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Personal finance  |  June 15, 2012 10:06:19

Construction of new housing is declining, housing preferences of Czechs in the changing

Number of new dwellings kolaudovaných since 2007, steadily decreasing, not only in the Czech Republic but also in other EU countries. While just four years ago in this country, the Slovak Republic or in Poland each year beginning with the construction of at least four dwellings per thousand inhabitants in the past year, this number decreased to almost half of the CR and the number of new dwellings completed at the close of 2002. Newly built apartments in residential buildings with an average useful area 68 m2 are mostly two-room, single-family houses, where the effective area twice and four flats dominate pětipokojové *.

"The main reason for decline in the number of dwellings started in recent years is the lack of demand by households for homes already completed or the process of completion.Housing offer with its quantity, the adjusted price level and structure broke up with effective demand, which will naturally curb the activity of developers. Gradual process of restoring the balance between supply and demand and will be influenced by the economic situation of residents and their expectations of future participation in public funds to promote housing construction, or tax changes (eg by changing the rate of value added tax), "said Martin Kupka, Director of Investment Research CSOB. "Falling real wages and rising tensions in the labor market also recorded a lower interest Czechs in new housing. Give people more cautious in this situation prefer to buy older and therefore cheaper real estate, "adds Martin Kupka.

Demands for housing, of course, also differ by region. Most new housing in the last year began to build in the Central and Southern regions, at least in Carlsbad, Liberec and Zlín. The proportion of family houses residential construction in the regions varies depending on the degree of urbanization, demographic and land prices and property parameters of the population. For some extra layers still, the house is also a matter of social prestige.

"In Prague and Brno, where they are concentrated and large multinational companies, the demand for family houses than in comparable locations, availability of housing in the lower end residential homes," said Martin Kupka of CSOB."Given the high prices of land in Prague, however, a significant part of Prague demand for houses with garden spills over into neighboring localities in central Bohemia, with all the complications arising from the inadequate capacity of local infrastructure."

Pressure to maintain the standard of living, caused by the rising cost of financing of households whose income is actually cease to grow, encouragement to the Czechs in residential houses representing a compromise between living in the bytovkách and in his own family house. "The cost of the apartment in a residential house may be more favorable in the order of several hundred thousand crowns," said Martin Kupka.

Although the number of new mortgage contracts signed in April this year, according Hypoindexu first time this year decreased demand for private housing is among the Czechs still enormous.This particular record low interest rates, which in the case of fixation is still the most popular five-year range below 4 percent.

CSOB decided on the current trends in the mortgage market and the demand for private housing to respond to new product - Mortgage with a bonus. This is a unique innovation that motivates loyalty to the client a positive way, not sanctions, as was usual in the market yet. Loyal client that the loan will remain at CSOB, forgive 5% of the loan amount. In the case of two million mortgages, the client will save 100 thousand crowns. The first part of his bonus credit will be reduced after twelve years of mortgage, the second half at the end of the maturity of the loan.

Source: CSOB

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