Manova Partners reports €535 million transaction volume in 2025

Manova Partners reported a total transaction volume of approximately €535 million in 2025, with acquisitions accounting for around €225 million and disposals totalling about €312 million. The company completed the sale of eight properties during the year, primarily office and logistics assets in the United States.

A significant share of acquisitions related to two large-scale properties in the US and Poland. In Warsaw, the firm acquired the Vibe A office property in the City Centre West submarket, while in the US it invested in a mixed-use development in Silicon Valley, California. The company indicated that it intends to continue its acquisition activity into 2026, with transactions worth €187 million already completed or at an advanced stage in the first quarter of the year.

Alongside transactions, portfolio management remained a key focus. New lease agreements covering approximately 410,000 sqm were signed in 2025, including 255,000 sqm in Europe, around 87,000 sqm in Latin America and about 72,400 sqm in the United States. Portfolio occupancy stood at around 93 percent at year-end.

The company also reported financing activity totalling approximately €530 million across 13 transactions that were either concluded or extended during the year. Assets under management reached €10.4 billion at the end of 2025.

Florian Winkle, Co-CEO of Manova Partners, said: “In 2025, our focus was on transactions. We capitalised on existing opportunities in the interests of our investors and divested office and logistics properties. Demand was particularly high for our logistics properties, and we were able to achieve good prices. In 2026, we intend to be more active on the buyer side again.”

Looking ahead, the company expects to maintain its focus on logistics while exploring additional sectors. Christian Göbel, Co-CEO of Manova Partners, said: “Our strategic focus remains on logistics properties in Europe and Mexico. Above all, we want to drive the growth of our European logistics property fund. We also plan to capitalise on cyclical opportunities in the office sector worldwide. We are also considering data centres in Europe as a complementary investment. We are currently conducting an intensive market review in this area. We find the Nordic countries particularly attractive as locations.”

The company also plans to expand its third-party asset management activities. “We see significant demand here and especially in challenging times, the demand for professional support in property management increases,” Göbel added.

Photo: Florian Winkle and Christian Göbel, Co-CEOs of Manova Partners

Prague advances municipal rental housing pipeline with new permit applications planned

Prague’s municipal developer is continuing preparations for a series of affordable rental housing projects, with plans to submit permit applications for a further 1,500 apartments in 2026. The pipeline forms part of a broader programme that could result in building permits for around 3,000 apartments by 2028, subject to approvals.

The Prague Development Company (PDS) has been preparing projects for nearly six years. It is currently progressing the permitting process for an initial batch of 450 apartments, for which applications were submitted in June 2024 and remain under review. The company states that its activities to date have increased the value of municipal real estate assets under its management by CZK 4 billion.

Across its broader pipeline, PDS has received land from the City of Prague for the potential development of more than 8,000 apartments over the next 10 to 15 years. Of these, around 3,600 units have been approved by its investment committee, with approximately 3,000 endorsed by the Prague City Council. In parallel, the developer is preparing projects that include around 80,000 sqm of commercial space and associated civic infrastructure, including schools.

Petr Hlaváček, Deputy Mayor of Prague for Urban Development, said: “I am very pleased that PDS has succeeded in launching the preparation of affordable municipal housing and that another 1,500 units are set to be added this year to the first batch of 450 municipal apartments for which PDS has already applied for building permits. Together with the large-scale projects in Nové Dvory, if everything goes according to plan, the capital city could have permits for up to 3,000 new apartments by the end of 2028. Thanks to this, after 30 years, Prague will be able to begin rebuilding its housing stock in the form of new apartments intended for so-called priority professions (teachers, healthcare workers, and other municipal service employees) and for vulnerable groups (such as single parents and seniors living alone). In the next election term, the actual construction, long-term management, and other practical steps—such as specific criteria and the method of apartment allocation—will be addressed.”

