Prague's Top 10 residential rankings overturned by planning misery

Skanska Reality spent year atop the top ten listing of Prague residential developers, but it's been hurt recently a shortage of land that it can build on. Denik.cz writes that the Swedish- developer is just the latest victim of the antiquated approval process and that it's slipped to sixth place in the Prague rankings. The company has managed to acquire several brownfield plots, such as the former bakery complex in Malešice, but these will take time to prepare for new construction.

The developer Ekospol suffered an even bigger fall as it doesn't even make Deloitte's top 15 listing, according to Denik. The company is now working on just one project and has had to return reservation fees to its clients in some cases. Its owner Evžen Korec claims to own more than 500,000 sqm of land on which it could build 7,000 flats, but says that the planning process has "frozen", making it impossible to say when construction on them will be able to begin. A newcomer to the Prague rankings is Vivus, the development company owned by the former tennis player Milan Šrejber. He's managed to buy enough land in Uhříněves to build 1,000 flats. Central Group and FINEP topped the rankings last year for the number of flats sold with 833 and 553 respectively.