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The Warsaw Voice » Real Estate » May 14, 2008
The Real Estate Voice
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£ód¼ Booming
May 14, 2008 By Michal Jeziorski   
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£ód¼ is the second biggest city in Poland in terms of population and fourth biggest in terms of size. Many residential estates are being built here, in addition to several luxury projects.

The residential market in the city is among the fastest developing in Poland. The development started with a delay compared with other Polish cities. When Warsaw, Wroc³aw and the Gdańsk-Sopot-Gdynia Tricity were experiencing a real- estate boom, £ód¼ was only beginning to see a growing interest in the purchase of land and apartment construction, followed by increased demand for apartments and rising prices. So if you want to invest in real estate, £ód¼ is a good option. The Emmerson real estate consultancy company reports that apartments in £ód¼ are to a large extent bought by foreigners who realize the prices will grow considerably in such a developing city located in the center of Europe. Apartments enjoy the biggest interest, followed by land plots.

Developers soon realized what opportunities are offered by £ód¼ and launched numerous residential projects. As a result, in 2007 they completed 1,559 apartments, 50 percent more than in 2006. The majority of these were intended for sale or rent, or were built by individual investors.

At present £ód¼ has nearly 334,300 apartments, or 65 percent of all those in £ód¼ province. In 2006, under 1,500 apartment construction permits were issued, while by the end of 2007, that number had grown to 4,275. Also, last year investors started the construction of over 2,000 apartments in the city, 107 percent more than in 2006.

In 2007 developers were actively seeking construction permits. As a result, at present they are building some 4,350 apartments, including almost 460 luxury apartments, according to Emmerson. This February, 37 residential projects were under way in £ód¼. They are scheduled for completion late this year and in early 2009. Emmerson reports that in early February, over 1,290 apartments were available for clients.

Apartment prices are shaped by the nationwide growth of demand for apartments and by new projects on the market. Modern projects have pushed the prices up in £ód¼. For example, the U Scheiblera loft construction project has attracted great client interest, with demand exceeding supply. The prices of lofts (zl.7,000-9,400) have rapidly increased average prices in the city.

Emmerson reports that this February the average price per square meter of an apartment in £ód¼ was zl.6,130, or 57 percent more than in the corresponding period of 2006.

The house market in £ód¼ focuses on the city's western areas, mainly Widzew. A large part of this district is undeveloped, which offers great opportunities for investors. The biggest project under construction is Zielone Wzgórze by the Top Mart company. The estate will include 81 row, duplex or freestanding single-family houses. In February, a house with a plot of land in £ód¼ cost between zl.728,875 and 912,667 on average, a price range comparable to other major Polish cities.
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