Alexandra Udženija, Deputy Mayor of Prague for Social Affairs, Housing, and Health, added: “Housing affordability is one of the most pressing issues today, and we don’t just want to talk about it—we want to deliver concrete solutions. That is why, as early as this year, Prague will submit applications through PDS for permits for an additional 1,500 municipal apartments. However, the projects the city is preparing are not just about the apartments themselves—they are about creating fully-fledged urban neighborhoods. We want young families, seniors, people with disabilities, and professionals that Prague needs to find a home there. The projects will therefore also include schools and services—including social and health services. And, of course, parks and other public spaces where people can spend their free time. Our goal is to create places where people won’t just sleep, but where they can live well.”

The timeline for delivery remains dependent on the permitting process and regulatory environment. In Prague, the preparation and delivery of residential projects typically take between seven and ten years, with construction accounting for only a portion of that period. As a public entity, PDS operates under procurement rules that can extend preparation timelines compared to private developers. Ongoing changes to building legislation between 2024 and 2026 have also contributed to delays in project approvals.

PDS expects that the first building permits for the initial 450 apartments could be issued later this year. This would allow contractor selection to begin in 2026, with construction potentially starting in 2026 or 2027.

Petr Urbánek said: “Through PDS’s activities to date alone, the city’s real estate assets under its management have appreciated by 4 billion crowns. Their value will increase further with the start of the permitting process for 1,500 apartments this year and another 1,000 apartments in 2027–2028. The new political leadership following the fall municipal elections will be tasked with ensuring the construction and commissioning of nearly 3,000 apartments, for which PDS will secure building permits for the City of Prague over the next three years.”

Transaction Price Transparency Raises Questions Over New-Build Pricing Strategies

With public access to the Property Price Register now providing insight into actual transaction prices, questions arise over whether this data is shaping developers’ pricing strategies and whether buyers of newly built flats are actively using such information when assessing the market.

Tomasz Kaleta, Managing Director for Sales and Marketing at Develia: The introduction of free access to the Property Price Register is a step towards greater market transparency, but for the time being its interpretative potential is limited. The system does not yet contain complete data, and the scope and availability of the data vary depending on location. Furthermore, the register publishes prices taken from notarial deeds. In the case of the primary market, this means transactions that are often finalised a year or two after the signing of the development contract, which is why the data presented does not always reflect the current price situation on the market.

From the customer’s perspective, up-to-date information on specific developments is more important – primarily transparent flat prices, unit availability and the pace of sales, which allow for a realistic assessment of an offer’s attractiveness.

Agnieszka Majkusiak, General Director of Sales and Marketing at Atal: Prices of developer-built flats are shaped by objective factors, primarily the costs of land acquisition and construction, rather than by the availability of information about offers and historical transactions. The standard of the development is also a key factor.

We have long presented our property listings and prices transparently, even before regulations required us to do so. This change therefore has little significance for us; it simply makes it easier for customers to gain an overview of the market, which is a positive standard.

Under the current RCN reporting requirements, many important parameters of a purchased property are not visible, which may lead to erroneous conclusions. Two flats in the same development—one purchased with two parking spaces and a storage unit, and the other without any additional features, can show very different prices per square metre. Individual features such as orientation, floor level, view and technical solutions used in the building also play a role.

Another issue is the delay, as many purchases made a year or even two years ago do not yet appear in the registers, since title deeds are only now being transferred or are still pending transfer.

As was the case with the introduction of transparency in offer prices last year, there is currently no indication that the new RCN regulations will have a significant impact on developers’ pricing strategies. Many other variables influence market conditions, pricing policies and the overall balance of supply and demand. As the regulation is new, it is still difficult to assess to what extent prospective buyers are using transaction data.

Mariusz Gajżewski, Head of Sales, Marketing and Communication at BPI Real Estate Poland: Greater transparency in the property market is a natural direction for its development. Access to actual transaction prices can help clients better understand how prices are formed and make more informed purchasing decisions. From a developer’s perspective, pricing policy is always based on multiple factors, such as location, standard, development costs and demand.

