Real Estate Archives – Prague Morning

Real Estate

Green Light for Žižkov: 20,000 New Homes to Rise on Former Freight Station

After seventeen years of planning, Prague has approved the largest zoning plan change in its history, unlocking the long-awaited transformation of the former Žižkov Freight Station into a major residential district. At Thursday’s meeting, city councillors voted to rezone the 23-hectare brownfield, paving the way for construction of up to 20,000 new homes. The area, dormant since it ceased operation nearly three decades ago, is finally set for redevelopment. This change follows lengthy negotiations between the city and multiple investors. A key condition was the signing of contribution agreements, where developers commit to financing public infrastructure and amenities based on the size of their projects. So far, deals have been struck with all major players, securing roughly CZK 1.4 billion for the city. Among the most prominent investors is Sekyra Group, owned by billionaire Luděk Sekyra, which plans to build 3,000 apartments across three phases under the Žižkov City project, just south of the old station building. According to CEO Leoš Anderle, the project’s investment volume will be around CZK 25 billion, matching the scale of the developer’s other major ventures in Smíchov and Rohanský ostrov. “We want to build traditional city blocks like we did in Smíchov. We’ve launched...

by Prague Morning Apr 25, 2025

Prague’s Airbnb Market Rebounds, Pressuring Local Housing

Airbnb listings in Prague are bouncing back as travel restrictions ease, approaching levels not seen since before the pandemic. But the resurgence has brought a new shift: the rise of professional property managers, raising fresh concerns about the impact of short-term lets on the city’s already strained housing market. According to new figures from Prague’s Institute for Planning and Development (IPR), the number of active Airbnb listings has increased more than fivefold since hitting a low in 2021. While the platform hasn’t yet returned to pre-Covid levels, growth is steady. As of summer 2024, around 9,000 apartments were listed across the city. From Spare Rooms to Full-Time Business IPR data shows that around 3,000 Airbnb hosts operate in Prague. Yet two-thirds of them – so-called “single hosts” – control just 20% of the listings. The bulk of Airbnb properties are now in the hands of hosts with multiple listings. In fact, hosts managing five or more units now account for more than half of all short-term rentals in the city. “Airbnb has become increasingly commercial, and in Prague the trend is especially stark,” says Jan Sýkora, a housing analyst at IPR. “Back in 2019, the average host managed two properties....

by Nusrat Jahan Shuvra Apr 09, 2025

Prague City Plans 50,000 New Flats in Letňany to Tackle Crisis

A major new residential district is set to rise in Letňany, Prague, with the potential to deliver up to 50,000 apartments. The project, announced on Tuesday by Deputy Mayor Alexandra Udženija (ODS), is positioned as a key part of the city’s strategy to address its growing housing crisis. City officials insist that the city—not private developers—must take charge of the development. Prague faces a severe housing shortage, and according to Udženija, at least 9,000 new apartments should be constructed annually to meet demand. Yet progress remains slow, hampered by bureaucratic delays and a city administration still dependent on national government approval for housing initiatives. “We are trying to act as quickly as possible,” said Adam Zábranský (Pirates), the city’s housing councilor. He indicated that ongoing talks with the state could result in a conditional land transfer, with the expectation that a portion of the housing stock would be reserved for affordable and social rentals. Most of the land in Letňany targeted for this development is state-owned, but key private stakeholders, including major landholders like PPF and Kaprain, also control substantial plots. A deal between the city and the state is therefore critical to move the project forward. Deputy Mayor for...

by Prague Morning Apr 08, 2025

New Urban Living: Historic Factory Becomes Smart Loft Housing

The META Modřany Housing project is in the construction phase of the first stage, which is a sensitive renovation of the original Chirana factory building and brings a completely new concept of compact urban housing. Under the name META Lofts Housing, 133 functional smart lofts in 1+kk and 2+kk layouts with high ceilings of up to 4.3 m will be created, supplemented by 50 standard 2+kk and 3+kk units on the last two floors of the building. The smallest lofts have a usable area of 26.6 m², which can be expanded to 39 m² thanks to the intermediate floor. The originality of the larger 2+kk lofts is underlined by the “L”-shaped floor plan. The project is being developed by COOPERA Development, a joint venture of experienced developers KKCG Real Estate Group and Alma Development. The general contractor for the construction is NOVECON, which is part of the KKCG group. The renowned QARTA Architektura studio is behind the architectural design. The completion of the first stage is planned for the end of 2026. Currently, more than 60% of the units from the first stage have been sold. Would you like us to write about your business? Find out more

