{"id":37665,"date":"2026-03-27T18:52:07","date_gmt":"2026-03-27T18:52:07","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/37665\/"},"modified":"2026-03-27T18:52:07","modified_gmt":"2026-03-27T18:52:07","slug":"developeri-v-uzkych-zdrazuje-se-jejich-financovani-nektere-projekty-prestanou-davat-smysl","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/37665\/","title":{"rendered":"Develope\u0159i v \u00fazk\u00fdch? Zdra\u017euje se jejich financov\u00e1n\u00ed, n\u011bkter\u00e9 projekty p\u0159estanou d\u00e1vat smysl"},"content":{"rendered":"<p><a href=\"https:\/\/www.e15.cz\/byznys\/reality-a-stavebnictvi\/ze-zanedbaneho-prostoru-na-novou-chloubu-mesta-v-cesku-se-chystaji-nova-namesti-1431635\" rel=\"nofollow noopener\" target=\"_blank\">\u010ce\u0161t\u00ed develope\u0159i<\/a>\u00a0s nap\u011bt\u00edm sleduj\u00ed zdra\u017eov\u00e1n\u00ed eurov\u00fdch \u00fav\u011br\u016f. Jejich n\u00e1kladnost toti\u017e b\u011bhem n\u011bkolika t\u00fddn\u016f od po\u010d\u00e1tku bl\u00edzkov\u00fdchodn\u00ed krize vzrostla tak\u0159ka o \u010dtvrtinu a rychleji ne\u017e v p\u0159\u00edpad\u011b korunov\u00fdch p\u016fj\u010dek. Zejm\u00e9na ti z tuzemsk\u00fdch hr\u00e1\u010d\u016f orientovan\u00ed na <a href=\"https:\/\/www.e15.cz\/byznys\/reality-a-stavebnictvi\/natland-kupuje-kus-zlicina-uz-pristi-rok-tam-zacne-stavet-novou-ctvrt-se-stovkami-bytu-1431576\" rel=\"nofollow noopener\" target=\"_blank\">development<\/a>\u00a0komer\u010dn\u00edch nemovitost\u00ed jsou p\u0159itom na v\u00fdvoj financov\u00e1n\u00ed ve spole\u010dn\u00e9 m\u011bn\u011b extr\u00e9mn\u011b citliv\u00ed. Jde toti\u017e o byznys, ze kter\u00e9ho se u\u017e prakticky vytratila \u010desk\u00e1 m\u011bna, a to jak z hlediska tr\u017eeb, tak financov\u00e1n\u00ed. V kombinaci se sou\u010dasnou situac\u00ed na tuzemsk\u00e9m trhu se tak <a href=\"https:\/\/www.e15.cz\/byznys\/reality-a-stavebnictvi\/cesi-maji-posledni-tyden-na-snadnou-realitni-investici-temer-kazdy-desaty-pujde-od-dubna-z-kola-ven-1431562\" rel=\"nofollow noopener\" target=\"_blank\">dra\u017e\u0161\u00ed pen\u00edze<\/a> st\u00e1vaj\u00ed v\u00fdzvou pro ekonomiku n\u011bkter\u00fdch projekt\u016f.\u00a0<\/p>\n<p>N\u00e1kladnost eurov\u00fdch p\u016fj\u010dek vypl\u00fdv\u00e1 z v\u00fdvoje takzvan\u00fdch swap\u016f. Jde o n\u00e1stroj, kter\u00fd v sob\u011b bez ohledu na aktu\u00e1ln\u00ed politiku centr\u00e1ln\u00ed banky dan\u00e9 m\u011bny koncentruje aktu\u00e1ln\u00ed byznysov\u00e9 vlivy a p\u0159ev\u00e1d\u00ed je do \u201e\u0159e\u010di pen\u011bz\u201c, konkr\u00e9tn\u011b n\u00e1klad\u016f na financov\u00e1n\u00ed. Po startu v\u00e1lky v \u00cdr\u00e1nu prudce zdra\u017eilo financov\u00e1n\u00ed v korun\u00e1ch, ale je\u0161t\u011b v\u00edce v eurech. Zat\u00edmco tr\u017en\u00ed p\u016fj\u010dka v korun\u00e1ch ze sv\u00fdch minim v z\u00e1v\u011bru \u00fanora podra\u017eila zhruba o 21 procent, n\u00e1kladnost eurov\u00e9 p\u016fj\u010dky \u0161la vzh\u016fru dokonce asi o 24 procent.