Proliferation of home-building savings in CR is second biggest

published:

updated:
11.04.2014 11:46

Prague - The Czech Republic ranks second after Austria in the proliferation of home-building savings, with 39 percent of Czechs having accounts at building societies, the Association of Czech Building Societies has told CTK.

foto

Klienti u bankovní přepážky, stavební spoření, smlouva - ilustrační foto. CTK Štěrba Martin, Fotobanka ČTK

The information is based on data from the European Federation of Building Societies for last year.

In Austria, 60 percent of the population save with building societies.

Third comes Germany, with almost 37 percent. Slovakia follows with a share of slightly below 20 percent of the population.

The global number of home-building contracts last year increased by 3.1 percent to more than 41.5 million.

"While in the past years the Czech home-building savings sector was gaining on Austria, in recent years its penetration rate has approached Germany. It is an expected development. There are over 4 million home-building contracts registered in CR, though five years ago the figure was almost one million higher. Since then, however, state support has dropped from Kc4,500 and Kc3,000 to Kc2,000," Czech Building Societies Association secretary Jiri Sedivy said.

Virtually every Czech family saves with a building society, which is a proof of an extreme loyalty towards this product, Sedivy said.

In 2013, Czech building societies provided loans worth Kc44.7bn, up by 2 percent year-on-year. They concluded over 611,000 new contracts, compared with 580,000 the year before.

Written by:
www.ctk.cz

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