Duna House Group published its monthly Transaction Number Estimate, according to which 8,000 residential properties changed hands nationwide in November 2022. This value represents the weakest month this year, a 4 percent drop compared to the previous month and a 27 percent drop compared to November last year.

When it comes to residential real estate assets, Czechs are oriented largely towards an ownership model. The ratio of owner-occupied to rented apartments in Prague, for example, is approximately 70:30, similar to the EU27 average. Still, the Czech Republic is somewhat behind more advanced markets in terms of market evolution towards new trends. However, with the shift to hybrid working, intense talent searches, and the growth of the business services sector, Prague and other large Czech cities will need more flexible housing solutions soon. The average bid price for a newly built apartment in Prague was approximately CZK 155,000 per square meter during Q3 2022. This represents an increase of 7% since the start of the year, according to an analysis done by Colliers.

Following the pause caused by the coronavirus pandemic, Cushman & Wakefield has brought back the Main Streets Across the World report, ranking 47 countries by headline rents in best-in-class urban locations in each of them. The Czech Republic is newly represented by Prague’s Pařížská Street, which has replaced Na Příkopě as the country’s most expensive street. Among the other most expensive main streets of the world, Pařížská ranks 17th (Na Příkopě ranked 18th in 2019) and comes first in the CEE region. As compared by the survey, the highest prime rent achieved in Pařížská as of this year’s third quarter amounts to €2,719 per square metre per year, or approximately €227 per square metre a month.

7R Park Wrocław West II has been granted a valid building permit. This is another development in the Lower Silesian Voivodship to be invested in by 7R. The facility will be built in Kąty Wrocławskie. Ultimately, it will provide nearly 44,000 sqm of class-A logistics and production area.

Ghelamco has announced that it has signed an agreement to sell Plac Vogla, a retail and service center in Warsaw’s Wilanów district. Investment group LCP Properties, which also acquired the Prochownia Łomianki retail park from the developer in October this year, has become the new owner of the building. The price has not been disclosed.

The AFIhome Karlín rental residence project with 172 apartments from AFI Europe has been approved. This is the second rental housing project by AFI Europe, this time for CZK 1 billion (€41 million). The apartments will be available for move-in in spring 2023, the developer announced.

Christopher Mertlitz, Managing Director, Head of European Investments at W. P. Carey, talked to Property Forum about the environment for property transactions in 2023 and the company’s focus on mission-critical projects in its portfolio.

CTP is constructing a brand-new office building in the premium office complex Vlněna, located on a former Brno brownfield site. It aspires to be the most modern building of this type in Central Europe. This 61-metre-high glass building will be located in the centre of the Moravian metropolis, will be completed by mid-2024 and will cost CZK 600 million (€24.65 million), the developer announced.

Zeitgeist Asset Management continues the complete reconstruction of the almost 100-year-old Dunaj Palace on Národní třída in the centre of Prague. The aim is to return the building to its original splendour and refinement from the 1920s. According to the developer, the spirit of the time in which the building was built will be preserved, but the building will be equipped with the most modern technologies of today. The developer announced that the building will be ready for occupation at the end of 2023.

The Czech industrial market has proven that it is resilient to unfavourable economic factors and therefore it will logically remain a popular asset class that is not at risk of decline. Pavel Sovička, Managing Director of Panattoni in the Czech Republic talked to Property Forum about nearshoring, rising construction costs, changing tenant demand and all other factors that are contributing to rental growth.