PRAGUE (CIA) – According to the regional manager of Realitni kancelar Sting in Opava, Bruntal and Novy Jicin, Jan Kunz, the foreigners’ demand for real estate in this region declined by two thirds year on year. They are rather individuals buying real property for permanent residence, as they came to the Czech Republic and found a family. The funding method also changed compared to last year. In 2009, they preferred cash payments while they have started using mortgage funding this year.

The Vietnamese doing business in the Czech Republic on a long-term basis are the most widespread group of real property buyers. They primarily focus on commercial real estate with retail premises and larger flats (3+1 and more) for their families. Their demand dropped most in the district of Bruntal – almost to zero. On the other hand, the demand in the districts of Opava and Novy Jicin sustains 2009-levels or went down by about 20%. According to Kunz, the reasons behind the lower demand include the overall worse economic situation in the eurozone.