The developer V Invest has completed a pilot project in Pilsen in which it sold 21 flats through a cooperative structure. The company was reacting to planned restrictions on mortgage loans by the Czech National Bank (these took effect in October) that it expected to impact positively on this alternative form of owning real estate. Clients have to put down 25 percent of the price of the apartment and pay the remainder through monthly dues. V Invest director said the result of the pilot project were positive. “The speed of the cooperative flats exceeded our expectations,” he said. The next phase of 30 flats will therefor be set up as cooperative units as well and will go on the market at the beginning of next year. The smallest units of 26 sqm will go on sale for CZK 1.3m.
