The main thrust of his comment was that current growth is supported above all by demand accumulated in previous years. Construction, however, continues to be held back by persistent, even chronic obstacles that the state should resolve.

While real GDP in 2025 reached 147.7 percent of the 2005 level and construction work prices rose to 169.7 percent, real construction output reached only 107.3 percent. It’s that gap that Zajíček believes the state must zero in on. “As recently as 2024, real construction output had in essence not even reached the level it was at before the financial crisis. Meanwhile the Czech economy grew markedly, and construction work prices grew even faster. The results of one strong year change nothing about that,” said Chamber of Commerce president Zdeněk Zajíček.

He was referring in that last comment to the fact that 2025 was an exceptionally strong year for construction. The value of construction work rose 13.7% y-o-y to CZK 791 billion. Construction output increased by 10.9 percent, of which building construction by 10.5 percent and civil engineering by 11.5 percent.

By contrast, output has been again falling in 2026.

“Last year’s numbers are undoubtedly good,” said Zajíček. “But we should not interpret them as meaning Czech construction has been cured. For the most part, we’re just seeing the realization of demand and projects that accumulated over many years. The weak spot remains the state’s ability to create the conditions for projects to be prepared and permitted faster,” said Zajíček.

While a new construction law appears to be on the horizon, the state still needs to translate the reform into practice. It will have to retain experienced officials and manage their transfer into the new unified building administration. Above all it must finally get the digital tools running that will actually help people and companies.

“Czechia cannot afford more years of waiting,” said the HK ČR president.

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It’s a combination of both. We’ve been trying our best to be active in the market and have been quite successful over the last couple of years.

You do a lot of leasing work as well, but the big transactions are important for the bottom line, and for visibility.
Our advantage compared to some of the bigger competitors is that we also have strong day-to-day business, including the leasing services. We’ve been working for major players in the leasing market for years now. This helps you survive when there’s less investment activity. Even in COVID times, there was a lot of leasing work with all the COVID amendments and leasing work in general since tenants started reducing the size of their offices. The work is always there.

But yes, big transactions are of course important. I usually call them the cherry on top – the kind of thing you put on LinkedIn. They have real added value, though. Everyone knew the Palladium transaction was happening last year, not just people in real estate. Those deals bring you credibility and reputation, which is a good reference for the future. And yes, the big transactions are also commercially rewarding, because they involve an enormous amount of work, including all the due diligence and financing.

The majority of your work is still real estate, then?
We’re seen as a real estate boutique firm, and we don’t fight that perception. I’d say 70 to 80% of our work is real estate related. But real estate transactions are essentially M&A deals — the process, the contracts, the due diligence are the same whether you’re buying an office building or a factory. So, we naturally do M&A work as well. Then there’s a lot that comes from cross-selling, because when a client already trusts you, they come to you with other issues too. So, we’ve done regulatory work, ESG, GDPR, litigation, employment law, etc.

How tough is the competition between legal companies for larger transactions?
It’s been quite intense for many years. We compete against big Magic Circle law firms. It means we can be more competitive on pricing and offer comparable expertise, local knowledge, language skills, and understanding of the environment. And what we can also offer – I’d even say it’s in our DNA – is a commercial attitude.

What do you mean by that?
It means you’re not only sitting in a meeting waiting for the client to ask if something is compliant with this or that provision of law. They expect you to guide them through the whole process from the LOI stage, give them insights about what market practice is, or share your experience with such types of transactions.

You’re basically a partner with them, rather than just a counselor waiting for legal questions and then saying, “it’s not possible because the law says otherwise.” That’s not what the clients want. They want to be protected, in time and without needless hassle. They want you to tell them how to make things possible, not just that they aren’t possible. That’s our approach: to be there as a partner who can share experiences from what we’ve done.

What was significant about the Wood/Satpo deal?

It was the biggest residential transaction of the year, and one of the biggest and most interesting deals of my career. It’s not a standard built-to-rent transaction, which you see every now and then these days. This was different in terms of scale, thanks to a portfolio that consisted of about 760 flats in old panelák buildings.

But beyond that, it has huge development potential. It could bring up to 90,000 sqm of new residential area situated directly on the new Metro D line, which will have a station in the middle of it. It’s unique in Prague in terms of volume, connectivity, and the potential of the whole area.

The deal took over 12 months from the first investment memorandum to closing. There were many players involved, bank financing, and – remarkably – Wood opened a new fund and collected a huge amount of money in a very short time.

