International Property News

Czech Property - Number of Land Register entries falling this year

23rd October 2009

The number of new entries in the Land Register decreased by some 10 percent to 517,140 in January-September of this year, according to Czech Office for Surveying, Mapping and Cadastre (CUZK) statistics.

An expert said the falling number of entries reflected the situation on the real estate market hit by the crisis.

"Quarterly year-on-year comparison has confirmed a decrease in all main indicators for the third time running. Fewer flats were completed again, and the number of sold building sites, buildings under construction and completed buildings was also lower," Petr Novotny of law office Ambruz & Dark told CTK.

The number of entries concerning flats dropped by 10 percent to 126,995 and the number of entries on building sites and buildings sank even more.

Entries concerning collaterals fell most - by some 20 percent.

"This mirrors the situation on the mortgage market. The same, roughly a 20 percent yr/yr decrease, moreover, was repeated for the third quarter in a row. After a steep one-time fall, this points at continuing stagnation of the real estate market," Novotny said.

Land Register entires in Q1-3 of 2008, 2009:

Q1-3 2009 Q1-3 2008
Total 517,140 579,177
Land 429,735 495,249
Building sites 66,184 77,868
Buildings 43,428 51,254
Unfinished buildings 1,648 1,997
Flats 126,995 137,986
Unfinished flats 16,371 17,173
Water management projects 21 28
Collaterals 108,377 135,571
Easement 65,361 55,047
Pre-emptive right 7,800 8,199


Source: Prague Monitor