3Things: Getberg, AFI Europe & slowing industrial output

The residential developer Getberg has unveiled a new project near Kamenice outside Prague which includes 115 row homes, 35 apartments along with commercial spaces for services. Called Forest Views, the project represents an investment of roughly CZK 1 billion. The row homes will range in size from three to 5 rooms. Construction is set to get underway this year on the row homes, while the flats won’t start until 2023. Prices start at CZK 7 million. The developer claims the project will solve some of the problems faced by the village of Babice Dařbož, which until now has lacked basic infrastructure such as water mains and sewers. This has prevented the owners of some homes to from securing occupancy permits. The project’s plans also call for the creation of a central square, also missing until now, where events such as farmer’s markets can take place.

Industrial production cooled from its frenetic 11.1% y-o-y growth in June to 7% in July, though both numbers must be read in the context of a very low bar from 2020. The problem looks to be supply side, however, as numerous producers are being held back by a lack of parts. Yesterday, for example, workers at Toyota’s Czech factory finally returned to work. The annual summer vacation ended August 15, but this was extended until now because of a lack of chips. Even now, the pace of work is nowhere near the factory’s capacity of 1,000 vehicles per day. The lack of drive in July was seen in the construction sector as well, which slowed from one month to the next from 6.5% to a mere 0.5%. Here, too, blame for the situation is being placed on a lack of construction materials (resulting in outrageous prices for them) and a lack of labor.

AFI Europe has completed the shell of the final phase of Tulipa Třebešín, which is the first apartment building whose units it will rent, rather than sell. The building is being built on a brownfield site in Prague 3 by the construction company Imos Brno through an investment of CZK 250 million. AFI Europe’s sales director Elena Pisotchi says the final building contains just 66 of the 550 rental units the company is currently building in three separate projects. “Real estate prices continue to rise and home ownership doesn’t provide the emerging generation of millennials enough flexibility in their personal lives. Our goal is to meet them halfway in this regard by creating modern living that offers not just the necessary comfort but also greater flexibility and freedom in their decision making.”

 

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