The Changing Landscape of Prague Real Estate

00:02Now you can see that projects which had Now you can see that projects which had the same, [music] let's talk about mix the same, [music] let's talk about mix the same, [music] let's talk about mix of flat, okay? So, let's say that they of flat, okay? So, let's say that they of flat, okay? So, let's say that they had 60% of the flats had 60% of the flats had 60% of the flats >> [music] >> [music] >> [music] >> which are 1 KK and 2 KK and the rest is >> which are 1 KK and 2 KK and the rest is >> which are 1 KK and 2 KK and the rest is a 3, 4, and 5. a 3, 4, and 5. a 3, 4, and 5. Today, it's more or less the same, Today, it's more or less the same, Today, it's more or less the same, 60-65%

00:1660-65% 60-65% if I compare it to 10 years ago. [music] if I compare it to 10 years ago. [music] if I compare it to 10 years ago. [music] But the sizes of the flats is different, But the sizes of the flats is different, But the sizes of the flats is different, meaning that you'll see much more flats meaning that you'll see much more flats meaning that you'll see much more flats or many more flats that used to be 1 KK or many more flats that used to be 1 KK or many more flats that used to be 1 KK 30 m and today you'll see them in 24 to 30 m and today you'll see them in 24 to 30 m and today you'll see them in 24 to [music] 28. [music] 28. [music] 28. >> it's 18 I seen somewhere which is

00:31>> it's 18 I seen somewhere which is >> it's 18 I seen somewhere which is >> There is a new project in Smichov with >> There is a new project in Smichov with >> There is a new project in Smichov with 18 to 20. And you'll see 2 KKs that used 18 to 20. And you'll see 2 KKs that used 18 to 20. And you'll see 2 KKs that used to be 55 to 16 and you'll see them at to be 55 to 16 and you'll see them at to be 55 to 16 and you'll see them at the sizes of 45 to 48. This is the the sizes of 45 to 48. This is the the sizes of 45 to 48. This is the difference. People [clears throat] difference. People [clears throat] difference. People [clears throat] will will will >> [music] >> [music]

00:42>> [music] >> have to compromise on the size if they >> have to compromise on the size if they >> have to compromise on the size if they would like to would like to would like to to build in today's prices, to build in today's prices,

00:46to build in today's prices, unfortunately.

01:55Uh welcome and thank you for coming. Uh welcome and thank you for coming. Uh I will start with the first question Uh I will start with the first question Uh I will start with the first question for Ishai. for Ishai. for Ishai. Ishai, uh you said in the past that the Ishai, uh you said in the past that the Ishai, uh you said in the past that the building permitting process in the Czech building permitting process in the Czech building permitting process in the Czech Republic is the longest in Europe. What Republic is the longest in Europe. What Republic is the longest in Europe. What specifically causes these delays and how specifically causes these delays and how

02:07specifically causes these delays and how much does it cost the developer? much does it cost the developer? much does it cost the developer? Building permit should not be long. It's Building permit should not be long. It's Building permit should not be long. It's a simple process. a simple process. a simple process. But if you want to make it long, it's But if you want to make it long, it's But if you want to make it long, it's very easy to prolong it. And this is the very easy to prolong it. And this is the very easy to prolong it. And this is the situation actually here in Prague. situation actually here in Prague. situation actually here in Prague. The building permit is divided to few uh

02:26The building permit is divided to few uh The building permit is divided to few uh sub permits sub permits sub permits including the Uzemi Rozhodnuti, the including the Uzemi Rozhodnuti, the including the Uzemi Rozhodnuti, the planning permit. But there's traffic one planning permit. But there's traffic one planning permit. But there's traffic one and there is a um infrastructure one and and there is a um infrastructure one and and there is a um infrastructure one and there is water one and there is another there is water one and there is another there is water one and there is another main and everything is also is main and everything is also is

02:42main and everything is also is uh capable of having objections. All uh capable of having objections. All uh capable of having objections. All these objections and all these permits these objections and all these permits these objections and all these permits cause delays that sometimes it doesn't cause delays that sometimes it doesn't cause delays that sometimes it doesn't make sense to buy a project without a make sense to buy a project without a make sense to buy a project without a building permit if you know up front building permit if you know up front building permit if you know up front that it will take you so long. that it will take you so long.

02:57that it will take you so long. I checked today and uh according to I checked today and uh according to I checked today and uh according to 2022, 2022, 2022, Czech Republic was 159 Czech Republic was 159 Czech Republic was 159 in the place, 159 in the world in the in the place, 159 in the world in the in the place, 159 in the world in the world in world in world in the time of achieving a building permit. the time of achieving a building permit. the time of achieving a building permit. If you if you think about 6 7 8 10 years If you if you think about 6 7 8 10 years If you if you think about 6 7 8 10 years of permit, you can just calculate if you of permit, you can just calculate if you

03:21of permit, you can just calculate if you take easy calculation of the price of take easy calculation of the price of take easy calculation of the price of the plot and you multiply it by the the plot and you multiply it by the the plot and you multiply it by the interest, only the interest, you can see interest, only the interest, you can see interest, only the interest, you can see how much cost actually the plot once you how much cost actually the plot once you how much cost actually the plot once you start start start selling it or once you get the building selling it or once you get the building selling it or once you get the building permit. It's not the price that you that

03:34permit. It's not the price that you that permit. It's not the price that you that you bought it. Yes, but can you can you you bought it. Yes, but can you can you you bought it. Yes, but can you can you project or project or project or can you project the land? Like is there can you project the land? Like is there can you project the land? Like is there a guarantee if you buy a land uh and the a guarantee if you buy a land uh and the a guarantee if you buy a land uh and the changing the zone plan needs to change, changing the zone plan needs to change, changing the zone plan needs to change, can you project it and know for sure can you project it and know for sure

03:47can you project it and know for sure that in X amount of years you can that in X amount of years you can that in X amount of years you can actually build on it? There's a dilemma actually build on it? There's a dilemma actually build on it? There's a dilemma for the developers if it's better to buy for the developers if it's better to buy for the developers if it's better to buy a project with permit, which is much a project with permit, which is much a project with permit, which is much more expensive, more expensive, more expensive, or a project without, only with master or a project without, only with master or a project without, only with master plan or zoning plan, and to work on it

04:01plan or zoning plan, and to work on it plan or zoning plan, and to work on it and to make it happen. and to make it happen. and to make it happen. The difference is The difference is The difference is big big big in the price on one hand. On the other in the price on one hand. On the other in the price on one hand. On the other hand, the risk is zero once you buy it hand, the risk is zero once you buy it hand, the risk is zero once you buy it with with with Um you cannot predict because you can Um you cannot predict because you can Um you cannot predict because you can have a project which is very easy to have a project which is very easy to

04:16have a project which is very easy to build, and then you come to a certain build, and then you come to a certain build, and then you come to a certain moment where there's no money moment where there's no money moment where there's no money And then all of a sudden you get five And then all of a sudden you get five And then all of a sudden you get five from people or some funds that you from people or some funds that you from people or some funds that you didn't know that exist, didn't know that exist, didn't know that exist, and they are against the project because and they are against the project because and they are against the project because any reason they can come with until

04:32any reason they can come with until any reason they can come with until there will not be some rule, some law there will not be some rule, some law there will not be some rule, some law about about about the fact that you cannot the fact that you cannot the fact that you cannot let's say let's say let's say um send a Odwołanie after your namitki um send a Odwołanie after your namitki um send a Odwołanie after your namitki was not accepted, or that you'll have to was not accepted, or that you'll have to was not accepted, or that you'll have to put some put some put some serious amount. I'm not talking about serious amount. I'm not talking about

04:48serious amount. I'm not talking about millions, but something to show millions, but something to show millions, but something to show seriousness, some amount of money that seriousness, some amount of money that seriousness, some amount of money that will show that if you will show that if you will show that if you insist on it, you it means that you have insist on it, you it means that you have insist on it, you it means that you have a point, that you really believe that a point, that you really believe that a point, that you really believe that your your your Odwołanie makes sense, meaning that the Odwołanie makes sense, meaning that the

05:00Odwołanie makes sense, meaning that the project is too big or the traffic will project is too big or the traffic will project is too big or the traffic will be impossible, be impossible, be impossible, or that the noise will be unbearable. or that the noise will be unbearable. or that the noise will be unbearable. Then do it. But today Then do it. But today Then do it. But today it happens that everybody can send their it happens that everybody can send their it happens that everybody can send their objections. objections. objections. It takes ages. It takes ages. It takes ages. It can take It's not a matter of weeks. It can take It's not a matter of weeks.

