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PROPERTY NEWS
January 2010
* CZ: 39% less mortgages
November 2009
* CZ: Ocro loss up
* CZ: Flat construction down
* CZ: German fund buys Prague office
October 2009
* CZ: Land registry numbers fall
* CZ: Prices stop falling
September 2009
* CZ: Prague Hotel revenue lower
July 2009
* CZ: Market in the middle
* PL: Next property boom
* CZ: House prices fall Q2 09
June 2009
* CZ: Central Group profit up
* CZ: Homes sell for less
* CZ: MPs against foreign buyers
* CZ: Panelak prices fall
* PL: Polish prices fall
* CZ: Prague expensive in V4
* CZ: Buyers market
May 2009
* CZ: Property shells
* SK: Slovak market falls
April 2009
* CZ: Rent deregulation extension
March 2009
* CZ: Karlovo Namesti overhaul
* CZ: Orco seeks protection
* CZ: ECM REI loss 2008
* CZ: Developers expand
* CZ: Orco shakeup
* CZ: PFF-ECM property group
February 2009
* CZ: Building output grows
* CZ: New home starts fall
* CZ: Bank cuts base rate
* CZ: Prague prices fall
January 2009
* CZ: Developers divide Rohanksy
* CZ: Property market tough times
December 2008
* CZ: Senior housing
November 2008
* CZ: Copa Centrum Prague
* CZ: ECM REI makes loss
* UK: Home repossessions rise
* CZ: Czech rents rise
* CZ: Property price growth slows
* CZ: Holesovice Brewery completion
October 2008
* UK: House sales slump 53%
* CZ: Prague's city within a city
* CZ: Mortgage demand falls slightly
* UK: House prices fall 1.3% September
* CZ: Brno grows a Manhattan
* RO: Bucharest construction boom
September 2008
* CZ: Czech housing funds
* PL: Dom development in Wroclaw
* CZ: Brno get highest Czech building
* CZ: Rents rise by 50% in some towns
* UK: House price falls accelerating
* CZ: Hourly wage up 41%
* CZ: AFI & Satpo post loss
* CZ: ECM issues more shares
August 2008
* UK: House prices fall 10.5%
* CZ: Interest rates down to 3.5%
July 2008
* CZ: Some cities go down with rents
June 2008
* CZ: Regulated rents rise steeply
* CZ: Orco 3bn euro project
* CZ: Building output up 2% in April
* CZ: New district in Prague
May 2008
* US: No pick-up for US housing
* CZ: Tourist numbers up 10.5%
* US: Homes best bargin since 04
* UK: Taylor Wimpey close 13 offices
* US: California sales up 22%
* US: Construction picks up in April
* CZ: M&M reality doubles turnover in 07
* CZ: Building output slows 0.8% March
* CZ: Builders finish 9.8% more homes
* UK: Mortgage lending hits 33-year low
* UK: Redrow downbeat on market
* CZ: Immorent CR lays cornerstone
* UK: Repossession orders climb by 17%
* CZ: Three bidders for Rohansky ostrov
* UK: Halifax confirms price fall
April 2008
* UK: Prices down 1% y-on-y
* US: House prices show steep fall
* UK: Prices slow down
* CZ: J&T to invest 90bn
* US: Home sales at 16yr low
* CZ: ING profits up 44%
* US: Prices continue to fall
* CZ: Prices grow fatest in Ostrava
* US: Manhattan prices defy trend
* CZ: Property seizures up
* CZ: Central Park Praha
* CZ: Volksbank profit up 80%
* UK: Housing gloom
* CZ: Building output up 11.5%
* CZ: Building societies loan CZK 17.5bn
* CZ: Land speculation blossoms
* UK: Warnings over mortgage lending
* US: Foreclosure bill passed
* CZ: Finep start huge Prague project
* US: Further house price falls
* UK: House prices drop sharply
* UK: Abbey pulls 100% mortgages
* CZ: Inflation & Unemployment down
* US: Rust belt put on housing bill
* US: Late payments at record high
* CZ: HSBC courts Czech millionaires
* CZ: Czech rates stay at 3.75%
* CZ: UK Mortgage squeeze to get worse
* CZ: Czech managers 34th best paid
* CZ: Manhattan prices reach record
* CZ: Rich Czech's flood Sumava
* CZ: Czechs buy record airline tickets
* CZ: Raiffeisenbank, eBanka profits up
March 2008
* CZ: Czech Banks profits up 24%
* CZ: ECM profits exceed expectations
* CZ: Record CZ income tax revenue
* CZ: Internet Ad spending up 70%
* CZ: Orco profits up to 3bn CZK
* CZ: ECM profits up 28%
* CZ: Skoda sales up 39%
* CZ: Developer VGP 2007 profits treble
* CZ: Brno get ratings up grade
* CZ: Record CZ card payment growth
* CZ: GDP at 82% of EU level
* CZ: Allianz net profit soars 54%
* CZ: Guests at luxury hotels up 11%
* CZ: Current account CZK 4.8bn surplus
* CZ: Foreigners boost accommodation
* CZ: Tourism revenues rise 7.3% in 07
* CZ: Wages rise 7.3% in 07
* CZ: Car sales rise 13% in Feb
* CZ: ECM trebles profit
* CZ: Firms pay av wages over 100,000
* CZ: Prague Europe's 3rd best retail city
* CZ: Ceská nets CZK 12.15bn in 07
February 2008
* CZ: Czechs demand better facilities
* CZ: Demand for homes still high
* CZ: Komercni Banka profits up 21%
* CZ: Staff in car industry up at 124,000
* CZ: Banks compete for millionaires
* CZ: Bonatrans Group sales up 17% 07
* CZ: Koreans to invest billions of CZK
* CZ: Austria's VIG comes to Prague
* CZ: KB's net profit up at 10.8bn 07
* CZ: Telefónica O2's 07 profit 9.5bn
* CZ: Prague Household debt tops 900bn
* CZ: Prague skyscrappers
* CZ: Tourist numbers up 3.8%
* CZ: CZK 10bn spend by Hyundai
* CZ: Prague Houses on Letna plain
* CZ: Prague 38% uplift in homes 07
* CZ: Prague 12th richest region in EU
* CZ: eBay comes to Prague

