Central Group delays 1,000 new apartments

Czechia’s largest residential developer, Central Group, is postponing all upcoming projects -around 1,000 apartments - by a year because of high construction and material costs, founder Dušan Kunovský told journalists. The company is currently building 3,200 apartments in Prague and decisions on these ongoing projects will be made within three months.

Kunovský stressed that the delays are not caused by weak demand or lack of funds, but by an “overheated” construction market that needs to cool down. He cited slow permitting, the Ukraine war, and the energy crisis as supply chain disruptions and noted that the market is now unstable, with sharp price swings.