The property market recovery in the Czech Republic is officially in full swing, according to Nathan Brown, managing director at Czech Point 101.

Brown states in his latest newsletter: “In the cities of Prague and Brno the real estate market has quickly turned over the last year from a buyer’s market into a seller’s market.”

Signs that the market has turned include real estate agents no longer wanting to cooperate with other agents that bring buyers as they are confident of finding a buyer themselves. Buyers are purchasing property without even asking for a discount, developers are no longer offering incentives or discounts, even for buyers of multiple units, and well-priced new developments in the areas with the highest demand are 100% sold-out within two or three weeks of being advertised.

The current mortgage interest rate for an investment property purchased by a non-Czech citizen is only 3.39% at the moment adds Brown.