Housing cooperatives

16. 11. 2022
Return Housing cooperatives

This type of housing has a long tradition in the Czech Republic. We build on this tradition to provide our clients with an alternative to the classic purchase of real estate with a mortgage, given that interest rates are currently very high and that the rules of the Czech National Bank make mortgages inaccessible to many.

For many people today, cooperative housing is the only way to financially afford the home of their dreams. The big advantage of this type of housing is that you do not need a mortgage and only have to pay a fraction of the property’s price. Another advantage of cooperatives is that they can run a business. Typically, they rent out non-residential premises in the building. The income from this activity then reduces the cooperative members’ costs for maintenance, repairs, etc.

The total price of an apartment consists of two items. The first is the price for the transfer of the cooperative share, and the second is the annuity.

After paying for the transfer of the cooperative share, you receive this share, which is tied to the right to use the apartment that you have selected. The apartment is handed over to you and you are free to move in.

The annuity is part of the loan that the housing cooperative took out for the construction, purchase or renovation of the building in which your apartment (or more accurately, your share) is located. This is the sum that you then pay through monthly instalments for a set period of time. Once you pay the full annuity, the apartment is transferred into your personal ownership, and the land registry will list you as the owner. Our clients have the option to pay the annuity at any time without any sanctions from the housing cooperative, to make the process of transferring the apartment into personal ownership easier.

You can dispose of your cooperative share in any way you choose, which means you can rent out the apartment or sell your share at any time.

If you are interested in cooperative housing, do not hesitate to contact us. We will be happy to provide more information and present our residential projects to you.

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