Russian exodus from Karlový Vary floods real estate market

Russian exodus from Karlový Vary floods real estate market

Published at: 2019-02-12 09:40 | Author: CIJEurope.com
The Russians are leaving Karlový Vary, according to Lidové noviny, and the result has had a dramatic impact on the real estate market in the city's center. Local agents claim that around 50 percent of the buildings in the most popular areas of the city are owned by Russians. With so many attempting to exit the market at the same time, it's become difficult for any of them to achieve the sales price they'd assumed. Lidové noviny highlights one example of a Russian who bought a building from the city for CZK 60m and carried out a complete renovation. He's trying to sell the building today for CZK 200m but is unable to find a buyer. "The more reasonable ones listen to advice and reduce the price, but there aren't many of those," says Petra Baboučka, regional manager for M&M Reality in the Karlovy Vary region. The situation is made more complicated by their habit of listing a single flat in multiple agencies at the same time. The newspaper speculates that the Russians some are leaving the city because of political reasons or for economic problems caused by the sanctions on Russia.

Similar Stories:

Svoboda & Williams Partner of the Art in Conversation Event
The Art in Conversation event took place on February 7th, 2019, at Galerie Cermak Eisenkra  »
Czech banks overcharging for early mortgage pay offs
Czechs have been paying more for mortgages in recent months as interest rates rise to more  »
Echo Investment starts selling apartments at Malthouse project in Warsaw
Echo Investment has started selling units at its Malthouse apartment scheme, which is part  »
Demand remains strong on Hungarian resi market
Hungary’s residential market started off 2019 strong, with prices continuing to rise and  »
Investors from China, Russia and other countries are leading a growing influx of foreign f   »
Czech Republic  ♦  Round Hill plots European growth
The buildings are located in Helsinki and in regional towns near the south of the country.   »
The 340 apartments, built in a total of nine buildings, have long since sold out as Slovak   »
Emotions are running high on the Romanian residential market where demand is outstripping   »