Nevyužitý potenciál českého rezidenčního trhu?
46 ǀ POSITIV MAN 2026
Přemýšlíte o penězích jinak než
na začátku kariéry?
Dřív člověk víc sleduje výnos. Postupem
času víc řeší riziko, kontrolu a kvalitu roz-
hodnutí. Peníze nejsou jen nástroj růstu,
ale také odpovědnost – zvlášť když pracu-
jete nejen s vlastním kapitálem, ale i s ka-
pitálem investorů.
Co byste poradil člověku, který chce
budovat majetek systematicky?
Aby se nesnažil zbohatnout jedním roz-
hodnutím. Majetek se buduje kombinací
disciplíny, času a schopnosti vyhnout
se zásadním chybám. Důležité je rozumět
tomu, do čeho investuji, mít realistická
očekávání a používat selský rozum. Někdy
stačí jednoduchá trojčlenka, aby člověk
odhalil riziko, které v prezentaci vypadá
složitě, ale ekonomicky nedává smysl.
Jak vypadá vaše osobní definice dobré
investice mimo čísla?
Dobrá investice je taková, které rozu-
mím, umím pojmenovat její rizika a vím,
proč by měla fungovat i tehdy, když trh
nepůjde ideálním směrem. Čísla jsou dů-
ležitá, ale sama nestačí. Důležitá je logika,
kontrola nad rizikem a schopnost aktivně
ovlivňovat výsledek.
Fond je fondem kvalifikovaných investorů
dle zákona č. 240/2013 Sb., jeho akcio
-
nářem se může stát výhradně kvalifiko-
vaný investor dle § 272 tohoto zákona.
Hodnota investice do fondu může klesat
i stoupat a návratnost původně investova
-
né částky není zaručena. Výkonnost fondu
v předchozích obdobích nezaručuje stej
-
nou nebo vyšší výkonnost v budoucnu.
Untapped Potenal
of the Czech Residenal Market?
If you buy badly, neither management nor ming will usually save it. Where is the value
of residenal real estate created today? When does it make sense to hold an asset, and when
should you consider selling? In this interview with Tomáš Schmied, you will also discover where
the biggest investment opportunies in the residenal market lie today.
Where is value in residential real estate
in the Czech Republic really being
created today – through acquisition,
management, or timing of the sale?
In all three areas, but acquisition
is always the foundation. If you buy
badly, neither management nor timing
will usually save it. Value is created
through acquisition discipline, day-to-day
work with the property, and the ability
to recognise when it makes sense to hold
an asset and when it is economically right
to consider divestment.
How do you recognise a “good building”
with strong appreciation potential?
I mainly look at the location, technical
condition, tenant structure, rental levels
in relation to the market, and the legal
status. A good building does not have
to be perfect. In fact, it is often most
interesting when it has a clearly identifiable
problem that we know how to solve –
whether in management, operations,
tenant relationships, technical condition,
or energy efficiency.
Is rental income generating more profit
today, or is it the growth in property
prices themselves?
Rental income is the foundation of stability,
while price growth is an added benefit.
However, we do not build our strategy
around rising property prices, because
for us that would be speculation. We
take a conservative approach and focus
primarily on what we can influence
ourselves – the quality of the acquisition,
management, and active work
with the property. If the market rises, that
is a welcome bonus. We aim to achieve
above-average returns compared
to standard real estate funds through our
own activity.
Are we at the peak of the real estate
cycle, or does the market still have room
to grow?
The residential market is highly local.
For our purposes, we see Prague as
relatively overheated, which is why we
focus more on regions and properties
with a specific story. In my view, the Czech
market still has long-term potential.
In terms of pricing and the overall
structure of housing, we are not yet where
mature Western markets are, and the shift
towards rental housing will continue.
What is the biggest difference
between a traditional developer
and a fund such as Tandem OPF?
A developer creates a project
from the ground up and therefore
carries the risks associated with permits,
construction, costs, and future sales.
Tandem OPF is built on a more
conservative approach. We do not buy
a vision on paper, but completed and fully
operational apartment buildings that
are already generating income today.
We always look for projects that make
sense in their current state, while also
offering potential upside through better
management, technical improvements,
or operational optimisation.
| Text: Monika Ševčíková, foto: Tomáš Schmied