Finnish developer YIT earned almost two billion crowns in the Czech Republic last year. In 2020, the company’s turnover stagnated at CZK 1.83 billion, the company announced today. YIT did not state the specific amount of last year’s turnover or net profit. It said that they sold 352 flats last year, a fifth more year on year.
“For this year, we plan to market over 600 apartments in various locations in Prague. If institutional investors are interested in buying apartment buildings as a whole, we are ready to cooperate, but we will not offer rental and property management services,” said CEO today. of YIT Stavo Marek Lokaj.
According to Lokaj, the company expects that the prices of flats in Prague will continue to rise, but their growth will no longer be so dramatic. “It will copy the price of construction work and materials, but will also take into account the maximum availability for potential buyers. Clients who will need a mortgage to buy real estate will face rising interest rates and planned restrictions on obtaining a loan this year,” Lokaj said.
A year ago, the company stated that in 2021 it intends to put 400 to 650 new flats on the market, of which about 200 were intended for rental housing. However, according to his own statement, the developer has changed its corporate strategy and does not offer rental housing. It will focus fully on its main business plan, ie the construction and sale of residential and multifunctional buildings.
The company said today that it continues to pay attention to environmental aspects and the reduction of carbon dioxide emissions. By 2030, it wants to halve its carbon footprint from 2019. “YIT is constantly working to improve projects so that they are even more environmentally friendly. It is therefore introducing new elements – such as the construction of recycled aggregate concrete,” the company said today.
YIT entered the Czech market in 2008 with the acquisition of the Czech company Euro Stavokonsult. It has been on the Czech market for almost 20 years, the roots of the Finnish YIT go back to 1912. YIT Stavo has completed 22 projects in the Czech Republic. The Koti Libeň, Vesi Hostivař projects, the transformation of the Meopta factory into a Parvi Cibulka residential project and the Suomi Hloubětín project with ten stages of apartment buildings are currently under construction. The company is preparing new projects in Prague 5, 9, 11, 12 and 15, for example, and is also considering locations near the capital.
Source: YIT CZ and CTK
