Heimstaden company unveiled new project Mozaic Holešovice in Prague.

The largest landlord of flats in the Czech Republic, Heimstaden, will offer the first rental flats in Prague. In the Holešovice project Mozaika wants to rent 178 flats. The apartment complex was purchased by the Swedish landlord two years ago from the property developer Finep for about 1.2 billion crowns. “We are happy that after entering the Full House rental market we are now also entering The Prague rental market. We perceive that rental housing is on the rise,” Jan Rafaj, CEO of Heimstaden, said at a press conference.
The mosaic is part of the Pergamenka development, which Finep has been working on since 2016, when it acquired the land.
“Over 400 new flats have been created throughout the site, roughly half of which are owned by Heimstaden will be used for rental housing. But all the other apartments also have their owners already,” said Tomáš Pardubický, CEO of the Finep Group.
But the first entry into the capital’s rental market may well be the last for a long time, according to the management of the largest landlord in the Czech Republic. The pace of new housing construction is too slow, and the chances of investing in housing in the capital are therefore less and less.
According to data from the Czech Statistical Office during the second quarter of 2023, construction of 553 flats started in Prague, a drop of 53.3 percent from the same period the previous year.
“Comparing the two capitals with a similar population, namely Prague and Warsaw, 150,000 more apartments have been built in the Polish capital over the last decade than in Prague. This makes a huge difference,” says Heimstaden’s investment director for Central and Eastern Europe, Stanislav Kubáček.
Developers also have a negative experience compared to other european capitals. “There are few apartments, especially in Prague. Supply fundamentally does not cover demand, and we are not talking at all about the need to renovate the housing stock. Unfortunately, the current development leads to availability deteriorating further,” says Tomáš Pardubický, ceo of the Finep Group.
Living in new flats in the capital is therefore becoming increasingly expensive. According to an analysis by property developers Skanska Residential, Trigema and Central Group, the average sales price per square metre in the third quarter of this year was 146,459.
But there are other reasons besides too low supply compared to demand at a high price. “This is due to high prices for land and building materials. The high price of energy, the expensive workforce and its persistent shortage have no small impact,” says Tomáš Pardubický, The Group’s CEO.
Holešovice mosaic
It is an apartment complex of 178 rental flats with a layout of 1+kk by 4+kk.
It also includes 6 non-residential spaces of 47 to 128 square metres.
The apartments will be available to move in from March 2024.
The complex for Heimstaden was built by Finep.
Heimstaden Czech
Swedish company Heimstaden is among the largest rental providers in Europe. The former Residomo, which owns more than 42,500 apartments mainly after OKD, mainly in the Moray-Silesian Region, has belonged to it since 2020.
JK

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