Žižkov emerges as Prague’s hottest property market with record price growth

Žižkov, a district long overlooked in Prague 3, has transformed into one of the city’s most desirable neighborhoods, leading the metropolis in year-on-year apartment price increases. Central to this transformation is the Park District Residence by CENTRAL GROUP, which has become Prague’s best-selling luxury apartment project. With additional large-scale developments underway, CENTRAL GROUP has cemented its position as the largest private investor and developer in Žižkov.

Once a neglected part of the city, Žižkov has undergone a dramatic metamorphosis in recent years. Abandoned industrial sites and brownfields have been revitalized into modern residential and commercial hubs, while existing infrastructure and amenities have been upgraded. These changes have not only attracted new residents but also enhanced the quality of life for the long-time community.

At the heart of this evolution is CENTRAL GROUP’s Park District Residence, located in Nový Žižkov. The project, which features luxury apartments in energy-efficient buildings, has seen overwhelming demand. The first phase, consisting of approximately 390 flats, is nearly sold out, while over a third of the apartments in the initial phase of a new city block were booked within a month of launch. Due to high demand, a further 60 flats have been made available at limited-time introductory prices, starting at CZK 5.7 million.

The development also offers premium living features, including air conditioning, underfloor heating, and expansive views of Prague from its top-floor sample apartments. According to CENTRAL GROUP’s Sales Director, Jana Martínková, the project’s popularity highlights the district’s rising appeal. “Nový Žižkov is taking over from Karlín and Holešovice as the brightest star in Prague’s real estate market. We are thrilled that our projects are leading this transformation,” Martínková remarked.

Žižkov’s desirability is further boosted by its proximity to central Prague, excellent public transport links, and a vibrant mix of cultural, recreational, and dining options. Green spaces such as Vítkov, Parukářka, and Malešický Park provide ample opportunities for relaxation, making it an attractive area for residents and investors alike. Housing prices in the district have surged by more than 16% year-on-year, the fastest growth in the city, with the trend expected to continue.

The Park District Residence exemplifies the revitalization of a brownfield into a thriving urban neighborhood. Built on the site of the former Žižkov Freight Station, the development integrates residential blocks with community features such as a six-class kindergarten, a 1.5-hectare park, and a promenade with water features. Commercial spaces on the ground floors of the buildings will house shops, restaurants, and services, fostering a dynamic metropolitan atmosphere.

Designed by prominent architect Jakub Cigler and nine leading studios, the development incorporates architectural elements inspired by the traditions of Vinohrady and Žižkov, including semi-enclosed city blocks and modern façade designs. The combination of exclusive materials such as glass railings and triple-glazed windows enhances both aesthetics and energy efficiency.

Beyond the Park District, CENTRAL GROUP is also developing the Centrum Nový Žižkov, designed by architect Eva Jiřičná, and the Nový Jarov projects. Together, these initiatives will deliver 4,600 apartments, school facilities, and extensive green areas, making CENTRAL GROUP the dominant player in Žižkov’s urban renewal.

As part of its broader investment in the locality, CENTRAL GROUP has already renovated Basel Square, contributing CZK 200 million to its reconstruction. The company plans further investments totaling more than CZK 750 million, underscoring its commitment to Žižkov’s development.

“When we launched sales for the first phase of the Park District in 2021, apartment prices started at CZK 4.4 million. Now, similar apartments cost nearly CZK 6 million, marking a 30% appreciation in just three years,” Martínková explained. “Žižkov is not only an exceptional place to live but also a promising investment opportunity.”

As the district’s transformation continues, Žižkov stands poised to solidify its reputation as one of Prague’s most sought-after and dynamic neighborhoods.

Source: CENTRAL GROUP