What has changed to make BTR deals work now? Developers used to just sell units individually for a higher price.

The key factor is pricing. People simply cannot afford to buy flats anymore. Even the middle class is struggling. If you want a two-bedroom apartment in Prague, you need 10 million Czech crowns. You need about two million in equity and then there’s a 5% interest rate on the mortgage – for a young family, that’s simply becoming unaffordable. So, developers realized it’s better to do BTR and sell to big investment funds that have the money and need to buy. The funds can then offer an excellent product with stability and guaranteed indexation that tenants can afford.

What is the impact of AI on your business and clients?
Even from the first meeting or the first email, you can tell that a client has been consulting with an AI agent. It’s like when you go to a doctor after asking ChatGPT about your symptoms – you think you know what’s going on. But then the doctor says, “Yes, in general you’re correct, but in your particular case, you also need to consider this and that.” And I think it’s the same with any profession, including ours.
On the other hand, it does give them some background, so they’re actually more prepared for meetings. Your role is still to advise on what works and what doesn’t because of, for example, specific local regulation.
But the concern I had already two years ago is that AI still can’t just say “I don’t know.” There are already cases in Czech courts where a lawyer relied on an AI-generated summary or even case law, which turned out to be completely fabricated.

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According to ARK’s president Miroslav Duda, the complaint is simple: if it walks like a brokerage and charges like a brokerage, then it’s a brokerage. That makes naming itself “without an agent” and claiming to charge no commission is misleading. What makes the case interesting is that Bezrealitky doesn’t really disagree on the substance of the issue — its own marketing head Pavel Skalsky describes Komfort as a “full-fledged real estate brokerage” on the company’s website. The dispute is about the label, not the service.

But this fight is going in both directions. In its comments, ARK called the 1.5% fee Bezrealitky charges a “standard and customary” charge for standard real estate agencies. But Bezrealitky’s CEO Hendrik Meyer challenged the country’s other agencies to charge such a small amount. “If that’s a standard commission, we invite all sellers to demand 1.5% plus VAT from their own agent. They can write to us about how the agent reacted,” he said.

He argues real estate agencies have turned commissions into a goldmine: as residential prices have ballooned in recent years, agencies continue to charge between 3% and 5% for their services. At the same time, Meyer claims digitalization has reduced the amount of work involved by 40%.

Bezrealitky’s ultimate claim is that AI and digitalization are making the work of human brokers redundant. The reality seems to be that Bezrealitky has been quietly becoming a brokerage for years, and it’s the ethics of its very name that ARK has now challenged. Whether the branding crosses a legal line is now up to the Czech Trade Inspection Authority to decide.

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You’re winning a significant number of investment-loan tenders against the big banks. Why is that?

Vančura: It’s a combination of factors. Yesterday, I had a client here in the office and he told me were slightly worse on interest rate than a competitor. But he said they were happy with the service we offer and with our approach. These days we’re even competitive on pricing, but it’s also about the structures we’re open to and the flexibility. Sometimes we can offer higher LTV, but in general we’re still very conservative.

Šafránková: We have the advantage that we are a Czech bank. That means it’s Czech people decide about each loan, and they know the market here. We don’t have to send the final approval to France or Vienna, where they could have a different view. And we can decide quickly — one approval level, not three committees over several weeks. In selected cases we can get from first contact to drawdown in two months.

You say you’re conservative, so what that mean for you on LTV?

Vančura: In residential development we can do up to 90% LTV in some cases — combined with presale. With lower LTV we can go without presale. On investment loans, up to 80% depending on asset class.6

Šafránková: Of course, the 90% figure isn’t for a standard loan. We have to analyze each project carefully, because what actually protects you on investment loans is the DSCR, not the LTV. Whatever the LTV is, the cashflow is what stops you first. We only count on current rents and use very conservative growth assumptions.

You do bridge loans, as I understand it. What types of assets is that appropriate for? Can you back land deals?

Šafránková: Yes, but  selectively — if there’s a strong sponsor, with a quality locality. Bridge loans can be used for the acquisition of land where the permits aren’t in place yet, but the project is in line with the master plan. Or for a project that isn’t ready for senior financing. They can also cover the acquisition of a building that will be converted, for example, from office to residential. We can grant a one- to two-year bridge loan and then convert it into a development or investment loan. We just have to check each drawdown against the expected future value.

What’s your read on the Prague office market? Are you willing to lend?

