Real estate purchase possibilities in the EU
It has been almost 10 years since we started sharing common area with other European countries. With the other countries we share common product market, labour market and also property market. While in past for foreigners it was complicated or even impossible to purchase property in foreign country, nowadays it is much easier.
House at a seaside? No problem!
How would you like to avoid cold winters and move to retire at your own house at a coast by warm seas? Or vice-versa, how about moving out to somewhere in Alps, where you can run your own guest-house? With the entrance into European Union, it is much easier to rent this kind of property or even to own it.
As we can purchase property in the EU countries, also other EU citizens can freely buy property in the Czech Republic. In 2009 a transition period ended. It postponed full opening of the market for all EU citizens. Currently the EU citizens can purchase land and property under the same conditions as citizens of the Czech Republic.
Legal system is not unified
Property market in the EU is unfortunately not very unified and it is very shattered. In the EU there still is not unified legal system for all the countries. Completely different legal system is in Germany and another different is valid for British islands.
If you want to purchase property in other country and you would like to take up mortgage or a loan from local bank, you can come to face much different conditions for acquiring the loan. Also transfer of ownership rights to the property and real estate agencies function differently.
If you decide to purchase property in a country in the EU, it is very important to study the local legal system concerning real estate. Even though the property market in the EU is open, some of the countries sought to negotiate specific exception, when its property and land are protected for a specific amount of time. For example in Poland, it will be completely free to purchase land and property in 2017.