Living in PragueIyna Bort Caruso
Since the fall of the Iron Curtain and the country’s Velvet Revolution in 1989, Prague has transformed into one of the most popular tourist destinations on the continent. It is an exuberant city of art, architecture, music festivals and Michelin-star restaurants. Monuments in its intact medieval core, one of the world’s best-preserved, inspire awe with such treasures as the Charles Bridge and Prague Castle complex.
The city’s history is expressed in its Romanesque, Gothic, Renaissance, Baroque and Art Nouveau structures. Prague continues to inspire the imagination. An office building called The Dancing House is one of its more recent architectural attractions. It is a daring and dynamic collaboration between architects Frank Gehry and Czech-based Vlado Milunić, inspired, surprisingly enough, by the footwork of Fred Astaire and Ginger Rogers.
A number of multinational companies have chosen Prague for their European headquarters, helping to turn the “city of a hundred spires” into an important economic center.
Prague real estate offers good value compared to other capital cities. It is viewed as one of the most established property markets among the former Eastern Bloc nations. Demand has been consistent from Russian, Ukrainian and Western European buyers. There are no restrictions on international purchases and a strong network of organizations exists to support expat communities.
Due to heritage preservation laws, little new development takes place in the city center. As a result housing stock is limited. The most desirable residences are centrally located apartments in the Old Town with views of the Vltava River. Some of these historic homes date back nearly a millennium. Other in-demand neighborhoods include Vinohrady, known for its grand 19th century buildings, and Dejvice, home to a number of embassies. Expansive villas are more often found in the outskirts of Prague.