Šafránková: We understand that headline rents need to reach at least €24 per sqm/month for new office developments in order to make financial sense. This floor has risen for developers because construction costs, financing costs and land costs have all increased significantly. Most developers tend to be optimistic about achieving that number, but we have to be careful.

On the other hand, there will still be a market for B-class offices in good locations at €15 or €16 for tenants who don’t need a triple-A buildings. Some companies don’t need a green-lease for their branding and they’re happy to stay where they’ve been for the past five or ten years. Location and employee comfort matter most to them.

Where’s the line between a functioning B-class building and a zombie asset on the edge of collapse?

Vančura: It’s location, the sponsor, current tenants, and the CAPEX plan. The real question is the building’s actual and future positioning in the rental market. The right rent attracts the right tenant. As Rita says, a B-class building doesn’t stop working automatically because it’s older.

Czech yields are the lowest in CEE. Is that justified?

Vančura: There’s very strong local demand from local investors, because there’s a lot of fund money and bond money in the market. This more than offsets the diminishing foreign investment. It shows trust in the local market and in political stability here. The question is to what extent it’s technically justified. I am conservative on this.

What’s missing is an investment alternative for Czechs because we don’t have alternatives like a stock exchange here with enough liquidity and titles. With property, people can see the buildings, they see the quality. Savings are at a historical maximum. The money is in the economy.

Where do you see interest rates heading?

Vančura: The conflict in the Middle East killed the hopes for decreasing rates. Central banks are afraid of rising inflation and the longer the conflict continues, the higher the risk of further increases. It’s as simple as that.

You’ve mentioned wanting to increase your exposure to hotels. What’s the attraction for you. It seems a bit unusual for a bank your size.

Šafránková: Not every bank wants to finance hotels, so there’s less competition. We are already active in this segment on a selective basis, and we want to increase our market share. The underwriting is different — you’re looking at revenue per room, seasonality, operator quality — but Prague is a strong hotel market and we understand it. It also fits our approach, which is to find sectors where we can be selective and add value, rather than fight on margin alone.

You say you’re conservative, but your strategy and your goal of doubling your loan book is pretty aggressive.

Šafránková: We have the plan and the appetite to increase our volume. Due to the increased capital we can bid on bigger volumes of financing, where we can offer flexibility, individual approach, and competitive conditions We are here and we are ready to finance new projects and new groups. We can afford it.

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It’s a complex question. The Czech market is dominated by local capital, to an almost ridiculous degree. You don’t have that in Poland, even if the market share of local capital has increased recently to around 30% from just single digit. It’s still low in comparison to the rest of Europe.

In the Czech Republic, I describe the capital as conditional, meaning it may not be around tomorrow. There’s demand here for institutional grade product. Then you have demand for low value assets that offer a good yield, but only from the local aggregators — meaning local funds that are building their portfolio and are collecting equity from distribution as it comes.

The biggest issue in the Czech Republic is that middle part where you are exceeding the level of the value that local aggregators can afford, but below the level of those institutional high-grade investors that are looking at the products across Europe… That’s where I see the biggest bid and ask spread.

In Poland, the story is a little bit different. The structure of the capital is different. You have privates, you have foreign institutions, you have private equity, you have diverse sources of the pockets of the capital. They’re all chasing the deals as per the strategies they have. So, you see some people chasing core plus and you see the funds chasing the value add.

In other words, you see a greater variety of investors with a greater variety in their sources of capital. Which means they’ll be chasing a wider range of assets at different price levels. That there’s more of a chance that a given property will attract a buyer thanks to this variety.

Exactly. And to expand on that, I believe that demand in the Czech Republic will stay in those two defined brackets. At least until institutional foreign capital returns and starts bidding in the middle segment. Without that, I think we’ll continue to view Czech capital as conditional, when it comes to transactions.

Even though last year was such a strong year for deals?

Czech investment volumes were super successful in 2025, but I’m not sure that’s sustainable. Whereas in Poland, you’ve seen a structural repricing defined by the capital that has left, but also by the capital that has entered the market. And in my view in Poland, you have more market players with the fund vintages around 2018, 2020, which will have different stories to offload their current portfolios.

Where do you see the best opportunities for creating yield?

First of all, it’s Central European logistics. You have the same covenants; the same tenants being underwritten here as in Munich or London. They have the same parent companies, so your credit risk is pretty much the same. You have very much the comparable financing conditions that you can achieve because your senior loan providers are international bank providers. The biggest difference we see is the yield spread between the east and the west. That spread still enables a capital growth story in CEE.

