Hi everyoneHere is my Prague lettings update..Just to let you know that we have now achieved the followingZelene - 100% occupancy for L&MS clientsEucon - 83% occupancy for L&MS clients (at 93% of asking price).Some parking spaces in the Eucon development have been let, but generally parking is not (yet)highly valued.This is truer in the developments further out of town where there is more freely available parking space and less of a reason to use a garage.Particularly in Zelene we are now seeing an influx of DHL IT contractors/ subscontractors (ie working for Infosys who have a contract with DHL). Other tenants are from Tesco, McKinsey etc... and therefore are generally very good quality tenants.This was a pretty key argument laid out in the original Investment Report - so it is good to see this taking place.The Zelene development is also benefitting from a letting referal incentive - which is working - and means that current tenants are happy with their properties and are willing to recommend to their friends.All this is very encouraging for the Kosik development which will probably enter the lettings marketing in April of 2007.Kosik is in a slightly more desirable / developed location and slightly near the new business centres - so should prove easier to let that Zelene - which on the current level of demand is very encouraging.Lastly, all the developments in Prague that I looked at appear to have been built to a high standard and all appear to be increasing in price heathily.Having seen the developments and the recent good results on the letting front I'm confident that investors who took the early plunge into the Prague market will see significant gains from that market.I am also of the opinion, after my trip, that these developments offer good medium to long term hold opportunties.Hope this helps.CheersNeilps. I'm writing more detailed reports - which will be sent to the L&MS clients on these deals.BTW - it was raining when I took the attached pic of the PS apartments that overlook the garden...

Hi NeilIt all sounds very positive.Many thanksPete

I have emailed asking for details for the LMS Service. How does that service overlap with the Orco Service with the various safety nets offered?Is the photo of Zelene?Did you get to BRNO or hear anything about Nove Medlanky?

Hi PeteI think I messed up on up loading the photo - here it is (or will be once the moderators allow it).yes I went to Brno - will update each deal individually - but I was very impressed (again) and there is a similar confidence to the place about rentals and property price increases - Nove Medlanky included.CheersNeil

Hi NeilI recall a few posts saying that the Car Parking space doesn't really add to rental figures and doesn't appear key to letting properties.With the Nove Medlanky contracts still not complete I cant see any point in buying one saving over £1600 plus tax.Have you (or anyone else on properties already completed) any thoughts.CheersPete

You are right Pete - a parking space in Medlanky is not going to improve your rental income.It might just swing a tenant if you offer it for free (it does get bl**dy cold in winter - and starting a car can be a problem).Some investors buy parking because it makes it easier to sell on - but chances are that there may some left anyway.CheersNeil

Neil, what proportion of the apartments at Zelene have been let furnished and what proportion unfurnished?Huw

Hi Neil: That report was encouraging. did you by any chance pay a vist to the Repy development in Prague? Have all the units been sold, what is the forecast? completion is March 2007. Lynn

Hi Lynn Thanks - I did a quick drive by ... and the building is progressing well. It looks to me like completion could be finished by March 07. It is near the airport - and just located on the edge between low quality housing - and an up and coming area. Towards the airport there is a huge amount of distribution and other businesses springing up - which is where I imagine the development will draw tenants. Hope this helps. Cheers Neil