More and more Russians are investing in new resi developments in Prague, writes Hospodářské noviny. In fact, after Slovaks, Russians are the sector’s top foreign investors. The paper writes that some developers have started targeting Russian clientele and banks are offering special services to meet their needs. Prague 1, 2, 3, 5 and 7 are among the most popular city districts for Russian investors.
In Prague 3, for example, about 25 percent of apartments in new developments have been bought by Russian investors. In Central Park, a residential complex on Olšanská street in Žižkov-Prague 3, Russians own up to 300 of the total 547 flats available, according to the newspaper, while in Prague 1 and 2, Russians own about 20 percent of the newly developed flats. Russian Sberbank’s Czech branch has been providing mortgages since July to Russians who do not have legal residency in the Czech Republic. The bank’s spokeswoman, Hana Drápalová, told Hospodářské noviny that the bank expects the number of these mortgages to double by the end of the year.
