The end of betting on a single card: How to navigate the Czech real estate market?
Which segments make the most sense today?
In a commentary for Hospodářské noviny, Jan Rovný explains why it is worthwhile today to focus primarily on projects with added value and development in an advanced stage of permitting: ‘It is precisely there that profit can be actively generated, not just awaited through market growth.’ According to him, the key to success is the ability to search for opportunities outside the public offer (off-market) and to constantly monitor the market so that the strategy can be flexibly adapted to the current situation.
At the same time, he points out that logistics is no longer as straightforward an opportunity as in previous years. However, according to him, undervalued properties in good locations remain interesting, especially in the area of last-mile logistics. In the residential segment, the significance of rental housing is increasing, and opportunities are increasingly appearing also in regional cities outside Prague.
Senior housing as the winner of recent years
According to Jan Rovný, one of the strongest segments remains senior housing, especially long-term inpatient care facilities. ‘The demographic development is relentless and the demand for these services will grow regardless of the state of the economy,’ he states in a comment.
According to CB Property Investors, the ability to choose between different segments based on the current market situation is crucial. Success today does not rely on passively waiting for prices to rise, but on actively seeking opportunities and working with the value of specific projects.
Read the complete commentary by Jan Rovný for Hospodářské noviny and find out why a multi-asset approach pays off in the Czech real estate market, where the most interesting opportunities are emerging today, and why senior housing may be among the most resilient real estate segments of the coming years.
CB Property Investors once again dominates the TOP Real Estate Funds Ranking
While the average return of Czech qualified investor funds reached 7.76% for 2025, CB Property Investors delivered a return of 24.16%. Over a three-year horizon, we achieve an average annual return of 22.09%, which keeps us in the leading position in long-term comparisons as well.
The TOP Real Estate Funds ranking, compiled by Hospodářské noviny in cooperation with the Institute of Strategic Investing, is based on data as of 31 December 2025 published in April 2026. The data clearly shows that we have once again succeeded in significantly outperforming the market average. Moreover, we will soon confirm above-average returns with the first successful sale of one of our properties.
This result is not a matter of chance or a one-off bet on a specific real estate segment. The key is a systematic strategy combining:
- a multi-asset approach across real estate segments
- value-add and development
- active management and value creation
Unlike traditional real estate funds, which often rely on passive rental income and market growth, CB Property Investors applies principles typical of private equity. This means actively engaging in projects, developing them and subsequently enhancing their value.
“In the current phase of the market cycle, it makes the most sense to focus on high-value-add projects and development in an advanced stage of permitting. That is precisely where profit can be actively created, rather than simply waiting for the market to grow.”
— Jan Rovný, Investment Director at CB Property Investors
According to Jan Rovný, the key to success is the ability to identify off-market opportunities and to continuously monitor the market so that the strategy can be flexibly adapted to the current situation.
The complete analysis of real estate funds can be found on the Hospodářské noviny website.
Interested in above-average returns on your capital? Arrange a private consultation with our team.
Thanks to our multi-asset approach, we reduce risk for investors even when a crisis hits.
Different cycles of real estate
At CB Property Investors, we have opted for a multi-asset approach, i.e. investing in multiple asset classes. Our portfolio includes a logistics park, residential development and senior housing. Our goal is to have a diversified portfolio because each of these sectors has different cyclicality. This investment strategy reduces risk for investors while increasing the flexibility of the fund.
“In 2022, we had residential projects in the pipeline, but when interest rates shot up, we practically abandoned this segment and focused heavily on logistics. From today’s perspective, this proved to be the right decision, as can be seen from the fund’s performance.” says Jan Rovný.
Return to the residential sector
However, we have not completely abandoned the residential sector. We cannot afford to wait several years for building permits, as traditional developers do. For us, it is essential to generate the highest possible annual return for investors.
“Therefore, even when we enter into development, we focus primarily on land with a building permit or land that is very close to obtaining one. We look for projects where we do not see any significant regulatory risks and where the municipality or local government is supportive.” Rovný clarifies in an interview for Týdeník Echo.
Inflow of Czech capital
Czech real estate funds recorded a record inflow of capital in 2025. Domestic capital is becoming increasingly prominent. Jan Rovný sees the reasons for this as follows: “While foreign investors view the market from afar and often only through the lens of general geopolitical risks, Czech investors know this market very well. That is why they perceive the risks much more soberly than investors from the US or the UK. In addition, it must be said that real estate prices in Czechia are no longer low. They often do not differ significantly from those in Germany or Western Europe, which is another reason why foreign capital is not rushing into Czechia.”