05:19It can take It's not a matter of weeks. It's not even a matter of months. It can It's not even a matter of months. It can It's not even a matter of months. It can easily take years. easily take years. easily take years. >> out of boredom. >> out of boredom. >> out of boredom. Sometimes. Sometimes. Sometimes. >> Out of boredom or because they are >> Out of boredom or because they are >> Out of boredom or because they are stubborn or because they are not happy. stubborn or because they are not happy. stubborn or because they are not happy. Some people like You know, the old style. I want to live You know, the old style. I want to live like I used to live all my life. I'm now

05:36like I used to live all my life. I'm now like I used to live all my life. I'm now 60. I want to live as I was here 20 60. I want to live as I was here 20 60. I want to live as I was here 20 years ago. I don't want another years ago. I don't want another years ago. I don't want another development. I want don't want children development. I want don't want children development. I want don't want children running here outside or a school to be running here outside or a school to be running here outside or a school to be built. So, do you I that the namitki is built. So, do you I that the namitki is built. So, do you I that the namitki is mostly from the older generation. Is it

05:48mostly from the older generation. Is it mostly from the older generation. Is it like a situation or is it a mix? It's like a situation or is it a mix? It's like a situation or is it a mix? It's it's a complete mix. Complete mix. You it's a complete mix. Complete mix. You it's a complete mix. Complete mix. You can have a project with the three can have a project with the three can have a project with the three phases. Beautiful project. The first phases. Beautiful project. The first phases. Beautiful project. The first phase phase phase was a handover. The second phase was was a handover. The second phase was was a handover. The second phase was handover. The people are happy. They

06:02handover. The people are happy. They handover. The people are happy. They bought it cheap. They made lots of bought it cheap. They made lots of bought it cheap. They made lots of money. money. money. They're happy with the They're happy with the They're happy with the with the product. They're happy with the with the product. They're happy with the with the product. They're happy with the living. But they don't want another living. But they don't want another living. But they don't want another phase. phase. phase. >> phase Because they don't want more >> phase Because they don't want more >> phase Because they don't want more traffic. They don't want to have a more

06:13traffic. They don't want to have a more traffic. They don't want to have a more noise. They don't want to have a noise. They don't want to have a noise. They don't want to have a construction for the next two or three construction for the next two or three construction for the next two or three years. years. years. That's it. This is it. And you cannot That's it. This is it. And you cannot That's it. This is it. And you cannot you cannot forbid it. Yes. you cannot forbid it. Yes. you cannot forbid it. Yes. Well, we are waiting for the novella of Well, we are waiting for the novella of Well, we are waiting for the novella of the new legislation of the building

06:28the new legislation of the building the new legislation of the building building law. So let's see what's going building law. So let's see what's going building law. So let's see what's going to happen. I'm going to ask maybe you to happen. I'm going to ask maybe you to happen. I'm going to ask maybe you Mr. Antal. You originally from Slovakia. Mr. Antal. You originally from Slovakia. Mr. Antal. You originally from Slovakia. If you compare the If you compare the If you compare the paperwork and bureaucracy in Czech paperwork and bureaucracy in Czech paperwork and bureaucracy in Czech Republic, how is it to compare it to Republic, how is it to compare it to

06:41Republic, how is it to compare it to Slovakia? Is it better? Slovakia? Is it better? Slovakia? Is it better? I would like to say that it is better, I would like to say that it is better, I would like to say that it is better, but it's quite similar. Yeah, probably but it's quite similar. Yeah, probably but it's quite similar. Yeah, probably it's not 156 or something place. A it's not 156 or something place. A it's not 156 or something place. A little bit above, but little bit above, but little bit above, but still have similar issues. still have similar issues. still have similar issues. In Slovakia is a little bit different on In Slovakia is a little bit different on

06:56In Slovakia is a little bit different on the municipality have bigger power and the municipality have bigger power and the municipality have bigger power and authority. So the statement from their authority. So the statement from their authority. So the statement from their side took much longer than here. side took much longer than here. side took much longer than here. But other things go a little bit But other things go a little bit But other things go a little bit differently and smoothly maybe. So differently and smoothly maybe. So differently and smoothly maybe. So overall it's quite similar. Maybe a overall it's quite similar. Maybe a

07:11overall it's quite similar. Maybe a little bit less than here, but lesser little bit less than here, but lesser little bit less than here, but lesser than Czech Republic. But still it took a than Czech Republic. But still it took a than Czech Republic. But still it took a lot of time because we are doing the lot of time because we are doing the lot of time because we are doing the project also in Bratislava and we know project also in Bratislava and we know project also in Bratislava and we know that processes that processes that processes crucial and really similar. crucial and really similar. crucial and really similar. So So So I think the problem is also because the

07:27I think the problem is also because the I think the problem is also because the legislation in Slovakia and Czech legislation in Slovakia and Czech legislation in Slovakia and Czech Republic is quite same. Republic is quite same. Republic is quite same. Last year the Slovak Republic also adapt Last year the Slovak Republic also adapt Last year the Slovak Republic also adapt the new the new the new law law about the construction and how law law about the construction and how law law about the construction and how it works. Similar as in Czech Republic it works. Similar as in Czech Republic it works. Similar as in Czech Republic two years before. So two years before. So

07:41two years before. So quite same. Okay. So you didn't really quite same. Okay. So you didn't really quite same. Okay. So you didn't really stepped up to the stepped up to the stepped up to the relocating to Czech Republic from this relocating to Czech Republic from this relocating to Czech Republic from this point. It's the same burden. point. It's the same burden. point. It's the same burden. Unfortunately not. Slovakia. Thank you. Unfortunately not. Slovakia. Thank you. Unfortunately not. Slovakia. Thank you. I also want to ask you I also want to ask you I also want to ask you since you work for architectural studio, since you work for architectural studio,

07:56since you work for architectural studio, architectural studio, architectural studio, architectural studio, if you design apartments for rent or for if you design apartments for rent or for if you design apartments for rent or for sale, does it actually change the does it actually change the architectural outcome? Do you look at it architectural outcome? Do you look at it architectural outcome? Do you look at it differently from the point from the differently from the point from the differently from the point from the budgeting and budgeting and budgeting and Yeah, we are doing both because nowadays Yeah, we are doing both because nowadays

08:14Yeah, we are doing both because nowadays to sell the apartment maybe the last to sell the apartment maybe the last to sell the apartment maybe the last year and two years before it wasn't so year and two years before it wasn't so year and two years before it wasn't so high as now. high as now. high as now. So many developers move towards the So many developers move towards the So many developers move towards the renting apartment, build a different renting apartment, build a different renting apartment, build a different typologies. typologies. typologies. In the architecture manner, yeah, it's a In the architecture manner, yeah, it's a