Public access to transaction data can serve as an additional point of reference, but it does not change the fact that every development has its own specific characteristics and unique value. We are also seeing that customers are becoming increasingly informed and are more likely to analyse market data before making a purchase decision. This is a positive trend that supports greater transparency and professionalism in the market.

Renata McCabe-Kudla, Country Manager at Grupo Lar Polska: The Property Price Register is an interesting tool, but it only shows flat prices and provides no information on the quality of the property. There is no data on layout or standard. It helps to give an idea of average prices in a given location, but it has no influence on our company’s pricing policy. We set prices based on land costs, construction costs and associated expenses, assessing each flat and parking space individually. I am not sure whether customers are interested in monitoring transaction rates, but I do not believe the register will influence market prices, as these are cost-driven.

Joanna Chojecka, Sales and Marketing Director for Warsaw, Wrocław and Łódź at Robyg Group: The launch of the free Property Price Register is a step towards greater market transparency. From our perspective, however, this does not represent a revolution in pricing policy. We set flat prices based on detailed market analyses, including actual transactions, demand levels, competitive offerings, development costs and the pace of sales. Public access to transaction data may streamline and standardise this process for all market participants.

Greater transparency will certainly influence customer expectations. Buyers are better prepared for negotiations, analyse asking prices and compare developments within a given location. Access to actual transaction prices may reinforce this trend. At the same time, price is only one element of the purchasing decision. Customers also consider the standard of the development, location, quality of communal areas and the developer’s reputation. We therefore see data transparency as part of broader market professionalisation rather than a factor that would significantly limit pricing flexibility.

Kamil Rutkowski, CEO of Rutkowski Group: From our perspective, the disclosure of actual sales price data has not significantly affected our pricing policy or sales dynamics. From the outset, we have based our approach on the real costs of project delivery, local market analysis and the value offered by each property. Price transparency has not altered these fundamentals.

We have also not observed any difficulties in discussions with clients as a result of access to the register. Some clients analyse transaction data and compare offers, which is natural when making such a significant financial decision. In practice, however, clients consider not only the price per square metre, but the investment as a whole—construction quality, developer reputation, surroundings and location potential.

Witold Kikolski, Member of the Management Board at MS Waryński Development S.A.: Widespread access to transaction price data increases market transparency, but it does not fundamentally affect our pricing strategy. We have long set prices based on actual project costs, supply and demand analysis and the competitiveness of our offering in a given location. Transparency reinforces existing market mechanisms rather than altering our approach.

We are seeing growing interest from clients in transaction data, which makes transparency and price justification even more important. In the long term, greater transparency supports market professionalism, curbs speculative expectations and encourages more rational purchasing decisions.

Monika Kudełko, Director of Strategy and Marketing Communications at Activ Investment: The introduction of the Property Price Register has no impact on our pricing policy. For nearly 30 years, our business has been based on fair valuation, reflecting the real value of each investment rather than short-term fluctuations or speculation. Our clients are aware of this and expect transparency, which we fully support.

The register simply reinforces their confidence that our pricing is aligned with the quality we deliver. For us, transparency is standard practice, and the disclosure of prices further validates our strategy, confirming that our clients have been investing in solid value for over three decades.

Damian Tomasik, CEO of Alter Investment: I do not believe that the introduction of the Property Price Register will significantly impact companies’ pricing policies or the market itself. Like any other market, the property sector is regulated in the long term primarily by supply and demand rather than access to price registers.

Greater transparency may be useful for some buyers or investors, but professionals have been analysing transaction prices for years. From a market perspective, a greater challenge than the lack of such data is legal instability and inconsistent regulatory interpretation. The volatility of regulations throughout the multi-year investment process has a much stronger impact on project risk and, consequently, property prices.

Andrzej Gutowski, Sales Director at Ronson Development: Flat prices were already visible to customers comparing offers in similar locations or districts under the current regulations. We do not see significant interest from potential buyers in monitoring transaction data. The Property Price Register contains a vast amount of information, making it difficult to draw conclusions without detailed analysis, although some companies may produce reports to facilitate its use.