ARETE’s current fund is  100% leased. Is that luck, discipline, or is the market simply that strong?

You have to underwrite correctly at the beginning. It’s the old rule: if you buy well, you sell well. The difference with us is we don’t underwrite the building; we underwrite the income first. When I go and buy an asset, or an SPV holding an asset, the first thing I’m interested in is the vendor’s story, why is he selling? Then, what is the ultimate strength of the income? Then we look at what we could potentially do with the building until the exit in the existing fund that we have. But we have to do this looking through the eyes of a future buyer.

But there’s a lot of work that goes on between buying and selling and the asset though, isn’t there?

There is, but a lot of managers stop paying attention between year three and year six of the ownership cycle. Your standard manager starts looking at disposal plays, rather than paying attention to the strength of the income they have with existing tenants. But you’re risking your relationships with tenants this way. They can slip away or they’re not as strong as they should be. Within a couple of years, you end up with tenants leaving or else not being happy or not paying the rents you need. We do the opposite; we try to renew whenever possible and to be proactive with tenants whenever possible.

Is that because a renewed lease is the best guarantee of future income?

These days, tenants are only willing to pay prime rents to landlords who have a working operation model, not to those who are only trying to collect rent. You have to have a proactively working asset manager who’s asking about the tenant’s current needs and plans. Is there anything that needs to be done from our end in order to support you? We want to act as a partner, not just somebody who happened to acquire a building that has you on the rental sheet.

Has the industrial market always been so competitive? Or was there a tipping point when this shifted?

The market has shifted. In my opinion, from 2015 to 2022, the market enabled underperforming managers to create decent returns out of mediocre assets without adding much asset management activity. This has changed across the whole spectrum. We’re now in a market where you have to work hard in order to get your cash yield working. And if you’re not collecting rent properly from a tenant you understand, and if you’re not managing proactively, then the thesis for any strategy you’re running will break down eventually.

Miroslav Barnas is the Chief Investment Officer at ARETE

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At Chalupkova Offices, BASE takes a separate floor of approximately 2,300 sqm, fitted out as private offices starting at 16 sqm and backed by shared meeting rooms, phone booths, relaxation zones and kitchens. Leases start at one year, pitched at startups and small to mid-sized firms that want a representative address without a long-term commitment. Čechvala Architects designed the concept, and the public gets its first look at Forbes Business Fest Bratislava 2026, where Penta will operate a functional pop-up office with interiors by office design specialist HOSU.

“BASE was never created as a classic coworking, but as a product built on a combination of flexibility, a quality working environment and first-class client services,” said Michal Hranai, senior business development manager at Penta Real Estate. “We want to create a space that allows smaller firms or startups to operate in a technologically top-tier building at a premium address.”

For Alto, the acquisition rounds out its grip on Jurkovičova Tepláreň, the converted functionalist heating plant and national cultural monument at the heart of the Sky Park district. The new operation will carry the building’s name and combine offices, coworking and event space, with expansion to further floors under consideration. “Jurkovičova Tepláreň has in recent years become a natural centre of work, meetings and urban life in Bratislava’s downtown,” said Ján Bryndza, business director at Alto Real Estate, promising continuity for existing clients.

Penta, which managed assets of more than EUR 1.8 billion across 30-plus projects in Slovakia, the Czech Republic and the UK at end-2025, says it does not rule out adding flexible floors to its other office schemes. In Bratislava’s towers, flex is no longer the experiment; it is part of the spec.

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Group property occupancy reached 92.5 percent, a slight decline against the end of last year. Like-for-like rental growth was 1.5 percent year-on-year, with all segments recording positive results according to the company.

On the positive side, net profit rose 135 percent to €84 million, even if net rental income fell 3.7 percent to €188 million. What stayed steady through all this was the value of CPI’s property portfolio at the end of March: €18 billion.

Since the start of the year the group has agreed sales of €439 million in assets, while a further almost €400 million in transactions are tied down by binding offers or advanced negotiations. The company claims it’s on track to meet its 2026 target of selling €500 million to €750 million, part of an ongoing exercise in debt reduction. Its net debt position as of the end of March was thirteen times EBITDA.

Its primary shareholder Radovan Vítek is listed by Forbes as the sixth-richest Czech with assets of CZK 121 billion.

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The shift is confirmed by Savills’ 2026 European OpRE Investor Sentiment Survey: 42% of respondents now target care homes, up from a three-year average of 25%. That 17-percentage-point jump — representing €540 billion in AUM —  is the largest of any operational real estate sector surveyed.

