This year was more eventful than ever. In no other period have so many changes appeared. It’s the end of the year and it’s time to make an overview. I assume that there will be no other changes and if so, I will update the article :-).
This year, the real estate law came into force, pursuant to which the profession of a real estate broker cannot be performed by just anyone. It is necessary to pass an exam or have sufficient education and experience. The law is not very harsh and did not meet all expectations, yet it is a step in the right direction.
The pre-emptive right of co-owners of real estate was cancelled this year. Therefore, you can sell your shares freely without first having to offer them to the other co-owners, with one minor exception. I write in detail about this change in this article. Along with this change, a few partial changes in the Civil Code took place, about which I write here.
The exemption period from tax on income from the sale of real estate is extended from the original 5 years of property ownership to a total of 10 years. I discuss the details in this article and I also cover the topic of exemption in the recording of a webinar.
Finally, the absurd tax on the acquisition of real estate was completely cancelled and many buyers were relieved. Today, prices are not really low and paying another 4% was already beyond tolerable. You can find more about this tax cancellation in this article.
The situation resulting from the restrictions concerning the coronavirus epidemic has its impact on the real estate market and has triggered or accelerated several trends. Lessors in Prague have been hit hard and have to get used to the new normal.
I look forward to seeing you in 2021.