As the number of Czechs buying flats in new residential projects is growing, the number of foreigners trying to invest in the local market is falling. Hospodašké noviny reports that the biggest drop off in foreign demand is that of Russians, who have traditionally been one of the most active groups of investors. “Sales to foreigners in general in Prague have fallen below 20 percent and at our company, foreign buyers have fallen from 15 to 11 percent. The reason is the dramatic decline in investors from the former Soviet Union,” says Finep’s press spokesman Davi Jiroušek. The newspaper reports that the decline is due to the collapse of the ruble and that sales of flats in Karlovy Vary have also fallen off.