08:27In the architecture manner, yeah, it's a little bit changed because in the little bit changed because in the little bit changed because in the renting it's usually smaller units or renting it's usually smaller units or renting it's usually smaller units or more bespoke made everything because you more bespoke made everything because you more bespoke made everything because you try to maximize the number of beds and try to maximize the number of beds and try to maximize the number of beds and people inside of it. And when you're people inside of it. And when you're people inside of it. And when you're selling the apartments, you look on the selling the apartments, you look on the

08:39selling the apartments, you look on the differently. Well, you want to have differently. Well, you want to have differently. Well, you want to have more more more space and more flexibility for new space and more flexibility for new space and more flexibility for new people to live there and accommodate people to live there and accommodate people to live there and accommodate them there their self. So yeah, it's a them there their self. So yeah, it's a them there their self. So yeah, it's a little bit different little bit different little bit different architecture from the architecture architecture from the architecture

08:53architecture from the architecture perspective. Both of them are fine and perspective. Both of them are fine and perspective. Both of them are fine and we love it and we try to move and bring we love it and we try to move and bring we love it and we try to move and bring towards the community and create towards the community and create towards the community and create something better than just the living. something better than just the living. something better than just the living. It's more about the how the It's more about the how the It's more about the how the neighborhoods will achieve their status neighborhoods will achieve their status neighborhoods will achieve their status there.

09:08there. there. Okay, would you say that in the rental Okay, would you say that in the rental Okay, would you say that in the rental apartments or the rental projects there apartments or the rental projects there apartments or the rental projects there is more amenities for the tenants? is more amenities for the tenants? is more amenities for the tenants? It should be, I think because when you It should be, I think because when you It should be, I think because when you are squeezing the numbers of square are squeezing the numbers of square are squeezing the numbers of square meters from the flat, you need to have meters from the flat, you need to have

09:21meters from the flat, you need to have some space to some space to some space to exactly. exactly. exactly. So the renting apartments mostly So the renting apartments mostly So the renting apartments mostly building some community like spaces building some community like spaces building some community like spaces where the people can met in a bigger where the people can met in a bigger where the people can met in a bigger groups. So yeah, it's a little bit groups. So yeah, it's a little bit groups. So yeah, it's a little bit different in the amenities and uh different in the amenities and uh different in the amenities and uh Yeah. Yeah. Yeah. Nice. Nice.

09:38Nice. Um I saw you built also for Redstone the Um I saw you built also for Redstone the Um I saw you built also for Redstone the college living in the Olomouc. Or not college living in the Olomouc. Or not college living in the Olomouc. Or not built, but design, which is I was quite built, but design, which is I was quite built, but design, which is I was quite impressed impressed impressed the way it was the way it was the way it was designed and the common areas and you designed and the common areas and you designed and the common areas and you really thought of everything. Um Yeah, really thought of everything. Um Yeah,

09:54really thought of everything. Um Yeah, it should be under construction this it should be under construction this it should be under construction this year and it's like year and it's like year and it's like dormitory mostly and a little bit dormitory mostly and a little bit dormitory mostly and a little bit co-living. So, it's a little bit co-living. So, it's a little bit co-living. So, it's a little bit different typology because with the different typology because with the different typology because with the dormitory you're mostly going to be the dormitory you're mostly going to be the dormitory you're mostly going to be the number of beds that you put there and

10:05number of beds that you put there and number of beds that you put there and they're really small units and much they're really small units and much they're really small units and much bigger community spaces because the bigger community spaces because the bigger community spaces because the students need to students need to students need to live somewhere. Yes, live somewhere. Yes, live somewhere. Yes, they have study rooms. they have study rooms. they have study rooms. >> Yeah. So, I think it's really nice to >> Yeah. So, I think it's really nice to >> Yeah. So, I think it's really nice to have a typology for the have a typology for the have a typology for the university city.

10:18university city. university city. And Olomouc is. So, we're looking And Olomouc is. So, we're looking And Olomouc is. So, we're looking forward to it and it's starting to forward to it and it's starting to forward to it and it's starting to construction this year. So, construction this year. So, construction this year. So, >> Yeah, good luck. It's going to be great. >> Yeah, good luck. It's going to be great. >> Yeah, good luck. It's going to be great. Isha, this is a question for you. Isha, this is a question for you. Isha, this is a question for you. Projects like Fragment and Karlín or Projects like Fragment and Karlín or Projects like Fragment and Karlín or K Rebel of Thara award-winning

10:33K Rebel of Thara award-winning K Rebel of Thara award-winning residential projects. But where is the residential projects. But where is the residential projects. But where is the space for the commoner? space for the commoner? space for the commoner? Um Um Um common ordinary people who just looking common ordinary people who just looking common ordinary people who just looking to buy affordable apartments. to buy affordable apartments. to buy affordable apartments. Everybody knows that the prices in Everybody knows that the prices in Everybody knows that the prices in Prague increase. There was a crease of Prague increase. There was a crease of

10:51Prague increase. There was a crease of We checked it last time. We checked it last time. We checked it last time. It was [clears throat] 262% It was [clears throat] 262% It was [clears throat] 262% since 2010. since 2010. since 2010. This is the increase. This is the increase. This is the increase. >> Yes. >> Yes. >> Yes. But it is some correction to the very But it is some correction to the very But it is some correction to the very low prices that were here before. The low prices that were here before. The low prices that were here before. The prices were corrected. prices were corrected. prices were corrected. Um we still I think did not reach the Um we still I think did not reach the

11:11Um we still I think did not reach the prices that will be eventually because prices that will be eventually because prices that will be eventually because they're still they're still they're still there are still many reasons why the there are still many reasons why the there are still many reasons why the prices will increase. Nevertheless, prices will increase. Nevertheless, prices will increase. Nevertheless, there are projects that are very there are projects that are very there are projects that are very expensive, expensive, expensive, but there are projects that are but there are projects that are but there are projects that are affordable. affordable.

11:26affordable. Together with the Ian, we are Together with the Ian, we are Together with the Ian, we are working now on a very big project in working now on a very big project in working now on a very big project in Statenice. Statenice. Statenice. Statenice is a in the Prague Zapad. Statenice is a in the Prague Zapad. Statenice is a in the Prague Zapad. It's a town that we are going to It's a town that we are going to It's a town that we are going to build there almost build there almost build there almost 1,500 units 1,500 units 1,500 units that will be combination of villas, of that will be combination of villas, of

11:44that will be combination of villas, of Zadovky, of flats with lots of amenities Zadovky, of flats with lots of amenities Zadovky, of flats with lots of amenities for the people. This is a type of for the people. This is a type of for the people. This is a type of project that are needed for the people project that are needed for the people project that are needed for the people of Prague. Those that cannot afford to of Prague. Those that cannot afford to of Prague. Those that cannot afford to be in Prague 1, Prague 2, Prague 3, be in Prague 1, Prague 2, Prague 3, be in Prague 1, Prague 2, Prague 3, Prague 5, Prague 6 or in Prague 5, Prague 6 or in Prague 5, Prague 6 or in Karlin. Karlin.

11:59Karlin. This is a project that the prices will This is a project that the prices will This is a project that the prices will be relatively reasonable be relatively reasonable be relatively reasonable and they can they can buy in 20%, 25% and they can they can buy in 20%, 25% and they can they can buy in 20%, 25% less than the prices in the closest less than the prices in the closest less than the prices in the closest center. They can buy very nice center. They can buy very nice center. They can buy very nice accommodation in very nice environment. accommodation in very nice environment. accommodation in very nice environment. Okay, we're excited. Okay, we're excited.

