• Alexandra Kurbanova, real estate agent

The 5 most frequently asked questions about real estate that I receive now. Question #1.

Updated: Jun 25, 2020

In the current situation, many people have questions related to real estate. I have collected the 5 most frequently asked questions that I recieve.

Here is a list of these questions:

1. I need to rent out my property, but it has been already couple of months that I can’t rent it out for an adequate amount. Can you help me?

2. I would like to buy a real estate, but I want to wait until the 4% real estate acquisition tax is canceled. When will it be canceled?

3. I would like to invest in real estate, and I know that because of the current crisis, there will be opportunities to purchase real estate very profitably. Can you send me such offers once you get them?

4. I would like to sell my property, but many advise me to wait because prices will rise. How long should I wait?

5. The most popular question - Have property prices already begun to drop?

Every day I will publish my answer to each of these questions. Today I will answer the first one.

1. I need to rent out my property, but it has been already couple of months that I can’t rent it out for an adequate amount. Can you help me?

Over the past month and a half hundreds of short-term apartments entered the market. The website sreality.cz offers currently 7,830 apartments for rent in Prague. Add to this number all the offers people put to Facebook and website bezrealitk.cz. This is a huge amount of offers comparing to the amount before quarantine which was around 3,000 apartments.

The second factor affecting the rental demand is the lack of expats. Usually thousands of people come to Prague for work monthly. Now this number equals to zero.

All this forces apartment owners to lower rental offer prices in order to at least pay the bills for the flats. Hence in this situation you should not expect to rent out your property for the same amount as 2 months ago. You will have to choose: a) longer and more expensive, or b) faster but cheaper. In the first case, you can set a certain price for your apartment and wait until it’s taken for this price. It is possible that in a month or two the borders will be opened, at least for those who come here for work, and the demand will increase. Or in the second case, you can reduce the price of your rental offer regularly until you find a tenant. In this case, you will most likely rent out your property faster, but there is a risk that too low rental price will attract questionable tenants.

Can I help to rent out your property? Yes. Even in this difficult situation, renting an apartment through a realtor will save you time and reduce the chance of signing the agreement with a wrong tenant - an important part of my work is the background check of the potential tenant. On the other hand, you need to be ready that the apartment will not be rented out for several months – it will depend on rental conditions and the demand on the market.

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