Property in Prague
If you plan on purchasing property in Prague, you might need to do your research before you begin. And so, here is some useful information that could help you. There are websites that you can browse in order to find properties and Prague apartment rentals. Using Czech terms in the search bar seems to work better than using English ones, as you are led straight to the Czech real estate market without any difficulty.
As for the location of your property or rental, it is better to buy a property that is located in an area with other Prague buildings, as the value of the place will not fluctuate as much as it would have if you would have bought the property anywhere else. Perhaps it would be best to visit the place itself when looking for a property in Prague, and asking a Prague guide or taking a tour Prague would be a smart idea in this case, as you can view the city and see what it has to offer before you venture into the real estate market. Once you have found the property that you have been looking for, the next obstacle would be the financing, and obtaining a mortgage loan for a foreigner is tougher than it is for a local living in Prague. In order to be eligible for a mortgage, one has to have lived in the country for at least 2 years, and have either a permanent or a temporary residency. Especially for people not from the EU, as that requires permanent residency. And if you require assistance, hire a real estate agent to guide you.
When everything is said and done, the payment should be done through a third person, in other words, a notary, a lawyer, or a real estate office should handle it, and that is because if you’re a new property owner, the registration could take up to 30 days. Be sure to always have a lawyer present during the transactions, as they will be able to help you with the purchasing agreement as well as various other details.