by Prague Morning Apr 06, 2025

New Prague District Pays Tribute to Famous Philosophers

The streets and parks of Rohan City, a new district taking shape along Rohanské nábřeží in Prague’s Karlín, will be named after renowned philosophers from both Czechia and abroad. A new square, set to become the central hub of the area, will bear the name of French thinker Simone Weil, one of the most influential philosophers of the 20th century. A Tribute to Great Thinkers The Sekyra Group, the developer behind Rohan City, is leading one of Prague’s most ambitious urban transformation projects. The company’s founder, Luďek Sekyra, envisioned naming the new streets to honor prominent philosophers who have shaped moral and political thought. “I am pleased that our proposal to commemorate key Czech and Western philosophers has been accepted. These individuals have played a crucial role in shaping our civilization, influencing discussions on values, freedom, morality, and justice, both through their work and personal convictions,” said Luďek Sekyra. Famous Names in Karlín The streets parallel to Rohanský nábřeží, which borders the Rohan City project, will be named after philosophers J. L. Fischer, Jan Sokol, Immanuel Kant, Jacques Derrida, John Stuart Mill, and Roger Scruton, legendary supporters of domestic dissent. The streets perpendicular to them will commemorate Emmanuel Levinas, Radim...

by Cara McErlean Apr 03, 2025

Housing Permits: 6 Weeks in Warsaw, 13 Years in Prague—What’s Wrong?

As housing costs in Prague continue to rise, policymakers are looking abroad for solutions. Poland’s approach to residential development has emerged as a potential model, with significantly shorter approval processes and policies that encourage large-scale construction. In Warsaw, developers can secure building permits in as little as six weeks, whereas in Prague, the process can take up to 13 years. Poland’s streamlined regulations and proactive government involvement have led to a substantial increase in housing supply, creating a competitive market that has kept property prices more affordable. A key factor behind this success is the Lex Developer Law, which allows developers to build in restricted areas in exchange for investing in public infrastructure such as schools, nurseries, and transportation networks. This policy has accelerated residential expansion while ensuring that new developments contribute to community needs. The results are evident in Warsaw, where the housing market is thriving. Developers like the Czech Trigema led by Radek Menšík have praised Poland’s system for its efficiency and incentives. According to project director Fialková, competition among developers is so intense that companies must actively attract buyers, keeping housing prices in check. In contrast, the Czech real estate market remains plagued by bureaucratic delays and...

by Nusrat Jahan Shuvra Apr 03, 2025

Prague’s Florenc to Undergo Billion-Crown Makeover

A major transformation is coming to Florenc, one of Prague’s key transportation hubs. The project has attracted unprecedented international interest, with 157 architectural studios from 33 countries competing to design four new residential and commercial blocks. The winners are expected to be announced this autumn. The project focuses on a strategic site west of the Florenc bus station, a key transit point in Prague. The area is bordered by a major roadway, a railway line to the south, and Na Florenci Street to the west. The current competition builds on a previous urban design contest that established the layout of streets, building blocks, and height regulations. Four Architectural Competitions for Four Blocks At the end of last year, Penta Group launched four parallel architectural competitions for the planned blocks. The development will be primarily residential, but will also include shops, offices, and potentially a hotel. “This new district will bridge the heart of Prague—bustling with business and tourism—with Karlín, a neighborhood known for its livability and work-life balance,” said David Musil, head of Penta Real Estate, about the Florenc 21 project. City officials and representatives from Prague 1 and Prague 8 have also praised the investor’s approach. A jury of...

by Prague Morning Mar 07, 2025

Historic Location Near Agnes Monastery Gets New Luxury Housing

After more than 25 years of delays, a long-vacant lot near Prague’s Agnes Monastery is finally being transformed. The location, once planned for the controversial “Marshmallow” project by architect Zdeněk Fránek, will now feature a high-end residential building—also designed by Fránek. A Historic Site with a Complicated Past For decades, the vacant land at the intersection of Kozí and U Milosrdných streets in Prague 1 remained undeveloped. In the early 2000s, Italian investor Augusto Razetto proposed a new development, but bureaucratic hurdles and public opposition halted progress. Fránek’s initial design, nicknamed the “Marshmallow,” faced strong criticism, preventing the project from moving forward. Now, after nearly a quarter-century of negotiations, the project has secured final approval. “Building in Prague’s Old Town is an immense challenge due to strict permitting rules. But this location, combined with a premium architectural design, makes Rezidence U Milosrdných a truly unique rental property,” said Jiří Vajner, CEO of Creditas Real Estate. The six-story building offers 27 fully furnished apartments ranging from 2+kk to 4+kk layouts. Additionally, it features two commercial spaces, underground garages, and storage units. Monthly rents start at 45,000 CZK. A Design Chosen Through Architectural Competition The final design was selected through a closed architectural...

