prague is the most important city in the Czech Republic: The “Golden City” on the Vltava River is one of the political and cultural centres of Europe. The Charles University that is founded in 1348 is the oldest university in Central Europe - since 1992 Prague is UNESCO world cultural and natural heritage with an extent of 866 ha.

Adjacent to its outstanding importance of tourism, Prague is the financial- and economic centre in the Czech Republic: Approximately 2.3 million people – or more than 20% of the total Czech population - are living in the catchment area of Prague. With an unemployment rate of currently less than 3 %, the unemployment rate in Prague is not only lower than in the Czech Republic in average, but also lower than in many other cities in Europe.

At the same time purchasing power in Prague is not only significant higher than purchasing power in the Czech Republic in general but has catched up already with the purchasing power in capital cities in Western Europe - for example purchasing power in Prague is today at the same level as the purchasing power in Vienna.