International Property News

M&M reality doubles turnover to CZK 4.15bn in 2007

13th May 2008

Real estate company M&M reality holding doubled the volume of deals to Kc4.15bn last year when it leased or sold over 3,800 properties, M&M told CTK Tuesday.

Nearly 60 percent of the amount came from the sale of 1,933 flats. Profit of the company based in Pardubice, eastern Bohemia, reached Kc651,000.

M&M has 52 branches in the Czech Republic and plans to open ten more. It sells or leases over 500 real properties a month.

The company also has ten branches in Slovakia and this year intends to enter the Hungarian and Polish markets. Over 500 real estate brokers work for the company.

M&M was established at the end of the 1990s. It gradually developed from a civic association to the firm M&M reality which in 2005, the first year of activities, mediated deals for over Kc1.5bn.

The company acts under the name M&M reality holding since January 2006. Its shareholders are nine individuals and the majority owners are Milan Zavadil and Miroslav Jonas.

Other real estate companies also reported a growth for last year. Lexxus, for example, raised sales by over Kc2bn to Kc6.1bn, Kc4bn of which came from the sale of flats.

Source: Prague Monitor