Frequently-asked questionWhat exactly is an SRO and do I need one? 
One customer says“When investigating property abroad, it is easy to be misled by people with vested interests in particular developments or companies. An independent agent can save ... MORE Facts and figures about Prague.
With the Czech economy improving and the outlook for 2012 being in the range of 2.2% GDP growth, timing looks excellent to jump into the market.
| Economic Indicator — GDP | |||||||||
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| 3.7% | 4.0% | 6.0% | 6.1% | 6.6% | 3.9% | -4.1% | 2.2% | 2.1% (Est.) | 2.2% (Est.) |
What it means
However, what does all of this mean with regard to the residential property market? Higher GDP usually translates into higher disposable income for the population. Much of this increase is focused on Prague where the average gross monthly wages was close to 30 000 CZK as compared to the national average of 25 752 (Q4 2009).
Also, unemployment is much lower in Prague compared with the rest of Czech Republic. The national average is 7.2% and Prague’s is 3.7% (Q4 2009).
Even the sheer number of tourists in Prague affects property prices as some are purchased for the short-term rental market. The total number of tourists visiting Prague in 2009 is estimated at around 10,000,000. It is rare to find in Prague private accommodation for under 1 400 CZK/night. It only goes up from there. A well-located apartment with a professional marketing and management company can make an excellent return. However, the recent strength of the crown is affecting this and numbers are showing that the tourist numbers are going down. Still, it was recently ranked 12th on the list of most popular cities in a poll conducted by the international travel Web site TripAdvisor, which named New York, London and Paris as the world’s top three.