With the construction of this large-scale residential development, the future looks bright for Prague 8
It's no secret that a good deal of the homebuyers attracted to Prague have been tempted not only by good deals, compared to Western capitals, but by the sheer beauty of the city.
While the historic center was at one time the only choice for buyers, many other districts have come into their own in terms of residential development.
The suburb of Palmovka in the district of Prague 8 is on the cusp of such development.
Nestled between the Karlín neighborhood, which has hosted massive urban redevelopment for over five years, much of it along the river's edge, and Libeň, which will soon undergo its own redevelopment, Palmovka will have an increasingly bright future.
One project in particular - the area's first large-scale residential development - is set to make a large impact. Situated above the Palmovka metro station, and appropriately called #One Palmovka, it will offer 281 apartments along with a significant retail complement on the ground level.
The project is targeted primarily to young professionals. Due to the rising purchasing power of these people, many of whom are employed by large international corporations that have chosen Prague as their European headquarters, there is an increasing demand for well located living space. Given its focus towards this market, #One Palmovka offers an advantage over many other locations in terms of buy-to-let potential, with expected gross rental yields of 6-8%.
For the young professional, the benefits of #One Palmovka are obvious. Palmovka is a key transport hub, a sort of gateway between the Prague 8, which immediately borders the central Prague 1 district, and outlying districts.
Several trams and buses serve the area, and the metro can whisk a passenger to the centre in just over 10 minutes, with the Pankrác central business district roughly 20 minutes away.
The project, by developer Discovery Group, which has earned a solid reputation in the Czech and Slovak Republics in the commercial sector, has been very carefully conceived, drawing inspiration from successful mixed use developments around Europe.
Common spaces are open and airy, and the design includes a large glass atrium while two central landscaped gardens add greenery and a sense of tranquility. All apartments feature open-plan layout with spacious living areas opening onto either a garden or balcony.
Standard features include parquet floors, white-painted Venetian stucco walls, oversized double-glazed wooden framed windows, and central heating. Kitchens are not fitted out but come with full connections, and designers are available for advice here and with the bathrooms, which come standard with tiles and electric towel rack. Custom options include smart home capabilities, built-in wardrobes, or made-to-measure kitchens. The project also offers 24-hour security and CCTV systems, chip card controlled access, underground parking and secure storage rooms.
Residents will also have access via security enabled elevators to a designated residents' car-park floor situated on one of the two underground parking levels.
Indicative prices are approximately 1,900,000 CZK (roughly 68,000 EUR) for an east-oriented 1+kk of 35+6.8 square meters to 2,750,000 CZK (roughly 98,000 EUR) for a south-oriented 2+kk of 47+7.6 square meters. A maximum of 70 units will be sold for buy-to-let purposes. Completion is set for Q1, 2008.
For further information on the #One Palmovka development please contact CERES Group on +420 143 513 or email email@example.com.
Deciding to invest into a foreign country is a commitment that shouldn't be taken lightly- you need a partner that you can trust. CERES Group is one of the most reputable estate agencies within Central & Eastern Europe (CEE), comprising a team of over 140 qualified professionals with offices throughout the region. CERES Group is able to offer you impartial advice on which country and property suits your investment needs best, as well as assisting you in arranging everything from mortgage financing to letting and property management.
A key element in which CERES Group differs from other firms offering properties abroad is that it is not a "syndicate" group and operates as other traditional estate agencies whereby it is instructed and paid only by one side in the transaction- by the developer (seller). CERES Group has built a niche service focused on non-resident investors looking to invest in to the CEE markets ensuring that various minimum standards are met. For example, the group only takes on projects on an exclusive basis with our local agencies ensuring that no more than 20-30% of a project is sold to buy-to-let investors to avoid flooding the market with rental apartments from a particular project. It requires third-party valuations with an expectation of minimum loan-to-value (LTV) ratios and also requires that each project has a minimum rental yield level. CERES Group will also only work with experienced, reputable developers who undergo a pre-screening before we accept an instruction.
Finally, it has introduced the concept of "Account Managers" who exceed the role of a standard agent by additionally being responsible for arranging all other aspects of the transaction for the buyer - including mortgages, legal services, tax advice and so forth - providing the buyer with a seamless purchase.
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