You can read the entire interview with Jan Rovný on the Týdeník Echo website: https://tydenik.echo24.cz/clanek/-Hqtyp
The Park Vesec residence won the Public Award in the Real Estate Project of the Year 2025 competition.
The goal was never to build a new housing estate
The architectural design of the apartment buildings was created by the Archidee studio from Jablonec nad Nisou. “We were inspired by the proven concept of a villa complex, such as the one located on the shores of Lake Geneva. The main goal was to prevent the creation of a new housing estate.” explains Ing. Arch. Ondřej Novosad.
While Rezidence Park Vesec will offer future residents comfortable facilities with underground garages, photovoltaics, and underfloor heating, it will bring stability and above-standard returns to investors. The project is part of the portfolio of CB Property Investors, which has long been the best-performing Czech real estate fund for qualified investors.
Michal Navrátil, asset & development manager of the CB Property Investors fund, adds: “We were genuinely delighted to receive the public award in the Real Estate Project of the Year 2025 competition. It’s great to see that people appreciate the quality of Rezidence Park Vesec and see it as a place where they really want to live. For us, it confirms that this is not just another anonymous development project, but a place with soul, where people will enjoy living and where there will be space for a vibrant neighborhood community.”
Rezidence Park Vesec currently has the last few apartments available. You can find an overview of these on the project website.
CB Property Investors is the best-performing real estate fund in Q3 2025 and over a three-year period
Articles
The TOP real estate funds ranking is compiled by Hospodářské noviny in cooperation with the Institute for Strategic Investment. Based on data as of 30. 9. 2025, published in December, shows that we have once again significantly outperformed the market average. Moreover, this success is not a short-term phenomenon, as data for the three-year period shows.
Transaction activity was high in the third quarter of the year, although current market developments favor domestic capital. “When we communicate with foreign investors, it is true that they are not very keen to invest in Czechia at the moment. On the one hand, they feel that real estate here is relatively expensive, and on the other hand, they are afraid of the war in Ukraine. For American investors, for example, Czechia is already in the war zone.” says Jan Rovný, investment director at CB Property Investors, adding that this actually creates greater opportunities for Czech capital.
A complete analysis of real estate funds for the third quarter of 2025 can be found on the Hospodářské noviny website.
If you are also interested in above-standard appreciation of your financial resources, arrange a private consultation with our team.
"We are the most transparent company on the market," says Jan Rovný. What principles does CB Property Investors rely on?
How does CB Property Investor strive to gain and maintain investor confidence?
“It is necessary to always monitor what the fund invests in, what its history is, and who is behind it. I think we are the most transparent on the market in this regard. We are in constant personal contact with our investors, we meet at networking evenings, we organize regular webinars, and we explain each step. If you visit our website, you will find each of our email addresses and phone numbers. We also offer investors the opportunity to view our properties in person.” explains Jan Rovný.
In an interview for Hospodářské noviny, Jan also discussed the overall market situation and which real estate segments we focus on as a fund: “We are a fund that invests in various real estate segments, a so-called multi-asset fund. From the outset, our intention has been to purchase properties whose value we can increase, either through renovation, completion of part of a project, or complete construction.”
We select segments based on the current market situation.
This strategy gives us the flexibility to respond quickly to market developments and select segments and specific projects that are most advantageous for investors in terms of returns.
“When we started out, we planned to focus on residential projects. We were in advanced negotiations on projects around Prague, but then there was a sudden change in market conditions, rates skyrocketed, and the market came to a standstill. So we took advantage of our flexibility and bet on logistics. Later, residential development began to make more sense again.”
We are currently focusing our efforts on Rezidence Park Vesec, a residential development in Liberec. We completed the shell of the building at the end of the summer, followed by plastering, and are now working on the interiors. This project also gives investors a unique opportunity to see what their capital is actually creating.
Read the full interview with Jan Rovný for Hospodářské noviny and find out, for example, why domestic capital is pushing out foreign capital, or why residential construction in the regions has started to pay off again.
UCT Fluid Delivery Solutions expands production at CBPI Park Liberec.
UCT Fluid Delivery Solutions expands production at CBPI Park Liberec
Since July 2025, UCT Fluid Delivery Solutions s.r.o. Liberec has been using almost 36,000 m² of production and office space at the CBPI Park Liberec complex. The new premises are leased until June 2038.
