ARTICLES LABELLED WITH TAG Prague

H2 2021 saw the highest number of newly commenced apartment constructions in Prague since 2008. The total number of apartments under construction rose to 12,630 units at the end of H2 2021. At the same time, the number of new apartments delivered was the weakest annual result since 2011 as only 3,700 apartments were completed. Still, the interest in buying flats was record-breaking, the best since 2016 and 22% above the 5-year average, says JLL in its Prague residential market report.

The investment group RSBC Real Estate is the new owner of building E in the Brumlovka administrative complex in Prague 4. The acquisition of the headquarters of the energy company ČEZ was completed in March 2022, the information about the finalisation of the transaction was published on the website of RSBC Real Estate today.

The office complex BB Centrum in Prague 4, newly renamed Brumlovka, will be expanded by two more buildings. The developer Passerinvest, which has been building here for three decades, plans to build multifunctional buildings Hila and Orion, reports local daily E15.

More brownfield sites in Prague are set for new residential development. Czech developer Ekospol is planning its big comeback to the domestic development scene and wants to build 2,000 flats in Prague's Zličín district within 10 years. It is now waiting for the necessary permits to start building Ekocity Zličín, company spokesman Filip Sušanka told Property Forum today. 

Slovak developer Cresco is entering the Czech real estate scene with a CZK 1 billion project for a 500-apartment apartment building in Prague's Holešovice, the company announced on the project's website. And it says it already has other plans for further expansion in the Czech Republic.

JRD Development, a member of the JRD Group, has completed the construction of the energy-efficient Rezidence Michelangelova project in Prague 10. The architecturally distinctive building with 29 apartments is complemented by two commercial spaces and a small park with a playground and gazebo. The project, in which the developer tested a new type of air duct to increase acoustic comfort, is completely sold out, JRD Development announced.

Premium rents in Prague to rise and interesting incentives from landlords are expected. There is also a growing interest in office rents in Brno, which is responding to the growth in rents over the past two years. Premium rents also grew slightly in Ostrava. Leasing activity in Bratislava is keeping pace with new construction and, together with Vienna, is expecting a recovery. In Warsaw, upward pressure on premium rents will grow, but there is likely to be an easing of existing incentives for tenants. Budapest is gradually recovering from the covid crisis. Rents will remain stable this year, reports CBRE.

Construction of the new metro line in Prague is in sight. In the second week of March this year, the Ministry of Transport decided to reject the appeal of the opponents of the construction, who had originally appealed against the issuance of a building permit for the construction of the new metro line D. The Prague City Transport Company (DPP) is now waiting for the deadline for the decision to come into force. Then it can start the construction, the Czech Press Agency reported.

Hines, the global real estate firm, has acquired a portfolio of four logistics assets, spanning a total of 65,960 sqm, in Prague on behalf of its Hines European Core Fund (HECF), from CPI Property Group, for an undisclosed price, the company announced.

Colliers published a survey of the Prague office market for Q4 2021. It shows that the vacancy rate stopped rising last year due to weak construction and rents rose to a new high. The market with modern office space will not increase significantly even in 2022.