The Czech government is set to start real estate fire-sales as part of its wide-ranging austerity plans. By offloading unused properties, such as Štiřín castle in Central Bohemia or the Czech embassy buildings in Costa Rica and Uruguay, the government hopes to boost the national budget by CZK 3.7bn.
Hundreds of properties have been listed in what Deputy Prime Minister Karolína Peak claims will be the last massive sell-out. The procedure is yet to be discussed, but Peake says an auction would be the best solution, arguing that bidding can drive the prices higher than tenders. The server iHned points to the Štiřín castle, on offer at CZK 330m, and says the market price for the building and the land is close to CZK 1bn.
