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The Warsaw Voice » Real Estate » November 5, 2008
Residential Market in Poznań
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Prices Going Down
November 5, 2008   
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The Stare Miasto (Old Town) and Grunwald districts are where 70 percent of all residential projects in Poznań are carried out. Housing prices in Poznań fell by 5 percent in the second quarter of this year compared with the first quarter.

Poznań is one of the oldest and largest cities in Poland, and the capital of Wielkopolska province. The city has a population of 565,000 and is a dynamic center of business, university education, science and culture. The city's economy has been growing fast. Poznań ranks second in this respect after Warsaw and its per-capita GDP reached zl.53,279 in 2006. Housing demand in the city has also been stimulated by a stable situation on the local labor market.

According to Raes, a consulting company specializing in residential projects, Poznań has the lowest unemployment rate of all large Polish cities, one comparable with Warsaw's. In January, the unemployment rate in Poznań stood at 2.8 percent.

Poznań is often called the commercial capital of Poland. It is home to Poznań International Fair (MTP), the country's oldest and largest exhibition organizer. Every year MTP organizes around 50 trade fairs and exhibitions.

Prestige in Wilda
According to real estate services company Emmerson, over 60 residential projects expected to provide some 6,800 apartments were under way in Poznań in the second quarter of this year. The largest number of apartments was under construction in the Stare Miasto and Grunwald districts.

According to redNet Consulting, in the first quarter of this year, 953 apartments were completed, compared with 1,069 in the first quarter of 2007. Permits were issued for the construction of another 863 apartments, compared with 753 apartments a year earlier. In the second quarter, the prices of new apartments in Poznań dropped by 5 percent on average.

The average price per square meter was zl.7,977 for the city as a whole. The average prices in the Stare Miasto, Nowe Miasto (New Town) and Grunwald districts were zl.8,165, zl.7,420 and zl.7,629 respectively. The average price increased only in the Wilda district where a relatively expensive project called Restaura Maraton Gardens was put on sale. The average price in this district was zl.9,436.

The investor for the Restaura Maraton Gardens residential project is Restaura, a developer specializing in converting old tenement houses and in projects in prestigious locations. The site where the six buildings with 275 luxury apartments will be constructed is bounded by Królowej Jadwigi, Maratońska and Olimpijska streets.

The project designers have used natural materials-expensive varieties of wood, sandstone wall facings, granite flooring in the staircases, and marble finish in interiors. Most windows are 2.4 meters high. Each apartment has a balcony or terrace and a storage space. The project is scheduled for completion in the second quarter of 2010. The general contractor in Budimex Dromex. Prices per square meter range from zl.9,500 to zl.13,000.

Recreation in Grunwald
One of the most attractive districts for residential construction in Poznań is Grunwald. The district offers many recreational opportunities, including Kasprowicza Park with the Arena sports and entertainment hall, Wilsona Park with a palm house, and the city zoo. At 5 Wojskowa St., Echo Investment is building Kasztanowa Aleja, two residential buildings with patios where playgrounds for children and green areas will be arranged. The company offers 282 apartments ranging from 37 to 94 square meters in area. Each apartment will have a garden plot, a projecting balcony, a recessed balcony or a terrace. Apartments can be joined up. The complex will be fenced and provided with security service. Occupants will be using magnetic cards to access parking spaces, while entrance to the buildings will only be possible through the reception area. The first part of the project with 141 apartments is scheduled for completion in the first half of 2010.

Another project under way in the district is Willa Rialto at 18 Winklera St. The investor, Europa Inwestycje, which specializes in the construction of small residential buildings and conversions of old houses, is converting a detached house built in 1935 into an apartment building. Willa Rialto will provide six luxury apartments of around 80 sq m each. It is possible to join two apartments on the same floor if a client wants to have a single large apartment of 150 sq m. The old building's facades and the original layout of rooms will remain unchanged.

The house is surrounded by old acacias. Parking spaces and a garden will be arranged on the site. On the ground floor there will be a fitness room and a large sauna for four people. Prices for apartments in Willa Rialto range from zl.8,500 to zl.9,900 per square meter. The project is scheduled for completion in January next year.

Magdalena Fabijańczuk
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