From July 1, 2024, the new Building Act also applies to ordinary buildings. In the long term, it will speed up and simplify construction management. It waives unnecessary technical requirements, which will make housing construction cheaper. The building permit is obtained by the builder in one place online in the builder's portal. Along with the new construction law, the related implementing regulations, including the modern decree on construction requirements, also came into force. The law also provides for a transitional period until the end of June 2027. Until then, it will be possible to use the documentation that the builder developed before the new building law came into effect.
Czech developer FINEP and international investment and development group AFI Europe have announced two signed transactions that will add more than 800 apartments in two different locations to the Prague rental housing market over the next three years. FINEP will newly build two apartment buildings with more than 300 apartments for AFI Europe in the Nová Elektra project in Prague 9 - Hloubětín. In addition, AFI Europe is buying from FINEP the project "V Korytech" in Prague 10 – Strašnice where AFI Europe intend to develop residential project having more than 500 apartments. Moreover, the two companies expect to cooperate on rental housing in other locations soon.
UBM Development AG is aiming to fulfill its strategic goal of becoming the leading developer of wooden construction projects in Europe. In 2024, it already has over 300,000 m² of wooden buildings in preparation. Timber Pioneer, the first wooden office building with a wood-hybrid structure in the Frankfurt am Main business district, is now complete and its anchor tenant is Universal Investment. UBM recently started construction on the Timber Factory district in Munich, the Timber Peak high-rise in Mainz and the LeopoldQuartier Office complex in Vienna. The company has a number of other wooden buildings in preparation, such as the Timber Works and Timber Living projects in Munich or Timber Port in Düsseldorf. The vision of the parent company is also followed by the Czech branch of UBM Development Czechia, which this summer will complete the Timber Praha project, the first multi-storey residential wooden building in the history of the Czech metropolis.
Scott.Weber Workspace continues to expand and consolidate its position as a leader in the flexible workspace and coworking market. This fall, it will expand its premises at the existing Churchill location near the Prague Central Station, while using the premises of Deloitte, and at the beginning of 2025 at the DOCK location in Prague 8. Next year, it will also open new serviced offices and coworking in the premium new PernerKa building in Prague's Karlín and in the intelligent ORGANICA building in Ostrava, then in 2027 in the exclusive location of Dornych near Brno's main railway station. Scott.Weber Workspace will thus already operate 17 centers in which it combines a first-class working environment with a wide range of services inspired by the standards of top hotels, thereby providing a comprehensive positive experience for office space users.
After years of depression, the domestic real estate market is starting to revive. In recent months, the Komerční banka building on Wenceslas Square, the Palác Pardubice shopping center have already been sold, and there is even a gem for sale in Na Příkopě Street: the Myslbek commercial and office building.
In three years, the surroundings of Smíchovský nádraží in Prague will change beyond recognition. Today, there is a huge construction site where construction is taking place in parallel under the direction of private and public investors. Their representatives officially presented the next stage of the Smíchov City project on Wednesday.
Construction activity is beginning to move to the desolate southern part of Prague's Smíchov. Developer Sekyra Group is launching the second stage of its extensive project for the new Smíchov City district here. Within a few years, three administrative buildings should be built here, including the new headquarters of Česká spořitelna and a hotel. The private project for a total of 35 billion crowns will be followed up by the city and the Railway Administration, which are working here to modernize the railway and build a new transport terminal. Public investments will reach another fifteen billion crowns.
The office market is slowly recovering from a deep depression. Managers are looking to more modern workplaces not only to meet future sustainability requirements, but also to entice employees from their homes back into the workplace. Škoda Auto recently moved to new offices, large media houses are changing their addresses, and Česká spořitelna, for example, is already looking at a modern building in Smíchov. Some authorities and public institutions are also looking for a new seat. However, many companies prefer the reconstruction of existing buildings.
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