News Article Czech Republic Prague residential YIT
by Property Forum | Residential

The YIT company has sold the Rivi Bachova project in the Praha-Chodov district to the Rivi Construction Cooperative. The interest in cooperative housing is increasing given the situation in the Czech mortgage market.

Developer YIT continues with the construction of a high-rise building with 47 apartments ranging from 33 to 91 sqm with one commercial unit. The use approval is scheduled for autumn this year. The new owners could take over the units in December 2024. Interior works are currently underway.

Based on earlier cooperation, the cooperative association became the new investor in the project. "With this step, we continue our previous partnership, when we built several buildings for housing cooperatives as part of our projects such as two houses in the Hyacint Modřany project and the Oulu stage in the Suomi Hloubětín complex. We have tested that this kind of cooperation works very well, and therefore we will be happy to continue it," explains Marek Lokaj, CEO at YIT Stavo.

It is suitable for those who do not have enough of their funds to buy real estate and cannot obtain a mortgage loan due to current conditions.

"In the case of cooperative construction, it is sufficient to deposit 20 to 25% of the total value of the construction costs of the required apartment. The remaining necessary amount is secured for the members by the cooperative, which usually obtains a bank loan with very good conditions. In addition, the acquisition of housing is not limited by age and there is no need to prove creditworthiness," explains Dana Bartoňová, Business Director at YIT Stavo.

It is possible to buy an apartment after 3 to 5 years. In addition, the cooperative share is transferable at any time during the membership period and is not subject to prior approval by the cooperative. Only a concluded agreement on the transfer of shares is submitted to the cooperative for the entry of a new member.