Developer doubled the first phase of the residential project Šantovka in Olomouc

Olomouc – The development group Redstone has expanded the initiated construction of the first phase of the Šantovka Living project due to high demand for apartments, from the originally planned two apartment buildings to four. The number of offered apartments has thus doubled to 68, and their sale has begun. "Interested parties will be able to take over the first apartments as early as spring 2023,” said project spokesman Petr Hlávka to ČTK. The Redstone group had suspended the Šantovka Living project, which includes more than 200 apartments, at the beginning of last year due to high construction costs.

According to Hlávka, the Redstone group is responding to the growing public demand to invest in apartments with the first phase of the Šantovka Living project, which now significantly exceeds the supply in the real estate market. "The purchase of an apartment has become a sought-after investment opportunity in the Czech Republic in recent years. The increased interest from the public in real estate investments is driven by the motivation to safely store their money in uncertain times when inflation devalues citizens’ savings. Rising energy prices and rental housing also contribute to this interest in buying one's own apartment," stated Hlávka. According to him, there is a lack of development projects in some locations, resulting in a shortage of apartments on the real estate market.

In the first four buildings of the Šantovka Living project, interested parties will be able to choose apartments ranging from one plus kitchenette to four plus kitchenette, with areas between 32 square meters and 145 square meters. As part of the Šantovka Living project, the Redstone group plans to gradually build 12 buildings, which will include 228 apartments. "The complex will consist of four different types of houses, which will be arranged into three blocks around a central park,” said Hlávka.

The new apartments will be built at the confluence of the Morava River and the Mlýnský Stream on the grounds of the bankrupt Milo company, whose production and administrative buildings were previously demolished. "The site has been hidden from many residents of Olomouc for decades. It is surrounded by water and is close to parks and the center of Olomouc. It is a hidden gem in the city center," previously stated Richard Morávek, owner of Redstone Real Estate.

Apartment construction in the Olomouc region significantly slowed down during the coronavirus pandemic. In the first nine months of this year, the construction of 1,174 apartments began in the region, nearly a fifth less than last year. Apartment construction in the region had already decreased by 8.2 percent last year after previous growth, as a significant part of the construction season was affected by the epidemic. Two years ago, apartment construction in the Olomouc region increased by 2.3 percent.