12:14Okay, we're excited. You can buy. You can buy. You can buy. Um, I want to ask also about your um, Um, I want to ask also about your um, Um, I want to ask also about your um, project that it's in working in project that it's in working in project that it's in working in Bohdalec. You plan to build about 1,500 Bohdalec. You plan to build about 1,500 Bohdalec. You plan to build about 1,500 units, but due to the uh, change of the units, but due to the uh, change of the units, but due to the uh, change of the metropolitan plan, uh, it's can has been metropolitan plan, uh, it's can has been metropolitan plan, uh, it's can has been quite delayed. quite delayed.

12:30quite delayed. How long can a developer realistically How long can a developer realistically How long can a developer realistically wait before projects stop making sense? wait before projects stop making sense? wait before projects stop making sense? As I said before, you you never know. As I said before, you you never know. As I said before, you you never know. You never know. You never know. You never know. >> real estate, you need to be patient >> real estate, you need to be patient >> real estate, you need to be patient and you need to work. And you need to and you need to work. And you need to and you need to work. And you need to wait. wait. wait. >> on to the >> on to the

12:43>> on to the project? project? project? >> We want the project that was uh, >> We want the project that was uh, >> We want the project that was uh, that is a yielding project. So, it means that is a yielding project. So, it means that is a yielding project. So, it means that we have some income during the that we have some income during the that we have some income during the years. years. years. Um, Um, Um, this new metropolitan plan is going to this new metropolitan plan is going to this new metropolitan plan is going to be, I hope, valid during 2026. be, I hope, valid during 2026. be, I hope, valid during 2026. If everything goes all right and it was

13:02If everything goes all right and it was If everything goes all right and it was already already already uh, uh, uh, published, published, published, uh, the concept for our plot is, yes, as uh, the concept for our plot is, yes, as uh, the concept for our plot is, yes, as you mentioned, is for 180,000 square you mentioned, is for 180,000 square you mentioned, is for 180,000 square meters. meters. meters. It's quite large. It's one of the It's quite large. It's one of the It's quite large. It's one of the biggest projects in the Czech Republic biggest projects in the Czech Republic biggest projects in the Czech Republic which will include lots of flats and which will include lots of flats and

13:19which will include lots of flats and lots of services for the for the project lots of services for the for the project lots of services for the for the project and for the community. and for the community. and for the community. >> for the community. Yeah, I hope that >> for the community. Yeah, I hope that >> for the community. Yeah, I hope that if it will be valid this year, so in if it will be valid this year, so in if it will be valid this year, so in about 2 and 1/2 years or 3 years about 2 and 1/2 years or 3 years about 2 and 1/2 years or 3 years I hope we can have building permit and I hope we can have building permit and

13:33I hope we can have building permit and to start the sales in the construction. to start the sales in the construction. to start the sales in the construction. >> And how long you've been waiting for? >> And how long you've been waiting for? >> And how long you've been waiting for? Well, there was some Well, there was some Well, there was some procedures on the way. There was some procedures on the way. There was some procedures on the way. There was some bad news about it bad news about it bad news about it on the plot. But practically we're on the plot. But practically we're on the plot. But practically we're working on the change of the zoning plan working on the change of the zoning plan

13:48working on the change of the zoning plan more than 7 years. Okay. So, you're more than 7 years. Okay. So, you're more than 7 years. Okay. So, you're right at the end of the tunnel, I hope. right at the end of the tunnel, I hope. right at the end of the tunnel, I hope. >> this is thanks to the to the new >> this is thanks to the to the new >> this is thanks to the to the new metropolitan plan. metropolitan plan. metropolitan plan. Yes. Because this shorted the procedure. Yes. Because this shorted the procedure. Yes. Because this shorted the procedure. Great. So, good luck with that. Great. So, good luck with that. Great. So, good luck with that. Appreciate it. Uh Appreciate it. Uh

14:03Appreciate it. Uh the next question is going to be for the next question is going to be for the next question is going to be for Jan. Um Jan. Um Jan. Um Where is the development heading in Where is the development heading in Where is the development heading in Prague, do you think from your Prague, do you think from your Prague, do you think from your perspective? Um perspective? Um perspective? Um probably out of the city like probably out of the city like probably out of the city like Statenice pro- project or do you think Statenice pro- project or do you think Statenice pro- project or do you think that people will move even further from that people will move even further from

14:19that people will move even further from Prague to be able to afford the Prague to be able to afford the Prague to be able to afford the accommodation and buy apartments? accommodation and buy apartments? accommodation and buy apartments? Like Kladno project and you think that's Like Kladno project and you think that's Like Kladno project and you think that's up to 60 km from Prague? Do you think up to 60 km from Prague? Do you think up to 60 km from Prague? Do you think that's the future? I think it's both that's the future? I think it's both that's the future? I think it's both because we also doing the project in the because we also doing the project in the

14:31because we also doing the project in the city center and city center and city center and uh the prestige location like Karlin uh the prestige location like Karlin uh the prestige location like Karlin etc. etc. etc. Uh but as you as I mentioned that it's Uh but as you as I mentioned that it's Uh but as you as I mentioned that it's about the pricing at the end because the about the pricing at the end because the about the pricing at the end because the plot itself cost quite a lot of money plot itself cost quite a lot of money plot itself cost quite a lot of money there and if you want to have more there and if you want to have more

14:43there and if you want to have more affordable housing, you need to go to affordable housing, you need to go to affordable housing, you need to go to outskirts of the city. outskirts of the city. outskirts of the city. Uh but on the outskirts of the city it's Uh but on the outskirts of the city it's Uh but on the outskirts of the city it's starting to be a little bit different starting to be a little bit different starting to be a little bit different development than it was in '90s. So, development than it was in '90s. So, development than it was in '90s. So, it's not about the urban sprawl, it's it's not about the urban sprawl, it's

14:53it's not about the urban sprawl, it's more about to building the new uh more about to building the new uh more about to building the new uh communities, new centers that have all communities, new centers that have all communities, new centers that have all of the amenities, everything inside of of the amenities, everything inside of of the amenities, everything inside of it. So, the people can live there like it. So, the people can live there like it. So, the people can live there like uh fully and they don't need to move uh fully and they don't need to move uh fully and they don't need to move around for everything. So, they have around for everything. So, they have

15:05around for everything. So, they have like uh retails, parks and uh pubs, like uh retails, parks and uh pubs, like uh retails, parks and uh pubs, coffee shops, etc. coffee shops, etc. coffee shops, etc. Everything need to be there. And it's Everything need to be there. And it's Everything need to be there. And it's mostly about that also apart houses. mostly about that also apart houses. mostly about that also apart houses. It's not only the It's not only the It's not only the family housings housing all around. family housings housing all around. family housings housing all around. Uh so, the it's concentrated. It's Uh so, the it's concentrated. It's

15:21Uh so, the it's concentrated. It's mostly about the concentration. So, I mostly about the concentration. So, I mostly about the concentration. So, I think the outskirts of the city need to think the outskirts of the city need to think the outskirts of the city need to be also developed to have more be also developed to have more be also developed to have more affordable housing here in Czech affordable housing here in Czech affordable housing here in Czech Republic because mostly in the Prague Republic because mostly in the Prague Republic because mostly in the Prague because because because it's very problematic to afford it's very problematic to afford

15:32it's very problematic to afford house for new young couple or of I know. house for new young couple or of I know. house for new young couple or of I know. young generation. So we need to have young generation. So we need to have young generation. So we need to have some option where to buy them. Yes, also some option where to buy them. Yes, also some option where to buy them. Yes, also the issue is the income, you know, if the issue is the income, you know, if the issue is the income, you know, if you if you finance, you don't get you if you finance, you don't get you if you finance, you don't get financing as a family if you don't have financing as a family if you don't have

15:47financing as a family if you don't have high income. So the issue is a big gap. high income. So the issue is a big gap. high income. So the issue is a big gap. Yeah. Unless you're an investor, that's Yeah. Unless you're an investor, that's Yeah. Unless you're an investor, that's a different story. Or that you buy a a different story. Or that you buy a a different story. Or that you buy a project of a developer. project of a developer. project of a developer. Uh yes, that's Then it's a little bit Uh yes, that's Then it's a little bit Uh yes, that's Then it's a little bit different and it makes life easier for different and it makes life easier for

15:59different and it makes life easier for the for the families. Yeah. the for the families. Yeah. the for the families. Yeah. >> But I I will go to to what you asked. We >> But I I will go to to what you asked. We >> But I I will go to to what you asked. We checked few projects both in Pilsen and checked few projects both in Pilsen and checked few projects both in Pilsen and in Kladno. I think that there is a in Kladno. I think that there is a in Kladno. I think that there is a the the the cities that are in this the the the cities that are in this the the the cities that are in this distance from Prague distance from Prague distance from Prague are going to be developed.

