Czech real estate prices to fall at slower pace next year.

By bne IntelliNews October 10, 2011
Czech real estate prices will continue to decrease next year but at a slower rate, CTK newswire reported citing Petr Vlasek, sales director of real-estate agencies chain Dumrealit.cz. The decrease in prices is mainly due to the unfavourable developments in the euro zone and the governments austerity measures. Prices of flats and prefabricated houses in less attractive sites will register the steepest declines, while prices of land plots in some localities may increase. Vlasek expects prices to stagnate in the remaining months of 2011 supported by the usual moderate revival of market in this period of the year and the low interest rates on mortgage loans. Despite the falling prices, the Czech Republic remains one of the most attractive markets for property investment in Central Europe. According to recently published report by real estate consultancy Cushman & Wakefield, the country attracted EUR 1.9bn in property investments in the first nine months of 2011, making it the leading central European market.

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