Show more
A number of Czechs who bought cottages during covid will get rid of them this year. Economic optimism faded, energy prices rose. Hundreds of new weekend properties will appear in the offer in the spring. Some for only a million.
The advertisement sections for cottages and cottages started to fill up already last autumn. New properties will come on the market in the spring.
“We can talk about hundreds of properties. On the Reality Čechy server, the offer has doubled compared to last year, not even in a year,” notes mortgage expert Libor Ostatek in the investment podcast Ve váte.
No wonder. Romantic ideas about living outside the city faded with the end of the pandemic. And the intention to improve older properties was stopped by inflation.
“Building materials have skyrocketed. So the properties remained in their original state. These are the ones that will and continue to fill the pool from which we can hunt for potentially interesting opportunities,” says Ostatek, Broker Trust expert and founder of Golem Finance.
In the Karlovy Vary region, the price per square meter fell by five and a half thousand year-on-year. According to the Sreality.cz real estate price compass in the Central Bohemia and Ústí Regions, it fell by about a thousand. However, some owners still refuse to accept that the prices of holiday properties have started to move. That is, except for the popular Krkonoše, Šumava, Lipno and similar destinations.
“If I look at the offers, there are a lot of overshot prices. The owner bought very expensively during the covid and wants five million for a cottage in “Horní Dolní”, moreover, energy- and technically demanding to maintain,” adds Ostatek.
Only some cottages will be cheaper by up to a third
It is already worth monitoring the prices, because according to Ostek, the second quarter will be ideal for buying a cottage or cottage.
“Come March and the price starts to melt. Family budgets have become much clearer. All autumn we were not clear how it would be with energy. But now it is clear to us whether the budget will also cover the operation of the cottage,” says Ostatek.
Discounts on cottages and cottages will be significant, up to a third, the expert predicts. “There are types of real estate where it will have to go down by 25 to 30 percent compared to last year in order to sell.” Especially the energy-intensive and unrenovated ones.
Listen to the next episode of the Ve váta podcast
The vast majority of sales are made in cash. Due to inflation, people “pour” their savings into cottages.
“Inflation is huge. Primarily, the market will start on cash transactions. There are cottages on the market that cost less than a million and can be enough for a nice recreation. Placing money devalued by inflation makes sense there,” Libor Ostatek thinks.
How much does a mobile cabin on wheels cost? And summer apartments in the south of Europe? Listen to the entire episode of the Ve váte podcast in the player at the beginning of the article.
In cotton wool
Podcast of journalist Markéta Bidrmanová and her guests. Hear advice from well-known investors and experts on investment, inflation, credit and mortgages. A financial “pocket” for everyone whose money is not stolen.