16:17are going to be developed. are going to be developed. Um there's going to be increasing the Um there's going to be increasing the Um there's going to be increasing the prices over there because they start prices over there because they start prices over there because they start low. low. low. And therefore it's still attractive to And therefore it's still attractive to And therefore it's still attractive to go and to buy there even though it's go and to buy there even though it's go and to buy there even though it's relatively close to Prague. Pilsen maybe relatively close to Prague. Pilsen maybe relatively close to Prague. Pilsen maybe it's a little bit further and people

16:29it's a little bit further and people it's a little bit further and people that lives in Pilsen will stay. They that lives in Pilsen will stay. They that lives in Pilsen will stay. They will not come daily to Prague. But those will not come daily to Prague. But those will not come daily to Prague. But those who from Kladno from who from Kladno from who from Kladno from um other locations like that, Kaluptin um other locations like that, Kaluptin um other locations like that, Kaluptin and Velké Popovice or and Velké Popovice or and Velké Popovice or the villages, towns in Prague Zapatin in the villages, towns in Prague Zapatin in

16:41the villages, towns in Prague Zapatin in general, absolutely yes. Yeah, I believe general, absolutely yes. Yeah, I believe general, absolutely yes. Yeah, I believe like you know, if you look at um like you know, if you look at um like you know, if you look at um um um um outside of Czech Republic it's quite outside of Czech Republic it's quite outside of Czech Republic it's quite common that people live uh driving common that people live uh driving common that people live uh driving distance up to 60 km, sometimes even distance up to 60 km, sometimes even distance up to 60 km, sometimes even longer and commute to Prague to the city longer and commute to Prague to the city

16:56longer and commute to Prague to the city uh for work. Yeah. But it also depends uh for work. Yeah. But it also depends uh for work. Yeah. But it also depends on the infrastructure because on the infrastructure because on the infrastructure because >> Yeah, of course. uh >> Yeah, of course. uh >> Yeah, of course. uh other countries have usually more other countries have usually more other countries have usually more developed like train uh trains so developed like train uh trains so developed like train uh trains so infrastructure. So there's something infrastructure. So there's something infrastructure. So there's something that was missing here, but I think when

17:10that was missing here, but I think when that was missing here, but I think when we get the point that we will have we get the point that we will have we get the point that we will have high-speed trains there, high-speed trains there, high-speed trains there, uh people will move around mostly also uh people will move around mostly also uh people will move around mostly also for from the Brno to Prague will be for from the Brno to Prague will be for from the Brno to Prague will be quick. And also around the VR word like quick. And also around the VR word like quick. And also around the VR word like it's happening a lot of things. So I it's happening a lot of things. So I

17:25it's happening a lot of things. So I think it definitely helps to develop think it definitely helps to develop think it definitely helps to develop further. further. further. Yeah, everybody's waiting for the speed Yeah, everybody's waiting for the speed Yeah, everybody's waiting for the speed train to Kladno. train to Kladno. train to Kladno. >> Yeah. >> Yeah. >> Yeah. Nobody knows when it's going to happen, Nobody knows when it's going to happen, Nobody knows when it's going to happen, but everybody everybody's going to be but everybody everybody's going to be but everybody everybody's going to be very 2011-2013 it will be 20 minutes very 2011-2013 it will be 20 minutes

17:37very 2011-2013 it will be 20 minutes from Kladno Yeah, that's quite amazing. from Kladno Yeah, that's quite amazing. from Kladno Yeah, that's quite amazing. >> Yeah, it is. >> Yeah, it is. >> Yeah, it is. Let's see if it happens. Let's see if it happens. Let's see if it happens. Uh Jan, do you see any form of housing Uh Jan, do you see any form of housing Uh Jan, do you see any form of housing that doesn't exist in Czech Republic but that doesn't exist in Czech Republic but that doesn't exist in Czech Republic but could work here? could work here? could work here? Um Um Um Yeah, it's not about the typologies Yeah, it's not about the typologies

17:52Yeah, it's not about the typologies mostly about the operational things uh mostly about the operational things uh mostly about the operational things uh because mostly in the Czech Republic uh because mostly in the Czech Republic uh because mostly in the Czech Republic uh they're building the housing for the they're building the housing for the they're building the housing for the sales. sales. sales. Uh Uh Uh last year starting to be more renting last year starting to be more renting last year starting to be more renting apartments. apartments. apartments. Uh and I think the another level is the Uh and I think the another level is the

18:05Uh and I think the another level is the coliving that you operate them as a coliving that you operate them as a coliving that you operate them as a whole and whole and whole and rent the bed. It's not about the unit rent the bed. It's not about the unit rent the bed. It's not about the unit itself. It's more about the be part of itself. It's more about the be part of itself. It's more about the be part of the community there. And the coliving is the community there. And the coliving is the community there. And the coliving is something that is not built yet in Czech something that is not built yet in Czech something that is not built yet in Czech Republic because it's definitely a

18:20Republic because it's definitely a Republic because it's definitely a little bit different mind behind it little bit different mind behind it little bit different mind behind it everything. everything. everything. So I think this typology will come here. So I think this typology will come here. So I think this typology will come here. And it's will be like uh And it's will be like uh And it's will be like uh natural development of it because when natural development of it because when natural development of it because when you have like plenty of rental you have like plenty of rental you have like plenty of rental apartments, they need to have some apartments, they need to have some

18:32apartments, they need to have some advantage from others. So the colivings advantage from others. So the colivings advantage from others. So the colivings will be the next phase of it. Uh because will be the next phase of it. Uh because will be the next phase of it. Uh because we have it in the bigger cities like we have it in the bigger cities like we have it in the bigger cities like Amsterdam, Paris, and etc. So I think Amsterdam, Paris, and etc. So I think Amsterdam, Paris, and etc. So I think that's something that will come here in that's something that will come here in that's something that will come here in Czech Republic also. Czech Republic also.

