As the 15th anniversary of the Czech Republic joining the European Union approaches, Savills, the international real estate advisor, has released an infographic highlighting the key milestones in the transformation of the country’s real estate markets and economy.
The Savills infographic of time and space lays out the radical changes seen over the past 15 years in the Czech industrial, investment, office and retail markets, from the tripling of investment volumes, to the eight-fold increase in industrial stock; from the first modern shopping mall to the arrival of the sharing economy which is heralding a new revolution in the way we perceive the urban space.
To a large degree the Czech real estate market has been following global trends, though it is also a leader – for better or worse – in other respects. Its proptech companies, backed by a well-educated and talented IT-proficient workforce, are highly prized; the business service sector, which has surpassed 100,000 employees located in about 300 modern, purpose-built business centres across the Czech lands, is now a regional hub; but the availability of housing in the Czech Republic is now the worst in Europe, with a new flat amounting to a multiple of 11.3 times the average annual income.
To see the Savills infographic covering 15 years of changes to the real estate markets since the Czech Republic joined the EU, click here.