Sim Property Group
One-stop shop for your property
Czech Republic, Poland, Slovakia & Bulgaria
русский Български Połysk česky English

* CZ: Avoid mortgage redemption penalties
* CZ: When to consider QNUPS
* CZ: Prague Property Market
* CZ: Zack Crichton Prague
* CZ: 39% less mortgages
* CZ: Ocro loss up
* CZ: Flat construction down
* CZ: German fund buys Prague office
* CZ: Land registry numbers fall
* CZ: Prices stop falling
* CZ: Prague Hotel revenue lower
* CZ: Market in the middle
* PL: Next property boom
* CZ: House prices fall Q2 09
* CZ: Central Group profit up
* CZ: Homes sell for less
* CZ: MPs against foreign buyers
* CZ: Panelak prices fall
* PL: Polish prices fall
* CZ: Prague expensive in V4
* CZ: Buyers market
* CZ: Property shells
* SK: Slovak market falls
* CZ: Rent deregulation extension
* CZ: Karlovo Namesti overhaul
* CZ: Orco seeks protection
* CZ: ECM REI loss 2008
* CZ: Developers expand
* CZ: Orco shakeup
* CZ: PFF-ECM property group
* CZ: Building output grows
* CZ: New home starts fall
* CZ: Bank cuts base rate
* CZ: Prague prices fall
* CZ: Developers divide Rohanksy
* CZ: Property market tough times
* CZ: Senior housing
* CZ: Copa Centrum Prague
* CZ: ECM REI makes loss
* UK: Home repossessions rise
* CZ: Czech rents rise
* CZ: Property price growth slows
* CZ: Holesovice Brewery completion
* UK: House sales slump 53%
* CZ: Prague's city within a city
* CZ: Mortgage demand falls slightly
* UK: House prices fall 1.3% September
* CZ: Brno grows a Manhattan
* RO: Bucharest construction boom
* CZ: Czech housing funds
* PL: Dom development in Wroclaw
* CZ: Brno get highest Czech building
* CZ: Rents rise by 50% in some towns
* UK: House price falls accelerating
* CZ: Hourly wage up 41%
* CZ: AFI & Satpo post loss
* CZ: ECM issues more shares
* UK: House prices fall 10.5%
* CZ: Interest rates down to 3.5%
* CZ: Some cities go down with rents
* CZ: Regulated rents rise steeply
* CZ: Orco 3bn euro project
* CZ: Building output up 2% in April
* CZ: New district in Prague
* US: No pick-up for US housing
* CZ: Tourist numbers up 10.5%
* US: Homes best bargin since 04
* UK: Taylor Wimpey close 13 offices
* US: California sales up 22%
* US: Construction picks up in April
* CZ: M&M reality doubles turnover in 07
* CZ: Building output slows 0.8% March
* CZ: Builders finish 9.8% more homes
* UK: Mortgage lending hits 33-year low
* UK: Redrow downbeat on market
* CZ: Immorent CR lays cornerstone
* UK: Repossession orders climb by 17%
* CZ: Three bidders for Rohansky ostrov
* UK: Halifax confirms price fall
* UK: Prices down 1% y-on-y
* US: House prices show steep fall
* UK: Prices slow down
* CZ: J&T to invest 90bn
* US: Home sales at 16yr low
* CZ: ING profits up 44%
* US: Prices continue to fall
* CZ: Prices grow fatest in Ostrava
* US: Manhattan prices defy trend
* CZ: Property seizures up
* CZ: Central Park Praha
* CZ: Volksbank profit up 80%
* UK: Housing gloom
* CZ: Building output up 11.5%
* CZ: Building societies loan CZK 17.5bn
* CZ: Land speculation blossoms
* UK: Warnings over mortgage lending
* US: Foreclosure bill passed
* CZ: Finep start huge Prague project
* US: Further house price falls
* UK: House prices drop sharply
* UK: Abbey pulls 100% mortgages
* CZ: Inflation & Unemployment down
* US: Rust belt put on housing bill
* US: Late payments at record high
* CZ: HSBC courts Czech millionaires
* CZ: Czech rates stay at 3.75%
* CZ: UK Mortgage squeeze to get worse
* CZ: Czech managers 34th best paid
* CZ: Manhattan prices reach record
* CZ: Rich Czech's flood Sumava
* CZ: Czechs buy record airline tickets
* CZ: Raiffeisenbank, eBanka profits up
* CZ: Czech Banks profits up 24%
* CZ: ECM profits exceed expectations
* CZ: Record CZ income tax revenue
* CZ: Internet Ad spending up 70%
* CZ: Orco profits up to 3bn CZK
* CZ: ECM profits up 28%
* CZ: Skoda sales up 39%
* CZ: Developer VGP 2007 profits treble
* CZ: Brno get ratings up grade
* CZ: Record CZ card payment growth
* CZ: GDP at 82% of EU level
* CZ: Allianz net profit soars 54%
* CZ: Guests at luxury hotels up 11%
* CZ: Current account CZK 4.8bn surplus
* CZ: Foreigners boost accommodation
* CZ: Tourism revenues rise 7.3% in 07
* CZ: Wages rise 7.3% in 07
* CZ: Car sales rise 13% in Feb
* CZ: ECM trebles profit
* CZ: Firms pay av wages over 100,000
* CZ: Prague Europe's 3rd best retail city
* CZ: Cesk nets CZK 12.15bn in 07
* CZ: Czechs demand better facilities
* CZ: Demand for homes still high
* CZ: Komercni Banka profits up 21%
* CZ: Staff in car industry up at 124,000
* CZ: Banks compete for millionaires
* CZ: Bonatrans Group sales up 17% 07
* CZ: Koreans to invest billions of CZK
* CZ: Austria's VIG comes to Prague
* CZ: KB's net profit up at 10.8bn 07
* CZ: Telefnica O2's 07 profit 9.5bn
* CZ: Prague Household debt tops 900bn
* CZ: Prague skyscrappers
* CZ: Tourist numbers up 3.8%
* CZ: CZK 10bn spend by Hyundai
* CZ: Prague Houses on Letna plain
* CZ: Prague 38% uplift in homes 07
* CZ: Prague 12th richest region in EU
* CZ: eBay comes to Prague