We support open communication in sales and view this development as a step in the right direction. Individual clients are unlikely to use the register directly, but if it contributes to better market awareness and supports purchasing decisions in the future, it is a positive change.

Anita Makowska, Senior Business Analyst at Archicom: Making data from the Property Price Register publicly available is an important step towards greater market transparency. Access to transaction prices supports more substantive dialogue between developers and clients and helps dispel persistent misconceptions about pricing levels. It provides a reference point based on real market data. However, we do not expect the introduction of the RCN to directly affect our pricing policy.

The valuation of flats is primarily based on cost factors such as land prices, construction and materials, regulatory requirements and operational expenses. The register serves as an additional source of market information but does not replace analytical valuation models used by developers.

We observe that clients are increasingly interested in market data and compare offers more actively, leading to more informed decisions and greater importance of transparent communication. In response, we emphasise advisory support in the sales process, helping clients interpret data and assess the real value of properties. In this sense, access to the RCN may strengthen trust by increasing transparency in the purchasing process.

Andrzej Swoboda, Deputy Chairman of the Management Board at CTE Group: Making the Property Price Register freely available increases transparency, but it is unlikely to significantly affect how professional developers set prices. In the primary market, prices are already public and available to customers from the outset, meaning the sector operates under relatively transparent conditions.

The register may serve as a useful source of market knowledge, particularly for analysing the secondary market. In the development sector, however, prices are primarily determined by project costs, land prices, financing and supply-demand dynamics rather than data availability. Reputable developers do not rely on pricing tactics; customers receive clear information on pricing and associated costs.

Some customers are interested in market data, but in practice, factors such as location, development standard, layout and financing costs are far more influential in purchasing decisions than detailed transaction analysis.

Marcin Michalec, Managing Director at Okam Capital: The launch of the free DOM Portal and the Property Price Register is a step towards full market transparency, something long advocated by analysts. Our experience shows that buyers use transaction data to better estimate market value and strengthen their negotiating position.

For the company, however, this does not represent a shift in pricing policy. Our prices have always reflected construction costs, land acquisition and product quality. Transparency works in our favour, as market data confirms that our valuations are aligned with the quality and location of our projects.

Photo: Chmielna Duo – BPI Real Estate Poland

Source: Dompress.pl

TVM Group expands warehouse network in Poland

TVM Group has expanded its warehouse footprint in Poland by an additional 10,000 sqm, with larger facilities in the Warsaw region (Pruszków) and Poznań (Gądki), as well as a new warehouse in Gdańsk. The company was supported in the site selection and lease negotiations by AXI IMMO.

Founded in 2012, TVM provides transport services focused on groupage shipments, working with logistics operators and freight forwarders in Poland and across Europe. The company operates a fleet of nearly 500 delivery vehicles and lorries and is active in 19 European countries.

The expansion supports TVM’s network of cross-dock warehouses, which are used to organise domestic and international routes and improve fleet availability. The new site in Gdańsk, together with the extended facilities near Warsaw and in Gądki, is intended to strengthen this operating model.

Adam Biłka, Vice President of the Management Board at TVM Transport & Logistics, said: “Expanding our warehouse infrastructure in Gdańsk, Pruszków and Gądki enhances our capabilities in regions marked by a high volume of orders. As our regular connections between TVM Group warehouses continue to develop, we will be able to utilise cargo space more efficiently, allowing us to handle greater shipment volumes and tailor cooperation terms more effectively to the needs of our clients”.

AXI IMMO advised on the transactions across all three locations. Damian Kińczyk, Associate Director, Industrial & Logistics at AXI IMMO, said: “The process delivered by AXI IMMO for TVM Group involved full tenant representation – including negotiations across several locations with varying operational requirements, which demanded precise analysis and effective coordination. Our aim was to secure terms that would support TVM’s stable operating model and enable further consistent growth.”

The leased space includes 3,210 sqm of warehouse area and 131 sqm of office space in the Warsaw region, 3,416 sqm of warehouse space and 101 sqm of offices near Gdańsk, and 3,000 sqm of warehouse space with 415 sqm of offices near Poznań.