The preference for fund vehicles is itself accelerating. Savills’ survey found 23% of European investors now favour fund structures for operational real estate, up from just 8% in 2025. The Czech market mirrors this: all five major domestic players use fund vehicles as their primary delivery mechanism.

“Investment in the senior housing segment in the Czech Republic remains relatively limited for now, but volumes are growing rapidly,” said David Štrouf, Associate Investment Director at Savills.

Senevida is the incumbent heavyweight. Penta Hospitals acquired Alzheimer Home Group in 2018, then closed the purchase of SeneCura from emeis (formerly ORPEA) in April 2025. The two networks were unified under the Senevida brand in October 2025, creating a platform of 54 facilities and roughly 6,000 beds. That appears by far to be the country’s largest operator.

CREDITAS Nemovitostní I entered the sector in August 2025, buying real estate under six specialized Alzheimer Home facilities in Čáslav, Vodňany, Ostrava, Pardubice, Písek, and Zlošín. The 18,000 sqm deal is based on non-profit operators retaining long-term leases who managed more than 600 beds. These tend to be fully booked, its 100% occupancy an illustration of the alarming lack of supply.

Three more funds are scaling fast. Property Fund for Living is building from scratch. It has seven facilities open, two under construction in Nový Jičín and Ostrava and three more in preparation. Long-term, it’s targeting 50 centers and 6,000 beds. ESG SeniorCARE is the only EU fund that both owns and operates its facilities, a vertically integrated model with roughly 1,500 beds targeted by 2027. Then there’s Ambeat Group, founded by ex-PPF veteran Ivo Foltýn, who’s  assembling a portfolio through its care fund with a target of 2,500 beds by 2029.

The demand case is not speculative. Czech Ministry of Health data recorded nearly 85,000 Alzheimer’s patients in 2024, a figure projected to exceed 90,000 by 2030. A Boston Consulting Group study cited by Savills estimates the over-65 population will grow by 325,000 by 2035, with the over-80 cohort rising by 380,000 to roughly 835,000. Currently, 26,000 applicants are rejected annually from special-regime homes alone.

Private operators have a structural cost advantage. Market sources put private construction costs at around CZK 1.5 million per bed versus CZK 4–5 million for state-built facilities — a gap wide enough to sustain both investor returns and affordable pricing at CZK 50,000 per month, below the CZK 70,000-plus charged by many public institutions.

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Eastdil operates across 20 offices from New York, Santa Monica and London and will continue as Savills’ dedicated real estate investment bank. The name will remain the same, as will the company’s existing pay structure. Stuart Jordan, CEO Savills CEE, called the deal “extremely complementary” to the group’s Central and Eastern European business. Still, it’s being interpreted as a play for a greater share of the United States market.

Roy March becomes Executive Chairman; Michael Van Konynenburg steps up to CEO; James McCaffrey takes President to run international growth from London — both joining the Savills Group Executive Board. Senior Eastdil staff become Savills shareholders through consideration shares, subject to lock-up provision.

Savills’ 2025 results underpin the move: revenues increased to £2.55 billion, up 6% year-on-year, while underlying profit before tax rose by 11%.

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LPP’s own account complicates the blame. The hall was fully electronically secured, spokeswoman Martina Tauberová told HN, and all recordings were handed to investigators. It was also empty — taken offline for a planned renovation. If a fully instrumented, unoccupied building can be professionally torched by what police and intelligence services are treating as an international organised group, it’s worth asking what level of private security would actually have made the difference.

The group claiming responsibility, Earthquake Faction, registered its domain the day before the attack and posted video to a brand-new Telegram channel. Security experts aren’t buying the cover story: the operation was too clean for typical pro-Palestinian activism and fits a false-flag pattern — attributed to one actor, run by another. A Russian trace and a competitor sabotage angle are both on the table, the latter given LPP’s advanced drone AI and the co-located Ukrainian firm Archer.
Other companies in the same Pardubice zone — ERA (Omnipol) and Eldis (CSG), both passive radar manufacturers — tightened site security over the weekend. Off the record, defense industry sources told HN what they actually need is better state cooperation on threat intelligence. That’s a harder ask when the state is pointing the finger back at them.

Babiš cancelled a trip to Budapest’s nationalist summit to deal with the fallout. It’s a convenient line for a government simultaneously cutting budgets for the intelligence services whose job is to prevent exactly this. Might it also be a signal that he wasn’t exactly keen to hang out with far right nationalists? It’s not like the man is ideological…

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