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


PROPERTY NEWS
* 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



New home starts fall 19.1% in Q4


16th February 2009

A total of 9,686 dwellings started to be built in Q4 last year, a year-on-year drop of 19.1 percent, and 12,397 dwellings were completed, down by 30.4 percent on the year, the Czech Statistical Office (CSU) said Monday.

The construction of 43,531 dwellings was launched last year, 0.6 percent fewer than in 2007.

The total of 38,383 dwellings was completed last year, down by 7.8 percent on the year. According to statisticians, the trend varied during the year and an initial increase was replaced by a decrease in Q2 2008.

Completed dwellings also registered swings. While in Jan-Sept the number of completed dwellings grew on the year, the slump in Q4 was eventually the cause of a yearly decline.

"As a result of the limited access to banks' finances and the current slump in demand for new housing, developers have decided to postpone their projects," analyst Iva Novakova of the real estate consultancy King Sturge told CTK.

"A number of projects remains only on paper for now and some projects that are under construction have been suspended for the time being," Novakova added.

Most of the real estate companies are now facing a decline in demand for new housing by around 20 to 30 percent.

"We expect the demand to continue to decrease in H1 2009 as well," Dan Tok, CEO of domestic number one building company Skanska CS, told CTK.

The number of flats in family houses that started to be built increased by 6.6 percent in Q4 2008.

Dwellings in extensions to family houses grew by 3.7 percent and to tenement houses by 7 percent.

The most marked decreases were observed for flats in tenement houses, down by 44.7 percent.

The total of 176,120 dwellings remained under construction in Q4 last year, up by more than 3 percent on the year. The highest shares in dwellings under construction were reported for family houses (50.6 percent) and multi-dwelling buildings (19 percent). This decrease was partly affected by the high comparative basis of Q4 2007, the statisticians said.

The number of completed dwellings increased only in family houses, up by 8.3 percent and in converted non-residential spaces, up 15.9 percent.

In Q4 2008, modernisation of 5,996 dwellings was completed, up by 13.1 percent year-on-year.

According to the Local Development Ministry, there will be around 32,000 to 36,000 dwellings started and completed this year.

Local Development Minister Cyril Svoboda expects the number of modernised dwellings to either remain flat or grow only slightly.

Source: Prague Monitor
Sim Property Live Chat