Prague 14 completes mixed-use project with affordable rental housing in Černý Most

A mixed-use development in Prague’s Černý Most district has been completed, combining municipal services, a library and more than 60 rental apartments designated for key public sector workers.

The project, located near the Černý Most metro station, includes housing intended for professions such as healthcare workers, teachers, police officers and emergency services staff. Rents have been set at CZK 230 per sqm, approximately half of prevailing market levels in the area, according to the Prague 14 district.

Construction began in late 2023 and the building is now largely occupied. A municipal service centre has been operating since February, while a new branch of the Prague Municipal Library is scheduled to open in June.

The development was delivered through cooperation between the Prague 14 district, the City of Prague and Česká spořitelna’s affordable housing platform, which joined the scheme following a concession tender. Total construction costs remained within the original estimate of CZK 630 million including VAT. The City of Prague contributed CZK 120 million, while Česká spořitelna invested CZK 200 million and became a co-owner of the residential component.

Mayor of Prague 14 Jiří Zajac said the scheme addresses a shortage of affordable housing in the capital, particularly for essential workers. He added that the combination of housing and public services also improves accessibility for local residents.

Minister of Labour and Social Affairs Aleš Juchelka described the project as part of a broader effort to support workforce stability in large cities, noting that access to housing plays a role in retaining key professions.

The site had previously remained undeveloped for around 30 years due to unresolved property issues. Following their resolution, the land was transferred by the city to enable the project to proceed.

Representatives of Česká spořitelna said the scheme reflects a wider need to expand municipal housing alongside private residential development. They pointed to a pipeline of municipal projects across the Czech Republic, while noting that further progress will depend on establishing a stable financing framework at the national level.

In addition to housing, the building incorporates public amenities, including a modern library and a municipal contact point, intended to serve both residents and the wider community.

The project was designed by Loxia and delivered by Geosan Group under a Design & Build contract, with construction management provided by FETTERS management.

NDI Development Begins Commercialisation of Sugar Factory Redevelopment in Pruszcz Gdański

NDI Development has launched the commercialisation of the historic section of the former sugar factory in Pruszcz Gdański, as part of a wider regeneration project. Savills has been appointed as the exclusive leasing agent.

The scheme involves the redevelopment of the historic part of the Cukrownia complex, providing approximately 14,500 sqm of space for retail, services and offices, including around 3,800 sqm of office space. The project forms part of a broader trend of repurposing post-industrial sites into mixed-use developments.

The regeneration includes the preservation of 29 historic buildings, carried out in cooperation with conservation authorities. The existing industrial structures, including the site’s chimney, are being retained as part of the redevelopment.

“The revitalisation of the Sugar Factory is not just an investment project. It is a way of reintegrating this place into the life of the city. With great care for the historic buildings, we are preserving and adapting the existing structures, opening up this space to residents,” said Krzysztof Granatowicz, Creative Director at NDI Development.

“Our aim is to give the historic part of the Sugar Factory new urban functions whilst preserving its industrial character. We are preserving 29 historic buildings, including the distinctive chimney, which will remain a symbol of this place. That is why we have invited Savills, one of the leading property consultancy firms, to collaborate on the commercialisation,” added Michał Wesołowski, Project Manager at NDI Development.

Savills is responsible for leasing and advisory services across the project, including retail, service and office space.

“In such projects, it is crucial to precisely match the tenant mix to the local market and the everyday needs of users. Cukrownia, with its post-industrial buildings and surrounding public space, has the potential to become an important point in the city,” said Elżbieta Majdan, Associate Director, Property & Asset Management Retail at Savills.

“Offices at Cukrownia are an option for tenants who value distinctive space. Post-industrial interiors combined with transport accessibility, including proximity to the railway station and connections to Gdańsk, create a different type of office offering in the region,” added Piotr Skuza, Associate Director and Regional Manager at Savills.