\u00a0<\/p>\n<p>\u201eEurov\u00e9 swapy se p\u0159\u00edmo prom\u00edtaj\u00ed do celkov\u00fdch n\u00e1klad\u016f financov\u00e1n\u00ed. Ned\u00e1vn\u00fd n\u00e1r\u016fst sazeb p\u0159isuzujeme aktu\u00e1ln\u00ed geopolitick\u00e9 situaci. V\u011b\u0159\u00edme, \u017ee jde o p\u0159echodn\u00fd jev a brzy dojde ke stabilizaci tohoto kr\u00e1tkodob\u00e9ho v\u00fdkyvu,\u201c uv\u00e1d\u00ed portfolio mana\u017eer Wood Real Estate Marek Herold. P\u0159\u00edmo se t\u00fdk\u00e1 jen \u010d\u00e1sti developersk\u00e9ho trhu. \u201eEurov\u00e9 swapy se prim\u00e1rn\u011b dot\u00fdkaj\u00ed developer\u016f komer\u010dn\u00edch nemovitost\u00ed, proto\u017ee u reziden\u010dn\u00edch projekt\u016f je dluhov\u00e1 slu\u017eba standardn\u011b sjedn\u00e1v\u00e1na v \u010desk\u00fdch korun\u00e1ch,\u201c vysv\u011btluje Herold.\u00a0<\/p>\n<p>Nap\u0159\u00edklad \u00farokov\u00fd swap odr\u00e1\u017eej\u00edc\u00ed n\u00e1kladnost p\u011btilet\u00e9 p\u016fj\u010dky v eurech se z hodnoty kolem 2,35 procenta v z\u00e1v\u011bru \u00fanora vy\u0161plhal podle dat Reuters na sou\u010dasn\u00fdch 2,91 procenta, a je tak nejv\u00fd\u0161e zhruba od poloviny roku 2024. Zdrcuj\u00edc\u00ed je u\u017e jen tempo r\u016fstu tohoto ukazatele. Obdobn\u011b siln\u00fdm r\u016fstov\u00fdm skokem naposledy pro\u0161el v z\u00e1v\u011bru roku 2024 po zvolen\u00ed Donalda Trumpa americk\u00fdm prezidentem. To si trh vykl\u00e1dal jako siln\u00fd infla\u010dn\u00ed impuls spojen\u00fd s o\u010dek\u00e1v\u00e1n\u00edm, \u017ee centr\u00e1ln\u00ed banky budou muset udr\u017eovat sv\u00e9 sazby setrvale na vy\u0161\u0161\u00ed \u00farovni ne\u017e v p\u0159\u00edpad\u011b v\u00edt\u011bzstv\u00ed demokratick\u00e9ho kandid\u00e1ta.\u00a0<\/p>\n<p>\u201eU projekt\u016f s men\u0161\u00ed rezervou to m\u016f\u017ee zhor\u0161it n\u00e1vratnost natolik, \u017ee je budou muset upravit nebo odlo\u017eit, p\u0159\u00edpadn\u011b si na financov\u00e1n\u00ed s\u00e1hnou jen siln\u011bj\u0161\u00ed projekty,\u201c \u0159\u00edk\u00e1 obchodn\u00ed \u0159editel Creditas RE Borek Simandl. Zdra\u017een\u00ed pen\u011bz p\u0159itom nastalo v okam\u017eiku, kdy pron\u00e1jem alespo\u0148 v \u010d\u00e1sti trhu nep\u0159in\u00e1\u0161\u00ed nikterak z\u00e1vratn\u00e9 v\u00fdnosy.