CG: Residential market will grow in spring

(CIANEWS) - Central Group (CG) expects the residential market to recover in spring 2023. Founder Dušan Kunovský said that people will overcome the shock of the energy crisis, inflation, and uncertainty, which will boost the appetite to buy a new home or invest safely. The most important impetus will be the cheapening of mortgages and an approach to 3% per annum, which could occur in 2024/2025. The slowdown in home sales in 2022 will gradually return the market to its long-term normal. 2021 was the strongest year in recent history with 7,450 homes sold. Record demand reduced supply to the lowest level in 10 years. Although new building approvals have slowed, there are more apartments in the pipeline and there are now a record 137,000 units worth almost CZK 1.5tn. According to D. Kunovský, they could bring over CZK 190bn in VAT to the state.



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