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Prague Property advice Please??

Posted by: Prague here i come - [user profile]
Email: pythagorous57@yahoo.co.uk
Date posted: Fri 9th Mar, 2007
Category: Real Estate
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Hello everyone,

I am considering purchasing a property in Prague and as I don't live in Cz I would appreciate some thoughts on the apartment i am considering.


It's a new development in Prague 7 called the Old Brewery and it is going to be completed Dec07. The exact location is by the streets of U Pruhonu, Komunardu, Na Maninach & U Uranie in Holesovice.

I am looking at purchasing a 3+KK on floor 2 with 90sq m of internal space and 18.5 sq m of external space. The cost is CZ 4.3 mill incl VAT & car parking.

I would like to know if you guys think this is worth investigating further?

Does the price seem good for the area?
Is the area up and comin/safe?
Shoul I be worried about the flood risk?
If I need to rent the apt do you think it would be possible?

Many thanks everyone and I lok forward to hearing from some of you.

P

COMMENTS:
IJ - [profile] Fri Mar 9th 15:52 2007 / #1
There is a rumor circulating the prices of Prague properties will drop within the next few months. At present, they are over-priced, imo.

Sorry, don't know Holesovice.
h2h h2h Fri Mar 9th 16:30 2007 / #2
Yes, the area will be up and coming in about 5 years (I live in the area).

No, I wouldn't worry about the flood.

I don't recommend buying if you plan to rent it out to other tenants (for reasons, do a search for the thread "Rent deregulation in 2007"). It could be worth it if you plan to live in the apt (the price seems decent).

I predict rental prices for expats will drop by a few thousand crowns after deregulation, plus you have the headache of dealing with tenant turnover and wear and tear.
todd todd - [profile] Fri Mar 9th 16:47 2007 / #3
No way IJ...wait that rhymes :) Personally I always say it is better to buy in older buildings rather than new developments. It is a personal preference however older turn of the century buildings are in limited supply and the resell value is almost always better than new builds. Of course there is quite often alot of work/hassle etc and foreign investors like the simplicity of purchasing a turn key property. Nice, clean, ready and ready to rent.

So, if you are decided on buying in a new development, then this one actually sounds pretty interesting. That area as well as Karlin, mid-Zizkov and Smichov are all good areas to buy in right now. There are a bunch of plans for Prague 7 and the goal of creating the kind of London Docklands with residential as well as commercial spaces looks promising. In terms of the area, well its not great right now, but if they complete what they are saying than it will be alot better.

Safe? Yeah its fine, if you have a secure parking space you can bring over your Jag :)

Flood risk? Sure if we get another one bigger than last time you could be at risk down there but I wouldn't worry about it, chances of it happening again on that level are pretty slim, I mean theoretically we could all be nuked by some rogue state too right?

Renting the flat? For sure, also what's great about the location is the proximity to the city and if they put in all these office spaces down there, well the employees will need somewhere to live, and that will be appealing to them.

I will look more at the project and see if I can get some info from the people in the biz, but off the cuff you could rent it for 20-25k/month thus about a 5% per year, not bad. There will be appreciation on the property of course although I still say you would better off buying a nice flat with a balcony in a nice old building somewhere in Prague 2, 10 or 7 (letna)

Just my two cents.
h2h h2h Fri Mar 9th 17:24 2007 / #4
I would be interested to hear why you think property is going to rise. VAT increase, switch to Euro, or rent deregulation?
Prague here i come - [profile] Fri Mar 9th 17:32 2007 / #5
Thanks everyone, especially Todd.

Interesting to read your comments Todd. Really appreciate your thoughts. This development really looked interesting because of the price. It would be great if you had any more info from 'those in the know' :-)
Captain - [profile] Sat Mar 10th 10:55 2007 / #6
I have purchased two flats in Prague and my experience is as Todd states. I bought one flat in Nove Mesto in a secessionist building and spent literally over a year having it completely redone. The other one I bought in Stare Mesto and it had already been redone and was in a building from considerably earlier. I think you will kick yourself later on if you don't buy a flat in a place with some character unless the process of bringing it up to standard is an issue.
Karl Sun Mar 11th 21:22 2007 / #7
If you have a bag of serious cash and nowhere to put it then property can be considered a safe option. Just let it sit.

If the cash you have is your "life" savings, severance pay, in heritance etc buying property wont make you filthy rich in say 10 years.