UCT has been operating in our park since 2023, when it occupied Hall C. A year later, it took over the first part of Hall B, where it is now increasing its capacity by another 9,300 m². The growing volume of distribution and assembly unit production confirms the company’s ability to respond flexibly to the needs of the dynamic European semiconductor industry.
“The ongoing expansion of UCT proves that we have succeeded in designing and building a complex that meets the high demands of leading technology companies. It also confirms that the approach we took during construction—emphasizing functionality, quality, and sustainability—makes sense,” says Jan Rovný, Head of Investments at CB Property Investors.
The expansion of UCT also fulfills the long-term vision of our real estate fund. The Liberec park attracts stable companies from promising industries and offers them room for growth—which is also good news for the fund’s investors.
CB Property Investors celebrates its fourth anniversary
CB Property Investors launched during a pandemic, a period of significant market fluctuations and changing dynamics across sectors. Rather than a single-minded focus, the fund opted for a diversified portfolio, including renovations, developments, conversions, and speculative projects. The emphasis from the outset was on precise risk management and identifying assets with growth potential.
Today's position and results
After four years of active management, we are two-thirds of the way through the planned investment period. The portfolio built today reflects the original strategy and our team’s ability to enhance the value of each asset through acquisition, financing, leasing, permitting processes, sustainability (including BREEAM certification), and sale.
As a result of this work, CB Property Investors has been ranked as the best-performing Real Estate fund in the Czech Republic for three consecutive years, which only confirms the quality of the strategy and the high level of professional management of the fund.
Výsledkem této práce je skutečnost, že CB Property Investors byl tři roky po sobě vyhodnocen jako nejvýkonnější Real Estate fond v České republice, což jen potvrzuje kvalitu strategie i vysokou úroveň profesionálního vedení fondu.
- We have defended the first place in the TOP Real Estate Funds ranking
- CBPI Park Liberec is completed and fully occupied
- Medical facility in Ivančice reports 90% occupancy
- We are already completing the rough construction of a 58-apartment project in Liberec
- We are working on the preparation for the construction of a new logistics hall near Prague.
Outlook for the future
Thank you to all the investors, partners, and supporters who share our vision. Your trust is the foundation of everything we build together.
CB Property Investors was founded to create value actively, not just manage capital, but to create meaningful and profitable projects from it. Today, we are two-thirds of the way there, and the results fill us with pride. But the most important thing is still ahead of us.
The successful exits we are preparing represent not only the culmination of our work but also the fulfillment of the promise with which we founded the Fund. We look forward to sharing them with you, as proof that patience, strategy, and consistency yield real results.
Thank you for being on board with us!
CBPI Park Liberec: from a brownfield to a modern complex with BREEAM Excellent sustainability certification
BREEAM assesses 10 areas of environmental performance of a building, and the Excellent level is the second-best rating we could have achieved. The assessment includes, for example, energy, waste, and water management, as well as minimising the negative impact on the surrounding area. The newly constructed habitat also contributes to this. To prepare it, we used the soil that was on the site before construction began. Plants and small aquatic animals will find their place in the biotope.
Elements of sustainability are already present during construction.
“We consider BREEAM certification at the Excellent level to be the standard for modern industrial buildings. Our aim was therefore to achieve as high a grade as possible, namely BREEAM Excellent. We are already taking sustainability into account during construction, and we are also introducing wellbeing elements for the employees on the site. Together with the biotope, we have created a unique space within the Czech industrial parks. I am very pleased that our project was completed and certified,” says Michal Navrátil, Head of Development, CB Property Investors.
CBPI Park Liberec also features dozens of new trees and insect hotels. Next time you go to the city under Ještěd, be sure to stop by.
CB Property Investors once again the best performing real estate fund
According to Hospodářské noviny, our fund defended the first place among czech real estate funds for qualified investors. For 2024, we achieved a return of 15.4%, thanks to which we once again ranked first in the TOP real estate funds ranking.
CB Property Investors has managed to maintain its strong performance over the longer term. With an average annual return of 17.5% over the last three years, we are also at the top in this respect.
A diversified portfolio of properties across segments and regions allows us to reduce risk and focus on opportunities with higher return potential. According to HN, the quality of the portfolio is one of the key factors on which investors choose real estate funds.
Yield for the last 12 months
