Prague losing out millions through low cost rental agreements: planning institute

Prague City Hall is renting out a large part of its real estate portfolio at prices below their market value. That finding has been arrived at by the Institute for Planning and Development. The report by the institute said that Prague is losing out between 100 and 300 million crowns a year through cut price rents for office, commercial, and retail real estate that it owns. Prague city authorities own around a thousand non-residential properties with around half of them unused. The institute is the capital’s main body for urban planning and architectural development.

Author: Chris Johnstone