PSN reports record sales in 2024 and expands real estate activities across the Czech Republic

Despite persistent challenges such as elevated interest rates and continued property price growth, PSN achieved its strongest performance to date in 2024, selling a total of 285 residential and non-residential units. This marked an increase of nearly 40% over the previous year. In addition to individual unit sales, PSN also sold seven entire buildings and concluded or extended 670 lease agreements, contributing to a total turnover of more than CZK 2.2 billion.

The company’s portfolio of activities currently includes both the renovation of apartment buildings and the development of new construction projects in Prague and Brno. PSN also made its first move into the mountain real estate segment last year and aims to launch several new developments in 2025, particularly in Prague’s districts 3 and 10. In total, the company signed six acquisition contracts in 2024, including two land plots intended for residential development. Over the next three years, PSN plans to invest CZK 4 billion in new projects.

According to PSN Managing Director Max Skala, the market experienced a shift in buyer behaviour during 2024, as clients became more willing to move forward with purchases despite higher borrowing costs. He noted that the limited supply of housing, driven by complex permitting procedures, continues to support rising property prices, especially in Prague. Skala attributed PSN’s record-breaking sales to a combination of strategic locations, enhanced project design, and long-term investment in quality improvements.

The company observed sustained demand for smaller units, such as 1+kk and 2+kk layouts, commonly used for starter homes or investment purposes. At the same time, interest in larger units—ranging from 3+kk to 5+kk and priced between CZK 10 and 20 million—increased significantly. According to Jaroslav Macháč, Director of Residential Projects, average property prices rose by approximately 10% year-on-year in 2024, reaching new highs. This upward trend has continued into 2025.

Throughout 2024, PSN initiated six renovation projects in Prague districts 2, 3, 5, and 6, totalling about 10,000 square metres. These included developments such as Vinohradská 160 and Jeseniova in Žižkov, both of which incorporate landscaped courtyards and common areas. In Smíchov, the company is modernising a neoclassical building as part of the Pecháčkova project, which includes residential and non-residential units.

Outside Prague, PSN is progressing with the Brno Jedna project, which will bring 188 residential and accommodation units, along with commercial spaces, to a former industrial site. In Pardubice, the company is restoring the Grand building, originally designed by Josef Gočár, into a modern shopping centre. Completion is expected in autumn 2025. In Špindlerův Mlýn, PSN has entered the mountain real estate market with the Slunečný svah project, which repurposes a former guesthouse into premium apartments with shared amenities.

The rental market also remained a key area of activity for PSN in 2024. The company signed 456 new lease agreements and extended 214, exceeding the previous year’s figures. Helena Hyánková, Deputy Director of Commercial Projects, noted that demand for rental apartments in Prague continues to outpace supply, and rents are expected to rise further in 2025. She highlighted the popularity of renovated properties with added features such as common areas or gardens, aligning with PSN’s ongoing strategy.

Looking ahead, PSN expects gradual growth in the real estate sector in 2025, particularly in Prague and Brno. According to Development Director Štěpán Smrčka, key market conditions—including stable interest rates, buyer demand, limited new supply, and steady construction costs—support this outlook. The company has already launched several initiatives, including the Jitro residential project in Prague 10 with 180 units, and will soon complete the 38-unit Rezidence Maroldka in Prague 4. Additional plans include the renovation of a former telecommunications building in Prague 3 and multiple smaller buildings across central Prague.

PSN’s acquisitions director Pavel Citta confirmed that the company’s investment appetite remains strong following last year’s performance. In addition to Prague, PSN is targeting opportunities in Brno, Pardubice, Hradec Králové, and select mountain regions as it looks to diversify and expand its holdings.