International Property News

Prague's city within a city

15th October 2008

Albertov Rental Apartments raises the bar on living standards

In the past several years, Prague property hunters have become an exceptionally jaded bunch. From state-of-the-art flats to restored villas and luxury townhouses, theres little this citys residents havent seen in the way of exceptional residences.

But CTR Albertov is set to raise the bar for a previously ignored group of residents: those seeking a sophisticated new home but are not yet ready to take on a personal mortgage. The new Albertov Rental Apartments will offer cosmopolitan standards of living on par with those in London and Paris, available for either short or long-term stays.

Developers are touting the new 500 million Kc ($27.7 million) development with additional features including a wellness and fitness center, a supermarket and shopping arcade, a bank, a gourmet Continental restaurant and 24-hour security services as a city within a city. The project is akin to the new Central Park Praha development in ikov but geared toward residents who might not be ready to put down permanent roots. The Albertov apartments are comprised of single-room studios to larger, multiroom residences, all to reflect the varying demand of their core demographic those who are often on the go or are moving to Prague from abroad for the first time.

Were trying to introduce a new concept of living that will offer an individual approach to our clients, says Tom Kapar, director of CTR Albertov, noting, for example, that American and Asian standards for apartments vary greatly. A lot of our clients will be foreign students and businessmen from abroad, and these are groups that are often difficult to satisfy because of their varying demands. But well be striving to do so.

With prices of property rising throughout Prague and beyond, developers say the Albertov Rental Apartments offer a good alternative. Monthly prices for the developments 269 residences range from 12,000 Kc for furnished studios up to 50,000 Kc for the larger, unfurnished apartments, averaging 400 Kc per square meter. Each apartment also includes a terrace, which offers sweeping views of Vyehrad and, in the case of the topmost penthouse suites, Hradcany and Prague Castle.

While the concept may be familiar to West Europeans, officials say the project is a pioneer development in Central and Eastern Europe in terms of its standards. And it certainly seems that developers are off to a good start, with nearly half of the apartments already leased. Those remaining are expected to be completed and available for rental by the end of the year.

In the West, weve seen similar projects like this, so we know they can be successful, Kapar says. As far as we know, were not aware of another local project thats similar to what were doing here. So we think of ourselves as the pioneers. Well see if we were thinking the right thing.

Developers say they spared no expense in ensuring a personalized approach for their tenants. Special care was taken to ensure low energy costs, including the installation of modern heating systems designed to keep utilities at a reasonable level. The furnished apartments were decorated by the Albertov Rental firms personal interior design team. Tenants who opt for an unfurnished apartment will be given the opportunity to consult with the design team to furnish their residences according to their own tastes, Kapar says.

We carefully analyze each project in terms of future goals, and keeping energy costs at a reasonable level was definitely on our development agenda, he says. And we were careful in choosing the right location, too. We didnt want to get too far outside of Prague, as we know most of our clients like to be close to the center.

Developers hope to have the apartments filled to 80 percent capacity within the coming year. With state-regulated rent soon to be eliminated, the costs of Prague-based apartments will soon be on the rise, which developers say should increase the number of residents on the search for new homes.

Featuring an extensive wine list and grill, the onsite restaurant also promises to be something special, catering mostly to Albertov residents but will likely attract other visitors as well. Set to open in early fall, the new eaterys menu will include French, Japanese and Italian cuisine prepared by head chef Mikul Gottwald, a self-proclaimed gastronomic expert whose culinary background includes stints at four-star establishments in London and Linz, Austria.

Our aim is to be at the top, not only in Prague but also in Europe, Gottwald says We want to have only the best quality international cuisine with the freshest local ingredients.

Kapar doesnt want to get ahead of himself but says that the pilot projects success could inspire future developments throughout Prague as well as the rest of Bohemia. But, so far, he isnt concerned.

Weve had to constantly remind people that these flats arent for sale, he says. Its going to be a brand new concept of living.

Source: Prague Post
Sim Property Live Chat