Prague Residential Crisis - What Now?
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Organizer
American Chamber of Commerce
in the Czech Republic
When
10.04.2019, 09:00 - 10.04.2019, 11:00
Where
Skanska, Home Centre, Krizikova 682/34a, Prague 8 Show on map
What
Residential real estate market in the Czech Repulic recorded a rapid increase in apartment prices over the past 2 years, driven mainly by factors such as release of postponed demand from the global financial crisis years, cheap mortgage loans on the Czech market, tightened regulation on mortgages by the Czech National Bank, delays in bulding permit process, and lack of new (affordable) residential real estate projects.
According to analysis by the Institute for Planning and Development, in September 2018, there were 126 development projects of new residential buildings being built in Prague. Through these projects, 12,502 housing units have been built, of which 34% apartments should be approved in 2019, 25% in 2020 and just under 3% in 2021.
In the last two years (2017 and 2018), a slight decrease in the number of newly completed apartments has been recorded, despite very strong demand. Between September 2017 and 2018, the number of identified development projects swelled by almost 7%, but the total number of apartments being built dropped by more than 5% y/y. As a result, the average size of the project decreased, with 99 apartments per project in 2018 (in 2017 it was 112 housing units in total).
Is there an affordability crisis in the Czech residential market? What can be done about it? How do we solve it?
These and other questions will be discussed by:
Petr Hána, Senior Manager, Real Estate and Construction, Deloitte
Jaromír Hainc, Director of City Detail Section, Prague Institute of Planning and Development
Petr Michálek, General Manager, Skanska Reality
Ian Bryan, Managing Director, Ian Bryan Architects
chaired by Lenka Nová, Senior Associate, Squire Patton Boggs
Please join us for this kick-off event which will lead to creating a platform for cooperation among public bodies, developers, employers and other stakeholders to work toward improvement of the residential real estate market situation in Prague.
Please register at registration@amcham.cz.
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