TPA Horwath Group compared interest rates of mortgages in the CEE region. At the moment countries with the lowest interest rates of mortgages are in Austria (3% p.a.) and the Czech Republic (3.46% p.a.), on the other hand country, where the interest rates are the highest, is Hungary (between 10-11.5% p.a.). The survey shows that the movement of interest rates in selected countries (Czech Republic, Austria, Slovakia, Poland, Slovenia, Croatia, Serbia and Romania, Bulgaria and Hungary) does not follow the same pattern. Except for the Czech Republic, where the rates have further dropped since the first round of the survey held in May, the rates have also decreased only in Croatia. In other countries of the CEE region, the rates have stayed at the same level or have increased with different intensity. Poland has experienced the highest growth in rates – the average rate of mortgages has increased by 1.19%.
“It can be said that the level of interest rates of mortgages in the Czech Republic, which are at the record minimum, and the decrease in the prices of properties in the last two years, favours those who wish to acquire their own housing. In comparison with other countries the Czech Republic seems to be on the good track and it looks that this trend will keep going, but as no one has the crystal ball to predict the future it is hard to say for how long,” comment Petr Karpeles, partner of TPA Horwath.