Also once you install a kitchen (dont know if its included) and built in wardrobes etc - 90 m goes to down to cc 80 m.
Captain - [profile] Sun Mar 11th 22:15 2007 / #8
Karl you gotta share the secret. What will you make you filthy rich in 10 years? I, for one, want to know.
IJ - [profile] Sun Mar 11th 23:26 2007 / #9
Todd >> No way IJ...wait that rhymes :)

As I said, its only a rumour. There are factors why it may be so, but as you have already weighed them up and dismissed them, I shall not spend time dwelling on them here. ;-)

Captain >> What can make you filthy rich in 10 years?

The stock market! Lets speculate .....

There is a lot of seriously silly money going into solving this CO2/global warming riddle at the moment. But believe me, its not going to last. Once that bubble bursts, cos the investors awake to the truth, those who have invested in the alternative stock will make a killing.

"Global warming has emerged as a major market-moving force that represents a generational shift likely to influence how people invest for decades. The world's biggest financial services firms are investing massive amounts of time and brainpower trying to pinpoint what stocks and sectors will benefit — and be hurt — by changes in Earth's weather patterns"

http://www.usatoday.com/money/markets/2007-02-28-global-warm ing_N.htm
RacerX RacerX - [profile] Mon Mar 12th 09:56 2007 / #10
> What will you make you filthy rich in 10 years? I, for one, want to know.

My guess? Certain commodities, especially miners of metals and uranium. That and some specific high-tech companies that are just getting exposure now (but I can't say more). I think the stock market overall is possibly the worst investment you could currently make. But that's just me... :)

I personally agree with IJ that a wait of just a few months might be in order. (But that's a gut feeling.) And while I would rather live in an older building, I know some prefer something more modern. Have you seen the Vysocany development? A metro will be running out there soon. Here is a link:
http://www.immo-group.cz
Hommes Wed Mar 14th 13:56 2007 / #11
Are you serious?? 4.3 M Kc is way too much. The prices are too damn high everywhere at the moment.

Think about it - 4.3 M Kc is enough to buy a flat in Chicago. Its enough to buy a luxury villa in Thailand and live like a king for 10 years.

I guess if you like piss stained metro stations, then its not a bad price. Just don't get carried away, thats all.
Hommes Wed Mar 14th 13:59 2007 / #12
And while you have heavy pockets, take a look at Italy, Turkey or New Caledonia. At least they have beaches. 4.3 M Kc can buy you a beach town villa.
Hommes Wed Mar 14th 13:57 2007 / #13
somehow it posted this 3 x.,
Karl Wed Mar 14th 14:31 2007 / #14
Captain

Two recommendations that I strongly support in Czech Republic are

Renewable Energy – wind, water and Biomass - Very high valuations on companies providing green energy in Czech Republic. The investment curve commenced 5 years ago when the sector was clearly undervalued. Green energy is now being sold into the grid at 2.17 kc per kwh. 3 year growth rate was 30%.The sector was and is strongly supported by EU directives and reflected in Czech legislation.

Software and tech applications that enable phones to be more than mobile phones. For Czech companies and software / IT development the indicators are there really visible that it’s a sector that could be very lucrative. These are the indicators.

Following have located here in last 18 months
Sun Microsystems – development and technology center.
Microsoft – European center for advancement of mobile technologies
Comp Science Corporation – service center
Hewlett-Packard - production management
Red Hat – technology center
Honeywell

Czech IT / software companies doing great abroad are:
Strom (the company has its origins in Tesla) - telecoms company now owned by Russian oligarch Systema
Grisoft the producer of AVG - 65% stake sold to Intel Capital for cca 44 m EUR in 2005
Illusion Softworks signed agreement with TAKE 2 for distribution.
Cleverlance,
Zoner

Piece together EU structural funds and development activities of such companies and after a lot of work one can be successful in coming up with a very sexy application.

European structural funds, for period 2007 to 2013 the Czech Republic may draw almost EUR 26 billion, of almost 12% will go to the Enterprise and Innovation Operational Program realised under the Ministry of Industry and Trade. Thats about 3 billion EUR over years I would encourage any entrepreneur out there to have a look at this program.

Just my 2 bits worth.
IJ - [profile] Wed Mar 14th 14:43 2007 / #15
Yes, AVG is an excellent Anti-virus. For non-commercial systems their FREE anti-virus takes some beating.

http://free.grisoft.com/doc/1
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