18:45Czech Republic also. Uh what about flat share? Uh you know Uh what about flat share? Uh you know Uh what about flat share? Uh you know that's that's that's abroad is quite common that you have a abroad is quite common that you have a abroad is quite common that you have a typical 3 KK. You maybe put a partition typical 3 KK. You maybe put a partition typical 3 KK. You maybe put a partition and you have roommates not just students and you have roommates not just students and you have roommates not just students but also young professionals who can who but also young professionals who can who but also young professionals who can who cannot cannot cannot afford to pay the apartment on their

18:59afford to pay the apartment on their afford to pay the apartment on their own. I'm I'm quite skeptical about it own. I'm I'm quite skeptical about it own. I'm I'm quite skeptical about it because I thought sharing is not I think because I thought sharing is not I think because I thought sharing is not I think the people they want to to do it. Uh the people they want to to do it. Uh the people they want to to do it. Uh they are like uh They forced to do it. they are like uh They forced to do it. they are like uh They forced to do it. Yes, exactly. So uh I think it's not the Yes, exactly. So uh I think it's not the

19:10Yes, exactly. So uh I think it's not the typology that somebody want to develop. typology that somebody want to develop. typology that somebody want to develop. You don't think you don't think so that You don't think you don't think so that You don't think you don't think so that the the economical situation will push the the economical situation will push the the economical situation will push the young people to go to these the young people to go to these the young people to go to these measures? Yeah, I think that if you will measures? Yeah, I think that if you will measures? Yeah, I think that if you will have more colorings or the the different have more colorings or the the different

19:23have more colorings or the the different type of dormitories, etc. different type of dormitories, etc. different type of dormitories, etc. different shared houses like this typology, shared houses like this typology, shared houses like this typology, they will substitute up. So the flat they will substitute up. So the flat they will substitute up. So the flat shares is only the first because you shares is only the first because you shares is only the first because you don't have the product on the market. So don't have the product on the market. So don't have the product on the market. So you only you only you only >> Yes, I agree. There's nothing like that

19:37>> Yes, I agree. There's nothing like that >> Yes, I agree. There's nothing like that the typical flat share. So I think there the typical flat share. So I think there the typical flat share. So I think there is a product on the market that can be is a product on the market that can be is a product on the market that can be built and to supplement this built and to supplement this built and to supplement this issues and hopefully they're going to be issues and hopefully they're going to be issues and hopefully they're going to be well developed. I hope so for the The well developed. I hope so for the The well developed. I hope so for the The tendency is different a little bit, I

19:49tendency is different a little bit, I tendency is different a little bit, I think, as I see it. think, as I see it. think, as I see it. Cuz the tendency is that now you can see Cuz the tendency is that now you can see Cuz the tendency is that now you can see that projects which had the same let's that projects which had the same let's that projects which had the same let's talk about mix of flat, okay? So let's talk about mix of flat, okay? So let's talk about mix of flat, okay? So let's say that they had 60% of the flats which say that they had 60% of the flats which say that they had 60% of the flats which are 1 KK and 2 KK and the rest is a 3, are 1 KK and 2 KK and the rest is a 3,

20:03are 1 KK and 2 KK and the rest is a 3, 4, and 5. 4, and 5. 4, and 5. Today it's more or less the same, 60-65% Today it's more or less the same, 60-65% Today it's more or less the same, 60-65% if I compare it to 10 years ago. if I compare it to 10 years ago. if I compare it to 10 years ago. But the sizes of the flats is different. But the sizes of the flats is different. But the sizes of the flats is different. Meaning that you'll see much more flats Meaning that you'll see much more flats Meaning that you'll see much more flats or many more flats that used to be 1 KK or many more flats that used to be 1 KK or many more flats that used to be 1 KK 30 m and today you'll see them in 24 to

20:2130 m and today you'll see them in 24 to 30 m and today you'll see them in 24 to 28. 28. 28. >> 18 I've seen somewhere which There is a >> 18 I've seen somewhere which There is a >> 18 I've seen somewhere which There is a new project in Smichov with 18 to 20 and new project in Smichov with 18 to 20 and new project in Smichov with 18 to 20 and you'll see 2 KKs that used to be 55 to you'll see 2 KKs that used to be 55 to you'll see 2 KKs that used to be 55 to 60 and you'll see them at the sizes of 60 and you'll see them at the sizes of 60 and you'll see them at the sizes of 45 to 48. This is the difference. People 45 to 48. This is the difference. People

20:3445 to 48. This is the difference. People will will will have to compromise on the size if they have to compromise on the size if they have to compromise on the size if they would like to would like to would like to to build in today's prices, to build in today's prices, to build in today's prices, unfortunately. unfortunately. unfortunately. >> But do you think, you know, the prices >> But do you think, you know, the prices >> But do you think, you know, the prices per square meter or even in the rental per square meter or even in the rental per square meter or even in the rental and the sell and the sell and the sell segment even you're reducing the meters,

20:47segment even you're reducing the meters, segment even you're reducing the meters, but then the prices go up. So at the end but then the prices go up. So at the end but then the prices go up. So at the end of the day the the monthly cost or the of the day the the monthly cost or the of the day the the monthly cost or the cost for the purchase is technically the cost for the purchase is technically the cost for the purchase is technically the same. same. same. In general, you're right. In general, you're right. In general, you're right. Okay, thank you. I like that I like to Okay, thank you. I like that I like to Okay, thank you. I like that I like to hear that. hear that.

21:00hear that. So let me check on another topic with So let me check on another topic with So let me check on another topic with you, Ishay. BREEM certification for you, Ishay. BREEM certification for you, Ishay. BREEM certification for those who don't know what that means, I those who don't know what that means, I those who don't know what that means, I wrote it down. It's assessment of energy wrote it down. It's assessment of energy wrote it down. It's assessment of energy efficiency, sustainable materials, water efficiency, sustainable materials, water efficiency, sustainable materials, water management, environmental impact, indoor management, environmental impact, indoor

21:15management, environmental impact, indoor environmental quality, air, light, and environmental quality, air, light, and environmental quality, air, light, and acoustics, acoustics, acoustics, location and transport, construction and location and transport, construction and location and transport, construction and operational management. operational management. operational management. Horizon applies BREEAM's BREEAM to all Horizon applies BREEAM's BREEAM to all Horizon applies BREEAM's BREEAM to all project. Is it mainly for marketing tool project. Is it mainly for marketing tool project. Is it mainly for marketing tool or the buyers or the buyers

21:30or the buyers truly care about the this certification? truly care about the this certification? truly care about the this certification? I don't think that people today will pay I don't think that people today will pay I don't think that people today will pay more to get the certification. And more to get the certification. And more to get the certification. And therefore, we are not doing it because therefore, we are not doing it because therefore, we are not doing it because we think that we can gain more profit or we think that we can gain more profit or we think that we can gain more profit or to sell it more expensive. Definitely, to sell it more expensive. Definitely,

21:45to sell it more expensive. Definitely, we are doing it from two basic reasons. we are doing it from two basic reasons. we are doing it from two basic reasons. One is that our shareholder, our main One is that our shareholder, our main One is that our shareholder, our main shareholder in Israel, which is the shareholder in Israel, which is the shareholder in Israel, which is the biggest construction and uh biggest construction and uh biggest construction and uh and developer in in Israel, and developer in in Israel, and developer in in Israel, is a subst- is a a is a a is a company that is caring a lot, let's is a company that is caring a lot, let's

22:06is a company that is caring a lot, let's say, about sustainability. say, about sustainability. say, about sustainability. And that is focusing on putting the And that is focusing on putting the And that is focusing on putting the project as part of the community. Mhm. project as part of the community. Mhm. project as part of the community. Mhm. We took it here. I once said that um once you want to be green, you can be once you want to be green, you can be green or you can be sustainable. It's green or you can be sustainable. It's green or you can be sustainable. It's not the same thing. not the same thing. not the same thing. Um but you cannot be half pregnant.

