Marianna Krausová, Consulting Partner for Premium Real Estate at LEXXUS NORTON.
You specialise in the luxury property sector. Can you comment on developments and trends in Prague? Are people buying the most expensive flats for themselves, or – as is the case with cars, for example – are they increasingly being purchased by investment funds?
I believe that the luxury sector in Prague has undergone significant development in recent years. Whilst the luxury property market used to be focused primarily on personal use, today we are seeing growing interest from clients and investors in properties that retain their value. In the short term, it serves as a conservative investment; in the long term, the property’s value increases many-fold, so yes, it remains a suitable way to diversify an investment portfolio.
You primarily help developers find the ideal clients for their projects in Prague and the surrounding area. How many people do you help find their dream home each year?
We work with many developers on project preparation, including project documentation, pricing strategies and, subsequently, sales. At the same time, however, we help individuals and families find their ideal home. Every year, we help thousands of people find a home across all market segments, and now also outside Prague and Central Bohemia. We keep a register of clients who are waiting for new listings, and as soon as a property appears in our portfolio, they are able to react very quickly and reserve it immediately. For development projects, particularly luxury ones, this strategy still allows clients to get on board with better financial terms, which is particularly attractive at the moment as the property market is once again in a phase where prices are rising. In the luxury segment, however, it’s a long-term process; I work with some clients for several years until we find the right property, especially in the high-end segment.
The Helenika Residence in Královské Vinohrady, Prague 2.
Has the hierarchy of neighbourhoods within Prague changed over the last decade? What was ‘in’ in the 2000s and 2010s, and where is clients’ attention shifting today?
The high-end and luxury segment is very closely linked to the hierarchy of neighbourhoods. In the 2000s, there was high demand for Prague’s historic centre; today, we’re seeing growing interest in modern neighbourhoods. For example, Smíchov and Karlín have become attractive thanks to new property developments and improved infrastructure. Clients today are looking for places that offer not only luxury living, but also proximity to nature, sustainability and a high quality of life, as exemplified by the Helenika Residence in Prague 2 near Riegrovy sady, or the Clemance Residence in Prague 5 below Ladronka. There remains huge client interest in properties in Prague 6’s Bubeneč district; I could mention, for example, the Bubeneč Gardens Residence near Stromovka Park, or the intimate project in a renovated villa at Nad Hradním vodojemem in Střešovice, Prague 6, and others…
How can one define a luxury property today? Is it about the amenities, the address, or the price per square metre?
I have been working in the luxury property sector for 26 years and can confirm that the choice of property is still determined by key factors such as the character of the area combined with safety — in a word, the address; the type of development; and, unless it is a villa, a preference for a smaller number of units in the building, ideally a small villa-style apartment block with a private garden and privacy. The architecture is usually dictated by the area in which the property is located, but common features include high-quality materials, uniqueness and timeless design.
Is the process of buying a luxury property a long-term one? Is there any room at all for emotions to play a part in such a transaction?
Definitely. With positive emotions, decision-making is much quicker and easier. I have seen time and again that a client had a strong preference for a specific location or street, such as Pařížská, and yet we ended up at a residence on Janáčkovo nábřeží, where, upon seeing the Vltava and Žofín, they said ‘yes’ without hesitation. Emotions play a significant role — luxury properties are not just about functionality, but also about the feeling a space evokes. Clients want a home, or perhaps a property investment, that inspires them and reflects their personality and lifestyle.
Do the tastes of famous personalities influence your clients’ requirements?
I’d say that clients in the luxury segment tend to value the reputation of the architect, design studio or developer. I believe that in this regard we can draw on the names of several well-known architects, such as Petr Kolář and Stanislav Fiala, and likewise, when it comes to interior design studios, for example ADR, Olgoj Chorchoj, Mimolimit and others…
Villa Clemance, Prague 5 – Smíchov.
Does the Czech market follow global trends in luxury housing, or do we stand out in some way?
We certainly have our own distinctive character — a strong connection to history and culture. Clients in Prague often look for properties that combine modern elements with historical charm. Abroad, I often hear the view that Prague is a picturesque city, one of the most beautiful in Europe, which of course pleases me greatly. However, I think we still have a lot of room for improvement when it comes to public spaces and the appearance of our streets. I’m thinking, for example, of the huge number of shops selling alcohol and souvenirs on every corner, as well as tidiness and cleanliness.
Marketing is extremely important in your sector. How are you managing to reach clients in today’s digital age? Has your strategy in this regard changed in recent years?
Marketing in the property services sector is indeed crucial today. The digital age has brought about fundamental changes in how clients are approached and what their expectations are. Websites, social media and digital advertising enable access to a wider clientele and provide a platform for presenting luxury properties to a high standard — for example, through professional photographs, videos or virtual tours. We keep track of all the latest trends and utilise various sophisticated tools, analytical data and AI for our marketing. Of course, we’re also accustomed to situations where sellers prefer a discreet sale of their properties, in which case we approach clients via direct mail or in person.
Does the fact that you are one of the biggest players on the Czech market play a role, and do personal recommendations carry a lot of weight with clients?
Yes, definitely. Personal recommendations and reputation carry enormous weight in our industry. I really appreciate clients who get in touch after a long time, whether to say they’re still happy with their property but simply need a new and larger one. With some clients whom I’ve known for over 20 years, I communicate with their children and deal with their housing requirements or investment needs. I believe that’s also what my job is about: creating the conditions for clients to turn to us with confidence.
The interview was published in Dolcevita magazine, issue 10/2024. www.dolcevita.cz
