AFI Europe has completed the shell of the fifth and final phase of the Tulipa Třebešín residential project which is intended purely for rental housing and completes a large-scale development on a 5-hectare urban brownfield site in Prague 3 - Strašnice. The building will offer a total of 61 residential units with an expected completion date of Q3 2022. The general contractor is Imos Brno. AFI Europe's total investment in Phase 5 will exceed CZK 250 million.

Czech real estate fund Trigea bought two retail parks in Moravia – Retail Park Haná in Olomouc and the shopping centre Retail Park Ostrava, expanding its existing portfolio of three properties with additional retail projects.  

CPI Property Group’s net rental income increased to €175 million in H1 2021 (up 7% versus H1 2020) and its consolidated adjusted EBITDA rose to €172 million (up 5% versus H1 2020). The company published its unaudited financial results for the six-month period ended 30 June 2021.

Czech investment group RSJ plans to make it easier for Prague developers to finance the purchase of land for residential projects. Until now, RSJ has only cooperated with developers through shares in their projects but the new RSJ Landbank sub-fund will buy the land instead of the developer, who will take it over only after obtaining all building permits, which in Prague usually takes several years, local daily E15 reports.

According to the Czech analyst of Euroconstruct, David Frič, Czech construction certainly did not evade the crisis caused by the Covid-19 pandemic and the industry fell by 3.6% in 2020 and is unlikely to return to pre-pandemic levels in the next two years.

The Czech Republic once again ranks high in the rating of the 47 best manufacturing destinations. Thanks to a good score in all criteria such as operating costs, labour, political and economic risk and the ability to bounce back after the coronavirus crisis, the country came fifth globally and first in Europe. Since 2016 when the Czech Republic was included in Cushman & Wakefield’s Manufacturing Risk Index for the first time, it has been ranked among the best manufacturing destinations on a regular basis.

During H1 2021, Czech residential developer Central Group has completed the acquisition of land plots in three Prague locations, Žižkov, Hloubětín and Vysočany, for CZK 750 million. It plans to build almost a thousand new apartments on the land.

CPI Hotels has begun the construction of a new Clarion hotel in Brno, near the city’s main train station, local daily Denik reports.

According to Savills, total modern office space in Prague increased slightly in Q2 2021 to 3.73 million sqm. Although subdued and still challenged by uncertainty, Q2 2021 saw a recovery in new supply as 49,500 sqm was delivered to the market across four new projects. Even though a decline of 57% is still visible in y-o-y comparison, new office supply for the second quarter is 10% above the pre-pandemic quarterly average.

The occupancy level in Prague’s hotels was just 10% during the first six months of this year, with revenue remaining far below the average of the pre-coronavirus years. Contrary to initial expectations, their owners are not selling them – definitely not on a mass scale. Investors’ interest in buying remains strong – more than one-third of them are “very” or “highly” interested in Prague, according to Cushman & Wakefield’s current Hotel Investor Beat survey. Investors obviously trust Prague’s hospitality market and perceive its current situation as temporary.