Prague support of cooperative flats could help lower prices
Prague is planning to support the construction of cooperative flats through the creation of a city development company in order to help citizens with rapidly rising prices and the decrease in supply of new stock. The city's support by providing the land for construction while the cooperative itself would take out the necessary loans. The Institute for Planning and Development (IPR) has been made responsible for drawing up a list of land parcels that would be most suitable for residential construction. It's estimated that the city's support could help reduce the price of new flats by as much as 30 percent.