Residential investors are increasingly taking advantage of price increases on the Prague market, according to Central Group. Up until last year, investors were mainly buying flats to rent. These days, however, they can make around a 23-percent profit simply by selling a flat they bought off paper once the project secures a use permit. Central Group was selling flats at Residence Garden Towers in Prague 3 for CZK 57,800/sqm when it broke ground in 2014. Prices there have soared to CZK 71,600/sqm over the last two years. Central Group head Dušan Kunovský says that he has even seen an advertisement offering a flat in the project at a price that’s 40 percent higher than the purchase price at the start of construction.
