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Residential developments on the rise

Two new projects exemplify the strong demand for living space in Prague

By Courtney Powell
Staff Writer, The Prague Post
March 15th, 2006 issue

Construction is under way on the Korruní Dvůr development in Vinohrady, which incorporates old brewery buildings.

Korunní DvĚr

Prague's residential market continues to boom, with buyers snapping up new flats almost as fast as developers can build them. February saw the approval of the first two phases of Africa Israel Investments' Korunní DvĚr project in Vinohrady. A blend of restoration and new build, the development includes the historic buildings of the royal brewery (Královské pivovar) and four additional five- to seven-floor buildings, with plans for a new 10-floor residential tower to be added in a later phase of construction.

Details

Korunní DvUr
District: Prague 2, Vinohrady
Total size: 32,000 square meters
Residential space: 18,665 square meters
Price: 55,000–110,000 Kč per square meter
Construction began: December 2003
Construction to be completed: Spring or summer 2006
Developer: Africa Israel Investments with Quinland Private


River Diamond
District: Prague 8, Karlín
Total size: 130,000 square meters
Residential space: 79,000 square meters
Price: 72,000 Kč per square meter (average)
Construction to be completed: In five to 10 years
Developer: Real Estate Karlín Group and CSAD Praha Holding

River Diamond

Real Estate Karlín Group has expressed its confidence in the continuing strength of the residential market by hosting its third international architectural workshop, focused on Rohanský ostrov in Karlín. Twelve architectural studios gave their input on the forthcoming River Gardens project, which will link up with Real Estate Karlín Group's already-successful River Diamond residential development. River Garden is expected to be completed in five to 10 years.

Courtney Powell can be reached at cpowell@praguepost.com


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