It is perfectly possible to buy a house in Poland or the Czech Republic as a German citizen. Property prices in these countries are often cheaper than in Germany, which can make them attractive for investments or for buying a holiday home. At the same time, home ownership has also become more affordable in Germany. As reported by the Federal Statistical Office, residential property prices fell more sharply in the first quarter of 2023 than they have in 23 years. On average, they cost 6.8 per cent less than in the same quarter of the previous year. The property boom that lasted for years is subsiding for the time being.
What rules do I have to follow?
- In Poland, the rules and procedures for the purchase of property by foreigners are relatively simple, but there may be restrictions on certain types of property, such as agricultural land.
- The regulations are similar in the Czech Republic. Since the country joined the European Union in 2004, it has become easier for EU citizens to buy property. However, there are also restrictions and requirements that must be met.
- It is always advisable to consult a local estate agent and solicitor who is familiar with the property laws of the country in question. They can help you understand the specific requirements and navigate the buying process.
There are many factors that should be considered when buying a house in Poland or the Czech Republic.
Here are some of them:
- Local laws and regulations: As already mentioned, you should familiarise yourself with the specific real estate and property laws in Poland or the Czech Republic. This also includes tax laws. A local lawyer can be helpful here.
- Financing: Find out about the options for financing the purchase. Some banks may find it difficult to grant a mortgage for a property in another country. You may need to negotiate with a bank in Poland or the Czech Republic.
- Location: Examine the specific location of the house carefully. Is it easy to reach? Are there shops or schools nearby? Is there any construction going on nearby?
- Language barriers: If you are not fluent in Polish or Czech, you should consider assistance with negotiations and reading through documents.
- Property condition: It is important to have the property thoroughly inspected to ensure that there are no hidden defects. Ideally, this should be carried out by an independent valuer.
- Insurance: You must take out suitable insurance for the property. It is important to check what type of cover is available in Poland or the Czech Republic.
- Cost of living: You should know how expensive it is to live in the area where you want to buy a house.
- Your plans: Think about what you want to do with the house. Do you want to live in it yourself? Do you want to rent it out?
Ultimately, when buying a house in another country, it is always advisable to carry out thorough research and seek professional advice. Talk to people who have already bought a house in Poland or the Czech Republic.
