Investment in Commercial Property up 45 pct in Czech Republic in 2006

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Investment in Commercial Property up 45 pct in Czech Republic in 2006

Investment in commercial property in the Czech Republic last year increased by 45 percent on the year and exceeded EUR1.3bn (Kc36.4bn), according to an analysis made by the auction house Naxos, cited by Prague Daily.

Austrian investment accounted for 41 percent of the total, German for 28 percent and American for 10 percent.

Investors from Great Britain have also shown greater interest in commercial property on the Czech market, the analysis said.

The property market matures fast thanks to the Czech entry into the EU and ongoing economic growth, said Naxos marketing manager Vladislava Cisarzova, adding that foreigners are still highly interested in investment in the country.

Demand for residential property remains high, mainly building of new homes is on the rise, the analysis said.

Last year, the highest amount of homes started to be constructed in the Czech Republic, and it was for the first time since 1993.

Developer projects are also on the rise. Most residential development projects are being implemented in Prague and in Stredocesky region in central Bohemia.

The least amount of such projects are implemented in Liberecky and Karlovarsky region in northern and western Bohemia, respectively.

However, demand is still higher than supply as a result of which prices of new homes are rising. Despite the high prices, most new projects are sold out at the time of their preparation.

Rents in homes in the Czech Republic are stagnant at present or fall slightly, mainly in Prague. Cisarzova assigned such a development to the people's need to own their homes.

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