One of the leading local real estate developers, the Developer Central Group has expressed an interest in purchasing the so-called Dancing House in the center of Prague for a quarter of a billion crowns. The developer announced that they want to house a museum of architecture and design in the modernist structure, co-designed by the world-famous architect Frank Gehry. The building’s current owner, CBRE Global Investors, said a few weeks ago that they want to sell the Dancing House. The building, which was completed in 1996, was originally meant to house a library, theater and a café, but the Dutch investor at the time opted for commercial use of the space. Currently, it houses offices and a restaurant on the top floor.
Residents of Prague’s Vršovice district were set to meet on Thursday to discuss the future of an area between Krymská a Moskevská streets, sold by the local town hall to private developers aiming to build private homes as well as offices. Critics slammed the sale and as leading to the disappearance of another green spot in the area.
After years of growth, the real estate market in the Czech capital has seen a slow but steady decline, with decreasing prices and many more new listings having turned Prague property into a buyer’s market. One factor behind the change is waning interest from foreigners to invest into real estate in the Czech capital. However, some parts of Prague have become more attractive for Czechs and foreigners alike, while others remain popular primarily with foreign clients.
In Business News this week: The Czech Ministry of Finance cuts its growth outlook for the year to almost zero; fresh figures show 7.2 percent of Czechs were jobless in Q4 2012; passenger numbers and flights were down at Prague airport last year; spas report a halving of business in just three months; and experts say luxury flats in Prague have maintained their value.
Hotel Praha in Prague 6 is due to be knocked down to make way for luxury apartments, the news website ihned.cz reported. The company that has bought the five-star facility, Maraflex, said the hotel had been constructed in such a grand style under the Communist regime that it was not economically viable to run it today. Its employees have already been let go. The hotel is where the Czech national soccer team usually stay when they are in Prague.
As Czechs went to the polls at the weekend, some had more choices to make than just choosing the next president. In seven places around the country, people also took part in local referenda, voting mostly on issues concerning public property. In the district of Prague 7 the referendum was meant to decide on how the town hall should go about putting up a new administrative building for the district. With more than 40% participation, an overwhelming majority rejected a plan to build a new administrative building for the district which many consider
In Business News this week: Czech real wages continue to fall; few Czechs plan to join a new pension system; Qatar Airways and Korean Air are interested in acquiring Czech Airlines; apartment prices expected to decrease next year; Czech spas going through hard times, and Czech architects win competition to build monument to victims of slavery in Senegal.
The city of Plzeň is perhaps best known for its iconic beer – the famous gates at the entrance to the brewery are the city’s best-known landmark. But less than a kilometre away work has begun on another, rather more controversial building. Developers want to build a gigantic shopping centre in the city centre, and opponents are campaigning for a local referendum to stop it.
With the fall of communism, it was not long before foreign investors began taking an interest in Czechoslovakia. This ranged from huge industrial multinationals to young college graduates, who arrived in Prague with backpacks in the early 1990s, and happened to spot a business opportunity. Many burned their fingers; some made a quick buck and disappeared, and others settled down and stayed here for good. In 1991, Radio Prague interviewed a few of these pioneering investors.
In this week’s business news: The Czech national debt has risen by almost 10 percent in the first half of 2012; Real estate prices are dropping for the second quarter this year, while land prices are on the rise; Škoda Auto will introduce a new Fabia specifically for the Indian consumer; Fuel prices are breaking record highs again this week; a number of operational programmes in the Czech Republic will not get the EU funds they were counting on.