3 ms·

I'm just glad today that our family managed to purchase a three-story house from the municipal government for the equivalent of $US6K (!) about twenty years ago

by jhgb 5y ago

I'm just glad today that our family managed to purchase a three-story house from the municipal government for the equivalent of $US6K (!) about twenty years ago. In retrospect probably one of the best investments anyone could have ever made at that time. North Bohemia, but still...

inglor_cz 5y ago
I hear you, brother. Or sister. I am now in process of buying a 120 sqm semidetached house in Ostrava. It is under construction right now. The price was about 270K USD. And this is in Ostrava, where good job opportunities are infrequent and which lost 40 thousand inhabitants since 1990. And the construction corp. that is building the houses recently posted a new project of pretty much the same type of houses, only a mile away, but for 330K USD instead of 270K. This is the price growth since May! The average salary in CZ is like 1600 USD/monthly pre-tax. The same new house somewhere around Prague would be around 500K USD at least, possibly 600K.
- jhgb 5y ago
  I know what Ostrava is like. Good luck with your house. BTW our house has something like 160 sqm on those three floors, an attic, a cellar, and an attached three-level terrace garden (on a hill slope behind the house), all on a 250 sqm land parcel. The reason why it came for $US6k was that nobody wanted it when the town was trying to sell it (for around $US20k at the time), so the town put it into auction (with a ~$US6k initial minimum bid), where we (one of the tenant families at the time) were the sole bidders. I guess we were just lucky.
  - inglor_cz 5y ago
    Oh, you were :) I think the areas where cost-of-living is cheaper will see an influx of remotely working people. Prices around Prague and Brno have become too insane even for middle class professionals and crossed into the "front end for mafia" territory, as these are among the last buyers who can afford them.

by jhgb 5y ago

inglor_cz 5y ago

I hear you, brother. Or sister. I am now in process of buying a 120 sqm semidetached house in Ostrava. It is under construction right now. The price was about 270K USD. And this is in Ostrava, where good job opportunities are infrequent and which lost 40 thousand inhabitants since 1990. And the construction corp. that is building the houses recently posted a new project of pretty much the same type of houses, only a mile away, but for 330K USD instead of 270K. This is the price growth since May! The average salary in CZ is like 1600 USD/monthly pre-tax. The same new house somewhere around Prague would be around 500K USD at least, possibly 600K.

jhgb 5y ago
I know what Ostrava is like. Good luck with your house. BTW our house has something like 160 sqm on those three floors, an attic, a cellar, and an attached three-level terrace garden (on a hill slope behind the house), all on a 250 sqm land parcel. The reason why it came for $US6k was that nobody wanted it when the town was trying to sell it (for around $US20k at the time), so the town put it into auction (with a ~$US6k initial minimum bid), where we (one of the tenant families at the time) were the sole bidders. I guess we were just lucky.
- inglor_cz 5y ago
  Oh, you were :) I think the areas where cost-of-living is cheaper will see an influx of remotely working people. Prices around Prague and Brno have become too insane even for middle class professionals and crossed into the "front end for mafia" territory, as these are among the last buyers who can afford them.