Affordable new development lets first-time buyers own real estate in Prague's pricey Vinohrady

With apartment prices in Prague increasing steadily, a starter unit — something small and affordable that can be sold later — may be a wise investment.

Depo Grébovka, a project by developer PSN in Prague’s upscale Vinohrady neighborhood, offers just such an opportunity. The refurbished offices spaces, located in a neighborhood known for its upscale vibe, should be completed in the second quarter of 2021.

“The Depo Grébovka project responds to the demand in Prague for housing not only for students and seniors, but young families," says Karel Trachta, senior architect from the Ofstone architecture firm which designed the development.

He says the project is unique for its Vinohrady location, an area synonymous with luxury and quality housing.

"In cities around the world, projects llike these with smaller or startup units are placed in more affordable peripheral areas,” he added.

The four former office buildings which comprise the development will house 197 accommodation units ranging from 1+kk (kitchen corner) and 3+kk with a floor area ranging from 15 square meters to 70 sqm. Along with the units, owners can buy shared roof access, which offer views of Prague’s skyline.

One 15 sqm unit is an exception in size. The rest of the 1+kk units are larger, at around 25 sqm. The 2+kk spaces are in the 35 to 49 sqm range, and 3+kk start at around 52 sqm and go up to just over 70 sqm.

The project’s four buildings are located on Perucká street, with one side of railway tracks. While the facades of the former office buildings already exist, the interiors will be completely renovated.

The newly built apartment units have a modern design. The ones facing southwest offer views of Prague, while the ones facing northeast look out on greenery. There are two options: fitout units with interior doors, tiles, veneers, step-in floors and bathrooms already installed, or white wall design, which the new owners can customize with their own fittings.

There is also a private fitness center in the complex, and for security there is a reception area in each building. Private parking is directly in front of the building.

While the smallest accomodation units don’t provide a lot of space, they do offer the option of owning near the city center. For people who eat out a lot and spend time on outdoor leisure activities, the small size might be outweighed by the location.

Nearby the complex is Grébovka park, which among other things features an urban vineyard and grotto with a fountain and statues. The neighborhood is also near the art-house cinema kino Pilotů and the stage theater Divadlo na Fidlovačce. There are schools, markets, health-care facilities and tram lines in close proximity.

Owning a flat, even a starter unit, allows someone to start building up equity. When the space become too small or when the owner decides to start a family, it can be sold. In the current market conditions, usually at a profit.

Money paid renting a small apartment, on the other hand, simply goes to the owner and provides the tenant no long-term benefit.

The equity accumulated in a starter unit can be used as a stepping stone to buying a larger apartment or even a house later, when the owner is in a better financial position, according to real estate experts.

This article was written in association with PSN. To read more about our partner content policies see here.