by Prague Morning Feb 28, 2025

Nusle’s New District Nears Completion: Apartments and Shops Coming Soon

The redevelopment of the historic Nuselský Brewery is drawing to a close, promising a new district that blends history with modern living. The project will feature over 120 apartments, along with a variety of shops, cafes, and restaurants. The transformation of the former brewery site has reached a critical stage, with Metrostav, the construction company leading the project, reporting that more than three-quarters of the work is complete. The focus is now on finishing the facades and interiors, ensuring the blend of historic charm and modern design remains intact. The brewery complex covers an area equivalent to three football fields and comprises seven buildings, the oldest dating back to the late 17th century. Once the reconstruction is finished, the development will offer apartments ranging from small studios to spacious lofts over 100 m². The ground floors will be home to retail spaces, including cafes, restaurants, and even a Czech Post office. A key feature of the new district will be a small public square that connects the site to the surrounding area. A new footbridge over the Botič stream will link Nuselský Brewery with Křesomyslovová Street, providing better access for residents and visitors alike. A Time Capsule Discovery During the...

by Prague Morning Oct 07, 2024

Mid-Term Rentals: A Growing Trend in the Real Estate Market. What Does Prague Offer?

In recent years, mid-term rentals have gained significant traction, particularly among corporate clients and international tenants. This trend is part of the flexible living concept, which enables individuals to live temporarily in various cities and countries without long-term commitments. The rise in demand for mid-term rentals reflects a shift in the housing market, providing a practical solution for business travelers, remote workers, freelancers, and students. In cities like Prague, however, this segment is still developing and has yet to fully match the range of options available in other European metropolises. Despite its growing popularity, mid-term rental options remain limited in Prague, where short-term rentals and long-term contracts dominate the market. What is Mid-Term Rental and Why Is It Attractive? Mid-term rental refers to leases that last anywhere from 30 days to 12 months. This type of rental is particularly suitable for people visiting Prague for work assignments, internships, or corporate projects. For tenants like international employees, freelancers, and students, the need for fully furnished, comfortable accommodation is crucial. Mid-term rentals provide a cost-effective alternative to expensive hotel stays while offering the convenience and quality not always available in short-term vacation rentals, which are often designed with tourists in mind. Prague’s...

by Prague Morning Sep 24, 2024

Czechs Face Europe’s Longest Wait to Buy a Home

Buying a home is increasingly difficult for Czechs. High mortgage rates and rising house prices complicate the situation. Last year, the Czech Republic dropped in the international rankings, making domestic housing the least affordable in Europe. “The affordability of owning a home in the Czech Republic remains poor and it doesn’t look like it will change yet,” said Miroslav Linhart, a senior partner in Deloitte’s financial advisory department. Deloitte’s Property Index survey calculates the average income and the cost of a new 70-square-meter apartment. In the Czech Republic, it takes 13.3 annual salaries to buy such an apartment, the same as last year. The Czech Republic now ranks alongside Slovakia, where people need to save for 12.7 years. In contrast, in Denmark and Norway, it takes less than five annual salaries to buy a home. Among cities, Amsterdam is the toughest for purchasing a flat, requiring around 15 years’ wages. Prague is the second most expensive, where buyers need 13.5 years’ worth of savings. Renting Instead of Owning Expensive housing particularly affects young people, according to Martin Lux, a sociologist at the Institute of Sociology of the Academy of Sciences. “Many young people live in rented accommodation or stay with...

by Prague Morning Aug 07, 2024

Czech Housing Market Rebounds: New Apartment Sales and Prices on the Rise

The Czech apartment market is experiencing a significant rebound, with sales of both new and older apartments surging across major cities. In Prague, developers sold a staggering 2.5 times more new apartments in the first three months of 2024 compared to the same period last year. This surge follows a historically slow period for sales in 2022 and early 2023, attributed to high mortgage rates and economic uncertainty. Despite the recent increase, 2023 still marked the second-worst year for new apartment sales in Prague’s history. However, prices have shown signs of stabilization, with the average price per square meter seeing only a slight increase of 1.2% compared to the end of 2023, Hospodářské noviny reports. Brno’s apartment market also saw a significant boost, exceeding the expectations of many experts. Sales doubled compared to the previous year’s quarterly average, driven by mortgage rate reductions and pent-up demand. While prices haven’t reached the heights of 2020-2021, analysts predict a gradual upward trend in the coming months. According to the analysis of the company FérMakléři.cz, which is available to the editors of FAEI.cz, an older apartment in Prague can currently be bought for an average of CZK 125,400 per m2. Roughly three months...

by Prague Morning Apr 30, 2024