2018 is coming to an end and the Homes Overseas portal sums up the results of the year together with our experts in the foreign real estate market – readers are offered a selection of all key events of this year and their analysis.
What event on the foreign real estate market do you consider to be the main one for 2018 and why?
Julia Titova, Director of RENTSALE
– It is very difficult to single out one event or one change in the legislation that has had the greatest impact on the foreign real estate market. Perhaps the most striking milestone of this year was the events in the UK, in connection with which the flow of people wishing to have passports of Cyprus and Malta, permanent residence of Spain, Greece and Portugal intensified. The general bright trend is that, on the one hand, they have become tougher to control the income of Russians at home, on the other hand, they have begun to check Russians abroad much more seriously – when opening bank accounts, obtaining residence permits, permanent residence, citizenship. Continue reading
Romania is a kind of terra incognita not only in the European real estate market, but also in the field of tourism – except for the Black Sea coast of Constanta, Dracula’s castle in Transylvania, Gypsies, Ceausescu regime and the legendary Negresco hotel in Nice, named after its Romanian founder, – little is known about this country.
Romania in 2007 became part of the European Union, but so far has not joined the Schengen countries. True, news feeds report that in order to enter the Schengen zone, the country needs to fulfill a number of EU requirements, and this issue will have to be resolved in the foreseeable future. A similar situation is now with Bulgaria and Croatia, where it is also necessary to make national visas for entry, however, if the passport has multiple “Schengen”, then all three countries can be visited without problems. Continue reading
The Czech Republic today is one of the most interesting countries in terms of real estate investment: the tendency to purchase primary housing in Prague for leasing is now the most promising and reliable due to its stable and strong economy and high demand in the rental market.
About 10,000 new residents move to Prague annually, not counting students. Therefore, it is not surprising that in 2017 about 30,000 new apartments were built in the Czech Republic, of which about 6,000 objects were built in Prague. Real estate prices have almost doubled since 2013: if in 2013 the average price per square meter in Prague was about 55 thousand crowns (2130 euros), then in 2019 it rose to 100,000 crowns per square meter (3875 euros ) The growth was affected, first of all, by high demand that exceeded supply – in many respects, it arose due to the fact that the city authorities today severely limit the number of building permits. Continue reading