22:28Um but you cannot be half pregnant. Um but you cannot be half pregnant. Meaning either either you are Meaning either either you are Meaning either either you are sustainable or you're not. Yeah, you can sustainable or you're not. Yeah, you can sustainable or you're not. Yeah, you can put some items put some items put some items in your project and to make it green. We in your project and to make it green. We in your project and to make it green. We are trying to be more than that. It's are trying to be more than that. It's are trying to be more than that. It's not only about the efficiency, the the not only about the efficiency, the the

22:39not only about the efficiency, the the energy efficiency. It's not only about energy efficiency. It's not only about energy efficiency. It's not only about the the the uh if you want to be uh if you want to be uh if you want to be friendly with your neighbors. This is friendly with your neighbors. This is friendly with your neighbors. This is how you build how you build how you build the park. This is how you connect your the park. This is how you connect your the park. This is how you connect your project to the projects which are next project to the projects which are next project to the projects which are next to it. If you take Bo Janka, for to it. If you take Bo Janka, for

22:55to it. If you take Bo Janka, for example, with the project in Bo Janka, example, with the project in Bo Janka, example, with the project in Bo Janka, we finished it few years ago. It's about we finished it few years ago. It's about we finished it few years ago. It's about 350 flats, 350 flats, 350 flats, which are which are which are um connected to two um connected to two um connected to two phases that Skanska built, and we did it phases that Skanska built, and we did it phases that Skanska built, and we did it together. There's a beautiful park in together. There's a beautiful park in together. There's a beautiful park in the middle. There's like a music It's a

23:12the middle. There's like a music It's a the middle. There's like a music It's a museum park. Uh that the museum park. Uh that the museum park. Uh that the people from the other people from the other people from the other neighborhoods or the other projects can neighborhoods or the other projects can neighborhoods or the other projects can come and share and share it. There is come and share and share it. There is come and share and share it. There is There's a road that is going in between There's a road that is going in between There's a road that is going in between all the projects uh all the projects uh all the projects uh that is like connecting them. that is like connecting them.

23:29that is like connecting them. This is a Let's say against what like to This is a Let's say against what like to This is a Let's say against what like to call closed neighborhoods, which are call closed neighborhoods, which are call closed neighborhoods, which are giving you like more privacy or that are giving you like more privacy or that are giving you like more privacy or that are giving you a little bit more stylish. giving you a little bit more stylish. giving you a little bit more stylish. So, it's not only about the energy, it's So, it's not only about the energy, it's So, it's not only about the energy, it's not only about the green, it's about the

23:41not only about the green, it's about the not only about the green, it's about the connection to the environment, connection to the environment, connection to the environment, connection to the community. to the connection to the community. to the connection to the community. to the community. Nice. Yeah, I community. Nice. Yeah, I community. Nice. Yeah, I >> believe in it. Yes, I've seen it in the >> believe in it. Yes, I've seen it in the >> believe in it. Yes, I've seen it in the Zahalka project that you also implement Zahalka project that you also implement Zahalka project that you also implement art within the public spaces and um art within the public spaces and um

23:55art within the public spaces and um um you really create a community and um you really create a community and um you really create a community and people have everything there that they people have everything there that they people have everything there that they they don't they never have to leave um they don't they never have to leave um they don't they never have to leave um your projects technically in the your projects technically in the your projects technically in the surrounding area. surrounding area. surrounding area. >> big projects, it's easy to to do it. If >> big projects, it's easy to to do it. If >> big projects, it's easy to to do it. If you take a small project of a

24:08you take a small project of a you take a small project of a 30-flat building, 30-flat building, 30-flat building, you cannot really do it. But if we have you cannot really do it. But if we have you cannot really do it. But if we have big projects, Zahalka that you mentioned big projects, Zahalka that you mentioned big projects, Zahalka that you mentioned is is is more than 800 flats. more than 800 flats. more than 800 flats. Um Chimits uh Cham We have a project in Um Chimits uh Cham We have a project in Um Chimits uh Cham We have a project in Chimits called Chamovka. It's a 700 Chimits called Chamovka. It's a 700 Chimits called Chamovka. It's a 700 flats. It's very easy over there to

24:24flats. It's very easy over there to flats. It's very easy over there to utilize what we believe in, which means utilize what we believe in, which means utilize what we believe in, which means lots of green, lots of parks, lots of lots of green, lots of parks, lots of lots of green, lots of parks, lots of playgrounds, lots of playgrounds, lots of playgrounds, lots of entertainment for the people. Yeah, I entertainment for the people. Yeah, I entertainment for the people. Yeah, I think it's quite important. Yeah, think it's quite important. Yeah, think it's quite important. Yeah, definitely because it's creating the definitely because it's creating the

24:35definitely because it's creating the identity of the space. It's not just uh identity of the space. It's not just uh identity of the space. It's not just uh for the just the housing, it's also for the just the housing, it's also for the just the housing, it's also about the public spaces, the hierarchy, about the public spaces, the hierarchy, about the public spaces, the hierarchy, and identity that people can live there and identity that people can live there and identity that people can live there and understand that that's my home. and understand that that's my home. and understand that that's my home. >> That's the exactly >> That's the exactly

24:47>> That's the exactly my home and I I want to be at at home. my home and I I want to be at at home. my home and I I want to be at at home. Exactly. Exactly. Exactly. Nice. Also creating the neighborhood Nice. Also creating the neighborhood Nice. Also creating the neighborhood connections, you know, I think in the connections, you know, I think in the connections, you know, I think in the past not necessarily know your neighbor. past not necessarily know your neighbor. past not necessarily know your neighbor. So, creating these common spaces, people So, creating these common spaces, people So, creating these common spaces, people meet each other, not just on a hallway,

25:01meet each other, not just on a hallway, meet each other, not just on a hallway, but in a park with the kids and but in a park with the kids and but in a park with the kids and everything else go from there. Yeah, but everything else go from there. Yeah, but everything else go from there. Yeah, but I think that's the true sense of I think that's the true sense of I think that's the true sense of development because you're doing more development because you're doing more development because you're doing more than just the product itself. You're than just the product itself. You're than just the product itself. You're doing also the community around and doing also the community around and

25:11doing also the community around and everything. You have to take care of everything. You have to take care of everything. You have to take care of Statenice that I mentioned that we are Statenice that I mentioned that we are Statenice that I mentioned that we are working on together. working on together. working on together. We are building Cisticka. We are building Cisticka. We are building Cisticka. But this will not serve only But this will not serve only But this will not serve only Vina, you're making fun of my English? Vina, you're making fun of my English? Vina, you're making fun of my English? Cisticka is great. Um Cisticka is great. Um

25:27Cisticka is great. Um This uh Cisticka is not going to be only This uh Cisticka is not going to be only This uh Cisticka is not going to be only for the project. This is going to serve for the project. This is going to serve for the project. This is going to serve the whole village of uh Statenice and the whole village of uh Statenice and the whole village of uh Statenice and even two more villages which are next to even two more villages which are next to even two more villages which are next to it. it. it. We are going to build a lot of uh We are going to build a lot of uh We are going to build a lot of uh uh uh uh uh parks. There's going to be beautiful

25:41uh parks. There's going to be beautiful uh parks. There's going to be beautiful school, big one. We donated uh more than school, big one. We donated uh more than school, big one. We donated uh more than 25,000 square meters to the city that 25,000 square meters to the city that 25,000 square meters to the city that eventually there will be a eventually there will be a eventually there will be a school built on it. There's no school school built on it. There's no school school built on it. There's no school actually in Statenice. So, this is the actually in Statenice. So, this is the actually in Statenice. So, this is the way, if you want to make your project

25:55way, if you want to make your project way, if you want to make your project not only project which is a cash not only project which is a cash not only project which is a cash machine, but you want to make something machine, but you want to make something machine, but you want to make something that you will be remembered as a company that you will be remembered as a company that you will be remembered as a company that you contributed to the city, to the that you contributed to the city, to the that you contributed to the city, to the municipality, to the area, then that's municipality, to the area, then that's municipality, to the area, then that's the way to do it. I think I'm moving to

26:06the way to do it. I think I'm moving to the way to do it. I think I'm moving to Statenice. Statenice. Statenice. >> You're more than welcome. They have >> You're more than welcome. They have >> You're more than welcome. They have Cisticka there. Cisticka there. Cisticka there. There will be. There will be. There will be. So, on that note, I'll ask you a short So, on that note, I'll ask you a short So, on that note, I'll ask you a short last question and you can of course uh last question and you can of course uh last question and you can of course uh Jan participate because I'm sure that Jan participate because I'm sure that

