Job Discussion Forums

[basiltherat]

i notice lots of people query costs of renting in prague. im just curious; has anyone purchased property there. if so, how did the process go ? Also, which are the more pleasant areas to live in ? I've heard, for example, that Prague 5 is changing rapidly.
best
basil

[spiral78]

I'm not sure about the current ways and means of getting a mortgage. Someone will probably have more up to date info (we bought a flat about six years ago for cash outright - and not in Prague!).

But assuming that you are an EU member citizen, the old standard was 50% down or something around that figure, and then about a million people to sign their lives away in case you defaulted.
Prices are really high - I believe you could easily be looking at 80-100,000 USD for a decent place in Prague 5, for example.

Although - I haven't been searching in Prague over the past couple of years!! Someone may be able to contradict some part of the above...

[Chris Westergaard]

That sounds about right to me. If you want my advice, do the following. Buy 2 places, rent one out and use the money to finance the other place. Be prepared for a lot of Red Tape and get a good lawyer to help you out.


Chris

[ITTP]

Hello Basil.

General costs in Prague are still very reasonable (as long as you stay away from Expat haunts), however, property in Prague is along the lines of prices of property in Brussels i.e. not cheap.

There has been somewhat of a building development revolution going on these last few years in which building companies have been taking every last piece of real estate in Prague and building either 'luxury' apartments, shopping malls, or parking places for the people who live in the 'luxury' apartments and who shop at the shopping malls

I write 'luxury' because that is usually how the apartment blocks are described as being, but are often badly built by inexperienced and unprofessional builders and as fast as possible in time for the next development.

A lot of the bricklayers for example are recruited from Ukraine and are anything but bricklayers by profession (sometimes doctors, for example).

There is also a trend to buy your own land and build your own house (well, have someone else build it for you).
This is more popular in the environs of Prague.

In answer to your question regarding quality of areas for living, Vinohrady and Prague 6 clearly win my vote.
Prague 6 if you have kids and Vinohrady if you don't.

Prague 6 is very calm and close to Sarka, a national park.
Vinohrady is also calm (compared to Prague 1), but is closer to the centre and a little more polluted than Prague 6.

One last point to make is that you should always shop around real estate agencies as it is not uncommon for the same property to be on offer for sale for a different price in 1 or more agencies.

Sounds like Spiral knows a lot more than me about the process as he has actually bought a place so I would recommend contacting Spiral to start off with.

All the best!

[spiral78]

Actually, I suppose that basilthereat may (like many people) have been under the impression that Prague property would be relatively cheap, and may not pursue the issue seriously now that it's clear that a place in Prague isn't a bargain.

I was cornered a couple of weeks ago by a pack of Americans in Prague with big sticker shock after approaching a couple of real estate offices. They were really surprised that it was going to take serious dollars to buy even a small flat far from the centre.

I'm pretty happy with our flat, but since my spouse is Czech and I've got permanent residencey status, we didn't have to jump through the same hoops that an expat would, so, thanks to TEFL-Prague for his faith in me, but an estate agency would be the best place to make enquiries. Not to say that we paid anything less than market value, or that it was less than an expat would have paid for the same place. Just that the process was probably different.

[vallillo1983]

is it possible to get a mortgage and buy somewhere in pragure or around when u earn 20k gross a month? thanks

[basiltherat]

spiral: actually, the reason i am asking is that later this year it might be necessary for us (and we might decide) to pack up in the uk and move to central europe; reason being that my wife is being considered as a news correspondent covering europe for her agency and we would need somewhere central to base ourselves.
prague seems appropriate but if costs are exhorbitant, we could consider slovakia. its all tentative at the moment but im having to at least give this situation some consideration. once things become a little clearer i will definitely look at seeing some (local) estate agents. are there any you wud recommend ?
thanks for all comments. interesting.
basil

[spiral78]

Valillo, are you talking 20,000 czech koruny? If so, no. You'll have just enough to live on. Unless you've got a big chunk of stronger currency saved up to make substantial (50%+) down payments.

Basiltherat, now I get it. Prague itself is pretty exhorbitant when it comes to housing costs. However, if your wife needs travel connections, I can suggest Ceske Budejovice (international train connections) or Brno (train and small airport). Alternatively, you might consider communities within a reasonable commuting distance from Praha Ruzyne airport - if you are willing to go far enough out of the city, you can find more reasonable prices. It might be something to keep in mind.

[vallillo1983]

OK, thanks for that! So, if someone out of college comes to Prague and settles there and earns a max of 30k czech crowns, thy will never be able to afford a place to call their own? not even outside the city?! Does that mean, a life-time of renting!? even in retirement!? How can a retired person possibly afford to rent?!

Thanks

[spiral78]

TEFLing is not a high-paying career in Europe, generally. There are always loads of newbies in the more desirable locations and this keeps wages down. In the Czech Rep, as in all the 'new' EU member states, the state schools pay very low wages (just like for doctors and nurses, teachers make very little).

No, if someone out of college comes to Prague, and makes 30,000 per month, that person will never be able to afford to buy a place even outside the city. Not unless he/she can finance the place with savings from his/her home country.

And, who do you think is going to pay any retirement benefits? Unless you marry a Czech, become a citizen, or get enough from your home country to make it work. Private language schools certainly aren't going to subsidize your retirement.

Teaching English in Europe doesn't offer benefits, unless/until you can get into a regular university position or international school, or work with an international corporation. And those jobs are few and far between, require serious qualifications, local connections, and usually fluency in the local language.

Vallilo, aren't you thinking too far ahead? You haven't yet made the first move abroad (I am assuming) and you're already trying to plan for retirement. You need to get started, and then when you have a better idea of what you really want to do/where you want to be, and how much time and energy you are willing to put into it, you;ll be able to find something that will work.

Nobody can tell you that you're going to be able to retire here or there or anywhere - not that it's impossible, but it's not the general case. We can only speak in generalities, really, here. Of course I know people who HAVE made reasonable lives for themselves in both the Czech Rep and Italy - but it takes years, tons of commitment, local connections, and also luck. If you've got what it takes, you can ultimately do it too, but there are no big open doors. You really have to work hard to create options for yourself.

[vallillo1983]

I dont expect to have people pay for my retirement. I am a member of the EU, so if I work in prague long-term it will be taken care of, either by the UK or Italy as long as I pay taxes in Czech Rep. There are provate pensions too!

[Arab Strap]

ah Mr Vallillo Ice, would this property you're thinking of buying be after you return from Hong Kong, via Thailand, Japan, Quebec, Spain and all points east west north and south..........

I hear the penguins in Antartica are looking into doing CAE.

In all seriousness you'd be lucky to have enough left over for a pint or two after you pay your rent, food and bills in Prague never mind get a mortgage to buy even a tiny panelak garzonka (room and kitchen in a tower block) out in Prague 9!