The Czech Republic has seen a dramatic growth in its real estate market after European Union (EU) accession in 2004. As part of the modernisation of Czech law and its harmonisation with EU standards, the Czech legislature recently enacted a new building code to replace the previous regulation dating from 1976.
The changes that the new building code brings look to open new opportunities particularly for residential project developers. The emergence of these new opportunities can be attributed to the new building code’s introduction of a more efficient process for obtaining building, planning and use permits and does not require lengthy building permitting processes for smaller buildings with footprints less than 150 square metres.