“The regeneration of a building of this scale requires combining commercial considerations with the preservation of the urban fabric. Our work includes market analysis, functional planning and operational cost assessment to support the long-term performance of the project,” said Krzysztof Sakierski, Head of Strategic Consulting at Savills.

The development also includes public space elements such as green areas and walking routes along the Radunia River, as well as infrastructure works and more than 250 parking spaces.

Panattoni begins 5,300 sqm BTS warehouse development for DPD in Gorzów Wielkopolski

Panattoni has started construction of a new build-to-suit (BTS) warehouse for DPD Polska at Panattoni Park Gorzów II in Gorzów Wielkopolski. The facility will provide approximately 5,300 sqm of space, with operations scheduled to begin in August 2026.

The new building is intended to support DPD Polska’s logistics operations in western Poland, as the company seeks to improve parcel handling capacity and streamline its processes. The relocation to a purpose-built facility is expected to support operational efficiency and accommodate growing shipment volumes.

“DPD Polska was looking for modern warehouse space that could be adapted to current technologies, processes and operational requirements. Taking the client’s needs into account, we offered a BTS solution at Panattoni Park Gorzów II, which will allow the facility to be fully adapted to the standards of modern courier logistics,” said Dorota Jagodzińska-Sasson, Managing Director at Panattoni.

The warehouse will be equipped with features tailored to courier operations, including dedicated loading infrastructure, a multi-level sorter and building management systems. The development will also incorporate energy-related solutions such as photovoltaic panels and electric vehicle charging points.

“The construction of the new facility in Gorzów Wielkopolski is an important step for us in the development of logistics infrastructure in western Poland. The investment will enable us to handle the growing volume of shipments more efficiently and increase operational efficiency in the region,” said Łukasz Zembowicz, Sales and Marketing Director and Member of the Management Board at DPD Polska.

Panattoni Park Gorzów II is planned as a three-building logistics complex with a total area of approximately 67,000 sqm. The first phase, comprising around 36,500 sqm, was completed in 2022. The park is located around 8 km from the city centre, near the S3 expressway, part of a key north–south transport corridor connecting the Baltic region with southern Europe.

According to Panattoni, the Lubuskie region continues to attract logistics and industrial occupiers, supported by its location and access to international transport routes. The developer has delivered more than 900,000 sqm of industrial space in the province to date.

SES Reports Higher Retail Sales in 2025 Across European Shopping Centres

fletcher@cijeurope.com
24 March 2026
Company News, Finance, Indicators, Retail

SES Spar European Shopping Centers reported an increase in tenant sales across its portfolio in 2025, supported by continued leasing activity and stable performance in key markets.

Retail partners operating in SES-managed centres generated total sales of €3.61 billion, up from €3.54 billion in 2024. On a comparable basis, adjusted for construction and expansion activity, sales increased by 2.7% year-on-year. Visitor numbers reached 116 million, slightly below the previous year due to ongoing redevelopment works at several locations.

The company manages more than 870,000 sqm of retail space across six countries, including Austria, Slovenia, Italy, Hungary, Croatia and the Czech Republic, with over 1,900 tenants.

In Austria, SES recorded a 1.4% increase in tenant sales to more than €2.2 billion. The company operates 16 shopping centres in the country, alongside a retail park and a managed shopping street.

“Since 2007, alongside the food retail sector we have developed a second strong pillar in the SPAR Group with SES, which is excellently networked in all our markets and throughout Europe,” said Marcus Wild, Chairman of the SES Supervisory Board. “The expansion of these shopping destinations requires in-depth expertise and long-term project development.”

Chief Executive Christoph Andexlinger said the company’s performance reflects its ability to adapt to changing market conditions. “One of the central success factors of SES is resilience. It gives us the flexibility to continuously develop our locations and turn shopping centres into broader destinations.”

During the year, SES signed or extended more than 460 lease agreements, covering approximately 115,000 sqm of space. Activity included new store openings and contract extensions with established tenants across its portfolio.

