Czech investors view real estate as a last resort when facing financial hardship, according to a recent survey. When forced to liquidate assets, most say they would sell shares or corporate bonds first—leaving property and real estate funds untouched for as long as possible. Josef Podlipný, partner and Chief Strategy Officer at Fichtner Wealth Managers, attributes this behavior to a mix of cultural habits and practical concerns. “Real estate and property funds hold a special place in the minds of Czech investors,” he said. “Low liquidity is a key factor—stocks or bonds can be sold in minutes, but selling a property takes weeks or months and comes with high administrative and transaction costs.” He also noted that real estate lacks flexibility. Unlike financial assets, it cannot be sold in parts. Real estate funds, too, can give a false sense of stability because their valuations don’t reflect daily market fluctuations. On the other end of the scale, equities and corporate bonds are the first to be sold when cash is needed. Their high liquidity and ease of re-entry into the market make them more disposable during a financial crunch. “Selling stocks or bonds is logical because they are liquid and easier to manage,” said investor Jan Skovajsa, founder of MyTimi. “Real estate is difficult to sell quickly, and doing so often means accepting a lower price.” Still, experts caution against impulsive sales. Podlipný warns that exiting the market during a downturn could lock in losses and derail long-term strategies. Ideally, investors should maintain sufficient reserves in low-risk, easily accessible instruments like savings accounts or short-term bonds. “In an emergency, it’s best not to sell anything,” said Skovajsa. “Having a year’s worth of living expenses in liquid assets is a more strategic approach.” If a portfolio must be reduced due to insufficient reserves, Podlipný recommends trimming it proportionally across all asset classes rather than liquidating a single one. He also suggests seeking guidance from a financial advisor to minimize tax impacts and preserve long-term goals. The Czech preference for real estate is deeply rooted—shaped by the legacy of privatization, the housing boom, and recent inflation. But while property may feel like a safe haven, experts warn that it isn’t immune to downturns or cashflow problems. For investors lacking liquid reserves, the inability to quickly monetize property can become a serious liability.