Sticky

ČSOB Group believes that apartment prices will likely correct 10% this year, giving a much-needed cool-off to Czech Republic’s red-hot real estate market.  Jan Sadil, on ČSOB’s Board of Directors, told Aktualne that 2020’s real estate rally was largely due to record low interest rates which have been “basically in freefall since April.”  2020 saw a record number of mortgages given out by Czech banks, surpassing its previous record by 38%, while the average monthly mortgage payment decreased by CZK 800. Financial institutions provided over CZK 315 billion in housing loans. Jiří Feix, CEO of Hypoteční banka, said that the economic fallout from the COVID-19 restrictions made many people want to protect their savings by dumping them into the safeContinue Reading