Performance varied across markets. In Slovenia, sales across six locations increased to more than €800 million, while revenues in Italy remained broadly stable at over €330 million. The company also reported growth at its Hungarian assets and a moderate increase in tenant sales at its centre in Prague.

SES expanded its portfolio in 2025 with the acquisition of the ARKADIA retail park in Domžale, Slovenia. The company also continued development activity, including refurbishment works in Zagreb and an extension project at EUROPARK Salzburg.

“We are also particularly pleased with the qualitative expansion through our new health parks segment,” Wild added, referring to a joint initiative aimed at integrating healthcare services into selected retail locations.

The company continued to invest in asset upgrades and energy efficiency measures, including photovoltaic installations and building modernisation. SES also reported reduced energy consumption across its portfolio, alongside ongoing initiatives focused on tenant mix and visitor experience.

Real Estate Remains Preferred Investment Among Czech Households, Survey Shows

Real estate continues to be viewed as the most attractive investment option among Czech households, according to a recent survey conducted by IBRS for Golden Gate.

The survey found that 78% of respondents consider owning a house or apartment to be the most appealing form of investment, followed by land at 70%. Bank savings products ranked next, with 63% of respondents indicating a preference for savings accounts.

The results reflect a broader pattern in the Czech Republic, where households tend to favour tangible and lower-risk assets. Data from the Czech National Bank shows that property and bank deposits account for a significant share of household wealth.

Interest in precious metals was reported by 54% of respondents, while equities and bonds were cited by 45%. Mutual funds were selected by 42%, indicating a gradual increase in interest in financial market instruments, although participation remains relatively limited compared to Western European markets.

“The results confirm that Czechs are looking for tools in addition to traditional assets in a time of increased uncertainty, which help them better diversify their assets,” said Pavel Řihák, Customer Care Manager at Golden Gate.

At the same time, cryptocurrencies were mentioned by 22% of respondents, suggesting more cautious sentiment toward higher-risk assets. Supplementary pension savings recorded a slight decline in preference compared to previous surveys.

The findings highlight the continued dominance of real estate in Czech investment preferences, supported by a combination of cultural factors, perceived stability and long-term value. However, the data reflects stated preferences rather than actual portfolio allocations, which remain concentrated in property and deposits.

Source: CTK

Housing Affordability Gap Persists Across Czech Regions, with Prague Least Accessible

Housing affordability in the Czech Republic continues to vary significantly by region, with the Ústí nad Labem region remaining the most accessible market and Prague the least affordable, according to an analysis by RE/MAX.

The comparison, based on the amount of residential space that can be purchased with an average monthly wage, shows that buyers in the Ústí region could acquire approximately 1.2 square metres of an older apartment at the end of 2025. In contrast, in Prague the figure was below 0.5 square metres, reflecting significantly higher property prices in the capital.

In Prague, the average price of older apartments reached nearly CZK 137,000 per square metre in the fourth quarter, while the average gross monthly wage stood at around CZK 65,000. This placed the capital among the least affordable housing markets in the country.

“The Ústí Region maintains a strong position in terms of availability and at the same time the interest of investors who see the potential for the future is growing,” said Jan Hrubý, Director General of RE/MAX for the Czech Republic and Slovakia.

Other regions with relatively higher affordability included Karlovy Vary Region and Olomouc Region, where it remained possible to purchase around one square metre of older housing with an average monthly income. By contrast, affordability was also constrained in South Moravian Region, particularly in Brno, where price levels approach those seen in Prague.

“Prague and Brno have long attracted strong demand thanks to job opportunities, higher incomes and developed infrastructure,” Hrubý added, noting that new-build prices in these cities continue to exceed those in the rest of the country.

Across the Czech Republic, housing affordability has deteriorated over the past decade, as property prices have increased faster than wages. According to the OECD, rising housing costs are placing increasing pressure on household budgets, particularly among younger buyers and lower-income groups.

The data highlights a persistent divide between regions, with lower-cost markets offering greater nominal affordability, while major urban centres remain constrained by strong demand and limited supply.