Developers expect the growth of Prague’s residential market to continue this year, according to an analysis by the CEEC Research agency. The offer of new residential real estate in the capital is expected to increase by 7.4 percent in 2014 while demand should grow by 3.6 percent, the head of the research agency said. However, the consultancy KPMG said the survey reflects the developers’ optimistic expectations; while not unrealistic, the analysis reflects a situation when a combination of low interest rates and an expected general economic recovery create favourable conditions for residential development.
In Business News this week: CzechInvest claims annual doubling of mediated investments; developers see recovery in Prague new property market; economic crime, mostly committed by staff, on the rise; more foreign filmmakers seek Czech support; record player maker plans marked increase in production; bitcoin ATM launched in Prague.
Exports rose to record levels in 2013, largely thanks to a surge in the second half of the year. But some surprising countries feature in the list of biggest sales increases and Czech exporters appear to have had mixed success in expanding markets in countries targeted as top priority by the Ministry of Industry and Trade.
Czech exports to Russia have grown in value by more than ten times in the past decade. Czech companies see Russia as a key target territory, and are now seeking the backing of the new government in their efforts to further increase trade with the country. Visa issues, access to credit, and political lobbying are some of the areas where Czech firms believe the government could assist them, hinting that toning down the human rights agenda would also help.
The volume of Czech exports last year reached a record 3.157 trillion crowns, or more than 155 billion US dollars, the Czech Exporters’ Associations said on Thursday quoting figures by the Czech Statistics Office. Year on year, exports increased by 2.8 percent while imports rose by 1.6 percent. In December alone, exports of Czech firms grew by over 18 percent, the association said. The machinery and transportation vehicles sector was particularly strong, with an annual increase of nearly 22 percent. Analysts say the Czech central bank’s foreign currency interventions contributed to the record numbers.
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