The number of Czechs looking for property investment opportunities abroad is on the rise. Attracted by record low prices, some 50,000 Czechs have bought foreign properties, according to the daily Lidové noviny. Croatia, Italy, Greece, the French Riviera and Bulgaria have become popular destinations for Czechs looking for seaside apartments.
The drop in asking prices seen during the crisis have allowed the middle class to make such investments, seen until recently as a luxury. Since 2007, prices on residential properties in Spain have dropped by half and in Florida, prices have fallen by roughly one-third, writes the paper. Meanwhile, the prices of homes confiscated by banks have decreased by as much as 70 percent.
