Crescon has competed 64 apartments in its luxury project Aldrov Apartments & Resort. Clients are currently taking over their apartments, even as work proceeds on the 75 units in the second phase, which is scheduled for completion by the end of the year. Such is the continued level of demand for such properties, says Crescon director Jan Jerie, that 90% of the second phase are already sold. Located in Vítkovice in the Krkonoše mountains, the resort includes a plethora of common spaces offering services such as a sauna complex, a conference room, massages and a restaurant. “We invested CZK 250 million into infrastructure and services,” says Jerie. The project’s second phase is made up of five buildings, adding to the existing seven. Jerie claims that while prices are for older recreational real estate (like cottages) the trend doesn’t hold for newer, luxury apartments in attractive locations. “The interest in second homes in the mountains is growing in part because of inflation,” he says, explaining that wealthy clients are looking for ways to protect their savings from being devalued. “Only a few clients are financing through mortgages.”
S Immo has signed off on the sale of 100,000 sqm of residential and commercial units in Berlin. It’s part of an overall plan to dispose of lower-yielding assets in Germany in order to concentrate on higher-yielding office assets in the CEE region. “Through this process, we benefit from the high quality of our assets, which continue to attract a diverse range of buyers,” said board member Herwig Teufelsdorfer. In all, the CPI subsidiary has concluded sales contracts on 152 properties in Germany with a total volume of around €570 million. The company also began selling off more than €200 million in commercial properties outside of Berlin. In all, S IMMO is poised to sell off over €500 million in German assets.
The Czech-based developer UDI Group has begun the construction of 272 flats in the second phase of its project Classic Ursus in Warsaw. It includes the reconstruction of a protected monument building associated with the historic Ursus factory. In all, UDI will build 960 flats at a cost of around CZK 2.8 billion. “The rise of construction materials prices and labor means that construction expenses for the second phase has risen 30 percent since the first phase,” says Director of Strategy Marcela Fialková. “The sale prices of the flats are also somewhat higher. Still, they’re roughly half of the current prices for new builds in Prague.” She says buying investment flats makes financial sense for Czechs at the moment, especially given the record low price of the Polish zloty vis-a-vis the koruna. But UDI’s target market is young Polish families and investors. The design was completed by the Polish studio Kuryłowicz & Associates.
