Property owners to take state to court in the next month

02-03-2005

Property owners in the Czech Republic intend to sue the state for money lost through regulated rent, the Civic Association of Property Owners (OSMD) said on Wednesday. Property owners have lost up to 50 billion Czech crowns (2.2 billion US dollars) since 2002, as the state's rent-control system makes it impossible for them to cover basic maintenance costs, the association says.

The decision to take the state to the European Court of Human Rights in Strasbourg comes after that court ruled in favour of a Polish property owner last week, giving Poland six months to change its regulated-rent system to avoid property owners from making losses.