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Central Group sold 712 apartments for CZK 2.8bn in H1 2016

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Developer Central Group sold 712 apartments for totally CZK 2.8bn in H1 2016, up 44% y/y. The company has currently over 2,000 apartments under construction. The majority of them have been sold already. Earnings grew thanks to inclusion of projects close to the city centre into the portfolio. Central Group’s board of directors chairman Dušan Kunovský has stated that cheap mortgages drive the sales, as people buy apartments instead of depositing money in banks. He has added that the amendment to the consumer loan act, expanding options for early mortgage repayment, will gain effect in H2 2016 and will possible lead to more expensive mortgages. The developer sold 1,009 apartments worth CZK 3.5bn in the full year of 2015.


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