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Real Estate News

Svoboda & Williams Was the Partner of the Real Estate Forum and Real Estate Market Conferences

13.10.2022

In early fall, representatives of Svoboda & Williams were once again invited to speak at two conferences dedicated to the real estate market: Real Estate Forum in Brno and Real Estate Market in Prague. Panelists discussed current trends as well as how the energy crisis, rising costs, and interest rates have challenged the residential and commercial real estate market.

The Real Estate Forum conference in September featured a debate on Brno's new zoning plan, which city council members failed to approve in June, a blow to many residential projects in the Moravian capital. Due to the outdated zoning plan, there is a shortage of land for construction in the city, and so its price is rising dramatically. "The rejection of the zoning plan is a huge step back. Brno is lacking several thousand apartments,“ stated Zdeněk Vojtek, regional director at Svoboda & Williams.

The October Real Estate Market conference, which took place in Prague, featured presentations on topics such as stagnant sales prices, increased interest in resales, and a sharp increase in rental housing inquiries. "Czech society is getting used to renting, which we are seeing in the inquiries we receive. We expect more rental properties to come on the market," said Prokop Svoboda.

The participants of both events agreed that another complication for the real estate business is the unfavorable economic situation. Inflation has had a significant impact on the population's buying power, and rising interest rates have brought the mortgage market to a virtual standstill. "Development has become an adventure and it's very difficult to plan anything today,“ lamented Dušan Dvořák from TOP Estates. Svoboda & Williams has also seen a decline in inquiries. "The seller's market has now turned into a buyer's market," concluded Vojtek, adding that, due to high demand and rising yields, investments in rental housing have now become very interesting in Brno.

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