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The Warsaw Voice » Real Estate » November 5, 2008
Residential Market in Łódź
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Keeping Up the Pace
November 5, 2008   
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New residential projects are underway in Łódź despite slower sales growth over recent months. The Bałuty and Widzew districts are most popular.

Łódź is the main city in central Poland, close to the intersection of the A1 and A2 freeways. It includes five districts: Bałuty, Górna, Polesie, Śródmieście and Widzew.

More new projects
In late June, 46 residential projects were underway in the city, 12 more than at the end of the first quarter, according to Emmerson real estate services company. This means that the local residential market keeps growing. In recent months, the sale of apartments in Łódź slowed down significantly, like elsewhere in Poland.

The Łódź Province Statistical Office reports that in the first quarter, developers completed 551 apartments in Łódź, compared to 169 over the same period of 2007.

Nearly 55 percent of apartments are being built in Bałuty and Widzew. Few developers are interested in the southern districts, that is why Górna has attracted only 9 percent of the primary market. The average price of 1 square meter of a new apartment in Łódź in the second quarter was zl.6,300, Emmerson reports. The prices were the highest in Bałuty (zl.7,000) and Śródmieście (zl.6,800). In other districts, the prices were slightly lower-zl.6,200 per sq m in Widzew, zl.6,100 in Polesie and zl.5,200 in Górna.

Karolewska Apartments
Warsaw-based developer Hirny BD SA is building four six-story buildings on Karolewska Street at a total cost of zl.81 million. The estate is located close to the Aqua Park, the Botanical Garden and the zoo. The project will include 236 apartments sized between 48.5-112.1 sq m. The apartments may be joined together. Under the buildings there will be underground garages. The estate will include playgrounds and shared green areas.

The prices range from zl.4,300-5,400 per sq m. The first stage is to be completed in February 2009, and the final one in December 2009.

High standard project on Bema St.
Abart Development, a residential developer that has operated in Poland for 14 years, has been constructing a residential building on Bema 8/10 since mid-2007. The building will include apartments sized 72-145 sq m and 2.95 meters high. Each will have at east two balconies. The apartments of over 96 sq m will have a system ready for installing a fireplace. The apartments will be connected with the underground garage by two fast elevators and two staircases. The ground floor will include an over-100-sq-m lobby with a reception desk.

More than 400 apartments in City Park
The Polnord company plans to complete the City Park residential estate at the end of 2009. Located at 41/43 Żeligowskiego Street in central Łódź, the estate will be close to an indoor swimming pool and a park. It will include 464 apartments of 30,000 sq m in total. The estate will include five buildings with 6-15 floors, forming an enclosed estate surrounding a yard, with a two-level underground garage. The estate will include 1,770 sq m of retail space that will house, for example, a food store, a restaurant, a fitness club, a bank, a beauty parlor and a laundry. The first, five-story building will include 56 apartments with balconies or terraces. On four floors, apartments will be 26-95 sq m in area. On the fifth floor, high standard apartments of 122-154 sq m will be built.

Magdalena Fabijańczuk
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