\u00a0<\/p>\n<p>\u201eJednodu\u0161e se v\u00fdrazn\u011b z\u00fa\u017eil prostor pro byznysovou chybu. Probl\u00e9m toti\u017e nen\u00ed jen samotn\u00e1 v\u00fd\u0161e sazby, ale jej\u00ed kombinace s dlouhodob\u011b napjat\u00fdmi v\u00fdnosy,\u201c zd\u016fraz\u0148uje partner Feira Real Estate Vlastimil \u0160ediv\u00fd. Ty jsou podle n\u011bho u \u0159ady projekt\u016f relativn\u011b n\u00edzko. \u201eJakmile se n\u00e1klad na dluh posune nahoru, doch\u00e1z\u00ed k dal\u0161\u00edmu stla\u010den\u00ed mar\u017ee mezi v\u00fdnosem a financov\u00e1n\u00edm,\u201c dod\u00e1v\u00e1 \u0160ediv\u00fd.\u00a0<\/p>\n<p>V praxi vede podle expert\u016f sou\u010dasn\u00fd v\u00fdvoj trhu k tomu, \u017ee develope\u0159i projekty znovu p\u0159epo\u010d\u00edt\u00e1vaj\u00ed, \u010dast\u011bji upravuj\u00ed kapit\u00e1lovou strukturu a ve v\u011bt\u0161\u00ed m\u00ed\u0159e zapojuj\u00ed vlastn\u00ed kapit\u00e1l. Banky z\u00e1rove\u0148 zp\u0159\u00eds\u0148uj\u00ed p\u0159\u00edstup, prodlu\u017euj\u00ed schvalovac\u00ed proces a jsou selektivn\u011bj\u0161\u00ed zejm\u00e9na u projekt\u016f bez siln\u00e9ho p\u0159edpron\u00e1jmu nebo p\u0159edprodeje. Pokud by financov\u00e1n\u00ed d\u00e1le zdra\u017eovalo, d\u00e1 se podle odborn\u00edk\u016f o\u010dek\u00e1vat tlak na odpov\u00eddaj\u00edc\u00ed zdra\u017eov\u00e1n\u00ed n\u00e1jm\u016f. \u201eTo by se prom\u00edtlo do korekce valuac\u00ed a u \u010d\u00e1sti trhu i do odkladu nebo p\u0159epracov\u00e1n\u00ed projekt\u016f,\u201c dod\u00e1v\u00e1 \u0160ediv\u00fd s t\u00edm, \u017ee nejcitliv\u011bj\u0161\u00ed jsou v tomto ohledu projekty s ni\u017e\u0161\u00ed mar\u017e\u00ed nebo vy\u0161\u0161\u00ed m\u00edrou spekulace.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"\u010ce\u0161t\u00ed develope\u0159i\u00a0s nap\u011bt\u00edm sleduj\u00ed zdra\u017eov\u00e1n\u00ed eurov\u00fdch \u00fav\u011br\u016f. Jejich n\u00e1kladnost toti\u017e b\u011bhem n\u011bkolika t\u00fddn\u016f od po\u010d\u00e1tku bl\u00edzkov\u00fdchodn\u00ed krize vzrostla&hellip;\n","protected":false},"author":2,"featured_media":37666,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[4495,67,68,475,212,476,1387,11737],"class_list":{"0":"post-37665","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-blizky-vychod","9":"tag-business","10":"tag-byznys","11":"tag-developer","12":"tag-donald-trump","13":"tag-projekt","14":"tag-pujcka","15":"tag-valka-v-iranu"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116302652675444012","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/37665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=37665"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/37665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/37666"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=37665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=37665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=37665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}