International Property News



Czech Properties - Shells of their former selves


19th May 2009

First-time visitors to Prague often comment that the marvelously preserved period façades make the city seem unreal, rather like the stage set of a historic play.

This observation is spot on – at least when we consider some of the recent reconstruction efforts.

Within the last seven years, an increasing number of projects in historical parts of Prague involves completely gutting out a building's interior and rebuilding it entirely, whilst maintaining the original façade intact.

Shackled by the demands of preservationists, bound by the conditions of investors, developers resort to compromises – from the outside the building must retain its original character and height, while the inside must suit the function of a modern office or shopping complex.

Is this a simply commercially viable way of preserving historical buildings or are we witnessing the creation of a sort of inverted Potemkin village?

In an interview a while back, architecture historian Zdenek Lukeš warned that trying to preserve at all costs Prague's original state would turn the city into an "open-air museum", a sort of "El Dorado for tourists". It seems that his fears may be justified. If buildings' façades bear no relation to their function, it's little wonder that parts of the city start resembling a stage set.

The Palladium shopping mall on námestí Republiky is the latest example of this jelly-donut approach. The interior of 19th century army barracks has been scooped out and replaced with escalators, five floors of shopping galleries and three levels of parking spaces. The historical façade, now painted a pink, has stayed intact, pretending as though nothing has happened. But is it still the same building?

One doesn't need to look far to find other examples. Take Stará Celnice on V Celnici Street, just off námestí Republiky. Reconstructed in 2001, based on a design by Atelier 8000, it now houses Billa supermarket and a handful of shops and modern offices.

The original outside walls were preserved, but the internal structure has been changed completely. The interior exceeds the height of the original building by two floors. From far away, it looks as though a glass and steel office building were growing from within the original one. A successful use of space that doesn't mar the historical façade or a kitsch mixture of clashing styles? You decide.

Just a 15-minute walk from Stará Celnice stands Corso Karlín on Križíkova Street in Karlín, Prague 8, which won the "Best of Realty 2001" award as part of the project "New Karlín Development". It is yet another example of a gutted historical building.

In this case a 140-year-old factory hall of CKD engineering works was converted into an office complex, based on a design by Spanish architect Ricardo Bofill.

In an article for Klub za Starou Prahu, a historical preservationist society, Kristýna Kolajová called Corso Karlín one of the few recent successful adaptations of historical buildings in Karlín.

Critical praise notwithstanding, does the reconstructed building really work as a whole? Rather than incorporating the historical elements and making them part of the whole package, Corso Karlín seems to be wearing its original façade like a mask. As with Stará Celnice and the Palladium, the exterior is completely divorced from what is going on inside.

If you walk further north up Krížíkova until you hit Špaldova Street, you will come across a building site in and around a long 19th century hall. Formerly an oil refinery, it's the latest example of a gutted historical structure.

Cornlofts promises to be Prague's first loft-living complex (if you overlook the much smaller Nuselský mlýn). The reconstruction plan was designed by Austrian architectural firm Baumschlager & Eberle.

Construction workers have already dismantled and taken off the roof. Inside, most of the floors and wall division have been demolished. The former refinery is now a long, hollow shell.

If a building's interior is structurally damaged beyond repair, the logical thing to do would be to tear down the structure entirely. Does merely keeping the façade intact constitute historical preservation?

As part of the reconstruction project, architects Martin Šenberger and Tomáš Šenberger carried out an in-depth study of the former refinery's history and current condition. Their conclusion was that despite the building's multifarious roles –it was used as a refinery for only some nine years after construction – the refinery was in good shape and that its interiors could be modified to suit their new loft function without any drastic changes. It seems that the investor wasn't convinced.

Prague has a long history layering of different architectural styles, often within the same building. According to Lukeš, the architectural historian, this is mainly because the city was never as rich as European metropolises like Paris or Rome. Buildings were rarely torn down to make room for new structures. Instead, standing buildings were incorporated into new ones, which saved construction costs. The result was often a curious mish-mash of styles.

Just take a look at some of the buildings that line Old Town Square: gothic arcades and cellars with baroque façades and interiors that are often a jumble period details, with the space adjusted to suit the building's function.

Or consider the Prague Castle. Some of its oldest components date back to the 9th century, but multiple reconstructions and additions have altered its appearance for centuries. From gothic, to renaissance to baroque, to neo-classical, the castle complex today contains just about every architectural style imaginable.

History is a hard habit to kick.

Still, the practice of gutting out buildings doesn't quite fit into this tradition of layering. For one, it doesn't save money. And I'm sure most developers would readily admit it's anything but practical. It does, however, help perpetuate the illusion of an unchanging, historical Prague. So long as you don't look behind the set pieces.

Source: Prague Monitor