Russian buyers are the main driver of the increasing interest in purchasing older apartment buildings in Prague, writes the Czech daily Lidové noviny. The Russians are closely followed by Czechs and Italians. According to Pavel Smolka of Jones Lang LaSalle, the prices range anywhere from CZK 10m and CZK 300m (€400,000 -12m), while Daniel Kotula, owner of RE/MAX real estate office told the newspaper that the investors have two different strategies: either they invest in building, repairing it in order to create a permanent income from renting flats, or they reconstruct them, one by one, and sell them on, and re-invest the money. Wealthy Czechs focus mainly on houses of up to CZK 30m with 10-14 units, says Kotula.
