In the third quarter of 2024, approximately 188 million euros were invested across the main real estate sectors. Although this is one of the lowest volumes in recent years, a full 100% of buyers were from the Czech Republic. The total investment volume for the first three quarters of 2024 exceeded one billion euros. There were a total of 34 transactions. Approximately half of the properties with which transactions have been carried out so far in 2024 are located outside Prague. This is according to a regular quarterly survey published by Colliers, a leading provider of diversified professional services in the field of commercial real estate and investment management.
As part of the 32nd edition of the Building of the Year competition, which is organized annually by the Foundation for the Development of Architecture and Construction, the Roztyly Plaza administrative building of Passerinvest Group was awarded the prestigious title of Building of the Year 2024. It received the title for the purity of the building's architectural and structural design and its urban concept location in the area immediately following the Krčský les. According to the jury, the building is an example of modern administrative architecture, which destroys the stereotypical ideas of the lay public about office buildings as "glass-concrete hells" taking up public space. The jury was also impressed by the building's friendliness, well-thought-out shape solution, accessibility and connection of the external and internal environment.
FETTERS, a specialist in project management in the construction industry, joins the ranks of developers with the Panorama Braník project. The 14-storey multi-functional building on the border of the residential development in the southern part of Prague's Braník will offer a total of 77 apartments with layouts from 1+kk to 5+kk and 750 m2 of commercial space on more than 4,300 m2. The public sale was launched on September 2, with completion scheduled for late 2026.
The developer group Crestyl is returning the Baroque Savarin Palace in the center of Prague to the cultural map of the metropolis. The most valuable historical spaces of the newly renovated listed building by Kilian Ignác Dientzenhofer will no longer be occupied by the casino, but will be reserved for exhibitions. The reconstruction of the baroque Savarin Palace has been practically completed and is the first part of the entire Savarin project, which will open previously inaccessible places in the heart of the metropolis to the public.
Almost half of Czechs eat lunch directly in the office, and only a fifth of them go to company canteens, according to a new survey by the IN CATERING company, conducted by the Ipsos agency on a sample of 509 respondents aged 18 to 65. About a tenth of Czechs go to restaurants, and when choosing a place, the most important factors are the quality of the food and the price, while the strongest motivator for changing a favorite restaurant is special prices and discounts.
The real estate market expects a strong investment impulse this year. Interest on savings accounts is falling and many Czechs are planning to move their money elsewhere. At the same time, the domestic real estate market is stable and in many ways more efficient than in other countries. The funds will use the newly raised money for acquisitions.
Almost a third of the office market in Prague is twenty or more years old. This presents a problem for many tenants, not least because they cannot emphasize sustainability in these buildings and thus meet their ESG goals. Building owners are offered a solution in the form of complex renovations, but according to experts from Colliers, this is hindered by the low vacancy rate on the Prague office market, which offers few alternative spaces. Nevertheless, it turns out that the reconstruction of old buildings can be less demanding than the construction of new ones. A well-planned and well-executed strategic renovation can bring long-term benefits to landlords, including higher rents.
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.
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