Foreigners from former Soviet republics behind record high sales of flats in Prague

Interest from foreigners is behind the record-high sales of new flats in Prague last year, the daily Hospodarské noviny reports. Last year developers sold close to 6,000 new flats in Prague, which is more than in the pre-crisis year of 2007. People in Russia have responded to the fall of the rouble by trying to get their money out of the country and investing in real estate abroad is a popular option, real estate expert Alexandra Krabcova told the daily. The real estate agency Century 21 says it has registered a several fold increase in demand by Russians and Kazakhs and developer Ekospol says many of its new clients are from the former Soviet Republics – Ukraine, Kazakhstan, Azerbaijan and Belarus. Every sixth flat sold in Prague is now sold to a foreigner and real estate experts believe demand will rise further, Hospodarské noviny says.