Real Estate Investing

Holešovice in Prague 7 is about 2.5 kilometres north-east of the historical city centre, in the curve of the Vltava River. The area is home to the Holešovice Exhibition Ground, T-Mobile Arena and the Sparta Praha Football Stadium. There is a mixture of buildings in Prague 7, including many old, architecturally beautiful buildings for which Prague is famous.

In the past year and a half there has been an increase in the number of old-style buildings restored to their former glory. The freak floods of 2002 brought damage to Holešovice but happily, since then, the government has invested in river flood defenses to levels higher than those reached by the floods of 2002. As a consequence of this the area of Holešovice is experiencing exciting growth in new residential and commercial development and regeneration in the area.

Completed in 2004 the Lighthouse Tower office block is a local landmark and has brought several high-profile tenants to the area. Along the river the Tower developer has received planning permission to redevelop the old Holešovice Port area into an up-market, mixed-use, marina development. The regeneration will bring a thousand up-market riverfront apartments (with an average price of around CZK69,956/sqm (£1,686/€ 2,259)) and new office blocks with various amenities such as shopping, leisure, dining and cafés.

It might be useful to compare Holešovice with Shoreditch in the London Borough of Hackney, some 3.7km to the north of the City of London and north-east of Charing Cross, although Holešovice is closer to Prague city centre at just 2.5km away. Since its decline following the second World War, Shoreditch has been transformed and has become a popular and fashionable part of London.

Like Shoreditch, Holešovice is now becoming the new business district of Prague and a funky place for Prague’s young and hip. Tremendous growth is spreading through the area, with a number of commercial and residential developments attempting to fill the supply gap following the damage suffered by Holešovice in the 2002 flood. The result is that the whole area is undergoing huge regeneration.

It should be pointed out that the flood was a one-in-150 year event and is unlikely to happen again given the protection now in place, such as the flood walls on the nearby river to protect against such an eventuality in the future.

Interested in investing in property in Prague? Look for Avenium Residence in Holesovice, Prague at http://www.internationalpropertypurchases.com

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