About Prague - Prague
Prague is a very popular tourist destination receiving over 3 million visitors per year. It offers the contrasts of the past with bridges, cathedrals, gold-tipped towers and church domes, and that of a modern metropolis full of energy, music, and art. The architecture of Prague includes Romanesque, Gothic, Renaissance, and Baroque as well as classical buildings and Art Nouveau.
Prague is also a city of bridges, 14 alone crossing the river Vltava. Prague is also a ‘Green City’ with numerous parks and forest areas.
Prague was selected as one of the European Cities of Culture for the year 2000. The city is home to 81 museums, 108 art galleries, and 71 resident theatres and concert halls. Prague annually hosts major cultural events such as the Prague Spring music festival.
Traditional Czech food is pork typically served with dumplings and sauerkraut. The Republic is also famous for its beer (pivo) with Pilsner the best known.
A real estate investment in Prague provides a high potential for returns due to the strength and stability of the political and economic environment.
- The Czech Republic is a parliamentary democracy and one of the 10 new members of the EU as of 1 May 2004.
- The independent Central Bank (Czech National Bank) has enabled currency stability since 1991. The Czech koruna is fully convertible. All international transfers (e.g. profits and royalties) related to an investment can be carried out freely and without delay.
- The Czech Republic was the first CEE country to be admitted into the OECD. The country is a member of NATO and the WTO, IMF and EBRD.
- Commercial, accounting and bankruptcy legislation are compatible with EU standards.
- Any company registered in the Czech Republic may acquire real estate without any limitations.
Prague is divided into fifteen districts.
- Prague 1 (Mala Strana, Hradcany, Stare Mesto) is at the very centre and most of the historical sites are located here.
- Prague 6 and Prague 2 (Nove Mesto, Vinohrady) are residential districts and are considered to possess a "good postcode".
- Prague 4, 9 and 10 and are also mostly residential.
The key districts are as follows:
- Old and New Town (Stare Mesto/ Nove Mesto) – District No 1 Prague’s Old Town stretches from the Old Town Square to Charles Bridge to Wenceslas Square encompassing all the main tourist areas including the Castle. A small area and supported by string public transport links.
- Vinohrady – District No 2, 3, 10 A predominantly upper-class district built in the 19th century. Adjacent to the city centre, the district shares the excellent transport links and highway links.
- District No 3 Traditionally a working class district located next to the city centre, this neighbourbood houses 2 universities, the Prague School of Economics and Central European University. Several new property developments are currently underway offering cheaper investment opportunities and ‘higher than average’ rental yields.
- District No 10 Adjacent to Vinohrady, and in a good position to benefit from its expansion. Currently a busy work