ARTICLES LABELLED WITH TAG Prague

In 1.5 years, 275 modular bathrooms have been installed in YIT apartments in the Czech Republic. The developer is expanding the use of prefabrication to other building elements. By incorporating this technology, the company plans to not only improve the quality of its residential projects but also speed up their implementation. At the same time, it expects to have less demand for labour, which is in short supply. In addition to bathrooms, the developer is now also using modular manufacturing for structural elements. The Czech branch of YIT is following in the footsteps of its parent company in Finland, which has been building in this way since the 1970s, YIT told the press.

Prague's famous brutalist-style Intercontinental Hotel is undergoing a complete renovation. After the reconstruction, the hotel will operate with sustainability principles and will become part of the Fairmont chain, the daily E15.cz reports without mentioning the price of the planned reconstruction.

Amadeus Real Estate in Prague is reconstructing a cultural monument from the 1970s - the OD Máj department store. According to the developer's estimate, the reconstruction, which is being carried out by the construction company Metrostav, will cost CZK 4 billion, i.e. €166.7 million. OD Máj should be reopened within a year and should offer a restaurant with a view in addition to shops and a gallery, reports ČTK.

According to Savills latest research, pricing levels are increasingly attracting North American investors to European real estate. In 2022, North Americans invested more than Europeans cross the border, €48 billion compared to €36.6 billion, which is 31% above the five-year average for the former. In the Czech Republic, investors from North America spent €321 million in 2022 (40% above the five-year average), while European buyers (excluding domestic capital) acquired assets worth €459 million.

UBM Development Czechia is implementing all its current residential projects with BREEAM certifications. This is an ecological certification that confirms the standard of buildings in terms of sustainability and environmental friendliness. With BREEAM certification, UBM is currently building the Arcus City residential complex in the Prague-Reporyje district and the Astrid Garden residential project in Holešovice, Prague 7.

Tomáš Pardubický, CEO of Czech residential development company FINEP has talked to Property Forum about the necessary transformation of the real estate market and shared plans about the company’s expansion in the build-to-rent segment.

Prague's residential market in 2022 has seen the lowest number of flats sold in the last 10 years. The residential market is slowing down further, but prices of new builds are not falling, JLL said in its latest report.

Last summer, Invesco Real Estate bought the Delta building, one of the phases of its multifunctional Hagibor project, from developer group Crestyl. The building is to include a total of 165 flats in layouts ranging from 1+kk to 4+kk for rental housing purposes. Construction started in Q4 of last year and is scheduled for completion in Q3 2024. Zeitgeist Asset Management will take care of the complete management of the project during construction, as well as the subsequent leasing and management of the apartments, the company announced.

Lithuanian investors Baltic Asset Management and Hanner have acquired a hotel in Prague to convert it into a co-living project called Youston. The total investment is estimated at €14 million, Hanner, the financial partner of the project, confirmed to Property Forum.

As for the whole of 2022, the annual new supply of office space represents approximately 75,400 sqm. Although the annual supply of newly-completed space increased by 34% year-on-year, total volume was again below the long-term average of approximately 130,000 sqm per year. 2023 is expected to bring about some changes and more extensive construction. This means the Prague office market should grow to the 4 million sqm mark by 2025. Also at the close of 2022, several consecutive quarters of rent price growth came to a halt. These findings come from a survey by Colliers.