26:16Jan participate because I'm sure that you have a lot to say to that um topic. you have a lot to say to that um topic. you have a lot to say to that um topic. Um you both both been on the market in Um you both both been on the market in Um you both both been on the market in the real estate market for more than 20 the real estate market for more than 20 the real estate market for more than 20 years. years. years. Um if you could be honest and um Um if you could be honest and um Um if you could be honest and um if you really believe that in 10 years if you really believe that in 10 years if you really believe that in 10 years Prague will be still a place where

26:32Prague will be still a place where Prague will be still a place where developers want to invest and build, developers want to invest and build, developers want to invest and build, or it will be or if they will move or it will be or if they will move or it will be or if they will move somewhere else. Poland is quite popular somewhere else. Poland is quite popular somewhere else. Poland is quite popular because the the permitting and the because the the permitting and the because the the permitting and the process is quite more process is quite more process is quite more active active active >> about investors? Uh investors, >> about investors? Uh investors,

26:45>> about investors? Uh investors, developers, yes.

26:52There is something in Prague that uh There is something in Prague that uh is very important for the for the is very important for the for the is very important for the for the developers. And this is the fact that developers. And this is the fact that developers. And this is the fact that once you get the permit, once you get the permit, once you get the permit, you know that your project will be you know that your project will be you know that your project will be successful. Yes, there is a problem with successful. Yes, there is a problem with successful. Yes, there is a problem with achieving the permit. achieving the permit. achieving the permit. But it is not really different

27:07But it is not really different But it is not really different than uh other countries. It can be than uh other countries. It can be than uh other countries. It can be difference of a 1 year, 2 years, or difference of a 1 year, 2 years, or difference of a 1 year, 2 years, or less. Depends on the on the project. less. Depends on the on the project. less. Depends on the on the project. The second that you have the permit, you The second that you have the permit, you The second that you have the permit, you know that you're going to be profitable, know that you're going to be profitable, know that you're going to be profitable, you know that the construction will be

27:21you know that the construction will be you know that the construction will be very good quality because this is a very good quality because this is a very good quality because this is a standard here. You know that the project standard here. You know that the project standard here. You know that the project will start on time when you want, and it will start on time when you want, and it will start on time when you want, and it will finish on time. will finish on time. will finish on time. The risks in this is very low. If you The risks in this is very low. If you The risks in this is very low. If you take other countries that maybe the take other countries that maybe the

27:33take other countries that maybe the process over there is much faster. process over there is much faster. process over there is much faster. And yes, as you were saying, some other And yes, as you were saying, some other And yes, as you were saying, some other developers will say, "Why why should I developers will say, "Why why should I developers will say, "Why why should I wait now 3, 4, 5 years for building wait now 3, 4, 5 years for building wait now 3, 4, 5 years for building permit if I can do it in a permit if I can do it in a permit if I can do it in a >> at the end of the day. I can do it >> at the end of the day. I can do it

27:44>> at the end of the day. I can do it elsewhere. It will be much faster." Yes, elsewhere. It will be much faster." Yes, elsewhere. It will be much faster." Yes, but there are other other risks. but there are other other risks. but there are other other risks. I'm quite optimistic also because I I'm quite optimistic also because I I'm quite optimistic also because I think the Prague is a think the Prague is a think the Prague is a safe country and uh safe country and uh safe country and uh I can compare plenty of new projects I can compare plenty of new projects I can compare plenty of new projects happening now, and I think the happening now, and I think the

27:57happening now, and I think the development market quite raising. And development market quite raising. And development market quite raising. And uh so uh so uh so compared to the uh like 5 years ago, the compared to the uh like 5 years ago, the compared to the uh like 5 years ago, the how many project is now ongoing in how many project is now ongoing in how many project is now ongoing in happening in for a few years, like 5, happening in for a few years, like 5, happening in for a few years, like 5, 10, it going to be much bigger 10, it going to be much bigger 10, it going to be much bigger because I think that the Prague is because I think that the Prague is

28:11because I think that the Prague is underdeveloped yet. Uh so uh the underdeveloped yet. Uh so uh the underdeveloped yet. Uh so uh the opportunities is plenty of here. So I'm opportunities is plenty of here. So I'm opportunities is plenty of here. So I'm quite optimistic that yeah, the Czech quite optimistic that yeah, the Czech quite optimistic that yeah, the Czech market will be uh really market will be uh really market will be uh really >> You're here to stay. >> You're here to stay. >> You're here to stay. Yeah, definitely. I also want to ask you Yeah, definitely. I also want to ask you Yeah, definitely. I also want to ask you because um because um because um um um

28:25um from the architectural point, yes, I from the architectural point, yes, I from the architectural point, yes, I don't think you really have Do you feel don't think you really have Do you feel don't think you really have Do you feel like the the freedom that you given as like the the freedom that you given as like the the freedom that you given as an architect, it's getting better and an architect, it's getting better and an architect, it's getting better and better because there's quite many better because there's quite many better because there's quite many regulations with their cultural regulations with their cultural

28:36regulations with their cultural heritage, the height of the buildings, heritage, the height of the buildings, heritage, the height of the buildings, and so forth. Do you feel like you're and so forth. Do you feel like you're and so forth. Do you feel like you're getting more free every day, or is it a getting more free every day, or is it a getting more free every day, or is it a really tough one? Yeah, limitation is really tough one? Yeah, limitation is really tough one? Yeah, limitation is everywhere. Uh it just happens on what everywhere. Uh it just happens on what everywhere. Uh it just happens on what kind of limitations. We have here some kind of limitations. We have here some

28:49kind of limitations. We have here some integral public, but in the countries integral public, but in the countries integral public, but in the countries you're still because for example, here you're still because for example, here you're still because for example, here we don't have we have plenty of free we don't have we have plenty of free we don't have we have plenty of free spaces that you can build like on the spaces that you can build like on the spaces that you can build like on the green field or some brown field. green field or some brown field. green field or some brown field. >> course. And to compare other cities that >> course. And to compare other cities that

29:00>> course. And to compare other cities that are super developed, you need to do the are super developed, you need to do the are super developed, you need to do the transformation only. So we have the transformation only. So we have the transformation only. So we have the totally different limitations there. So totally different limitations there. So totally different limitations there. So I think the creativity of architecture I think the creativity of architecture I think the creativity of architecture is about how work with the limits and is about how work with the limits and is about how work with the limits and find the best solution in this find the best solution in this

29:11find the best solution in this limitation that you already have. limitation that you already have. limitation that you already have. >> Be flexible. Exactly. Because if you >> Be flexible. Exactly. Because if you >> Be flexible. Exactly. Because if you have open plan open open freedom for have open plan open open freedom for have open plan open open freedom for it's like scrutiny for architects to do it's like scrutiny for architects to do it's like scrutiny for architects to do the decision. So the limitations helps the decision. So the limitations helps the decision. So the limitations helps to achieve bigger creativity at the end, to achieve bigger creativity at the end,

29:24to achieve bigger creativity at the end, I think. Okay, nice. That's a nicely I think. Okay, nice. That's a nicely I think. Okay, nice. That's a nicely said. So guys, on that note, we are said. So guys, on that note, we are said. So guys, on that note, we are finished for today. Thank you very much finished for today. Thank you very much finished for today. Thank you very much for coming. I hope you enjoyed it. Thank for coming. I hope you enjoyed it. Thank for coming. I hope you enjoyed it. Thank you for inviting me. Yeah, I wish all of you for inviting me. Yeah, I wish all of you for inviting me. Yeah, I wish all of us us us a lot of luck.