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The Warsaw Voice » Real Estate » November 30, 2010
Residential Market
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Buyers Want Smaller Apartments
November 30, 2010   
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Ryszard Danielewicz, president of Pirelli Pekao Real Estate

In 2010, developers were able to sleep more peacefully. Home prices stabilized at a reasonable level and banks somewhat relaxed their policies, especially regarding mortgage loans.

As a result, sales of homes in the past four quarters were by almost 40 percent higher than in the crisis period—from the fourth quarter of 2008 to the third quarter of 2009. Considering that macroeconomic indicators are also stronger than expected, with the economic growth rate at 3.5 percent, we have reason to look to the future with cautious optimism.

The number of projects that will be put onto the market in 2011 may be two times greater than this year. The trend to provide a larger number of smaller apartments within residential projects will continue as developers will have to meet the needs of the market. Most clients are still looking for average-standard apartments with one or two bedrooms ranging in space from 45 sq m to 50 sq m. This situation will not change in the near future. Many of these apartments are eligible for the government Family in Its Own Home program. After the recent revision of price brackets, the program covers a very wide range of apartments.

At the other end of the market, there are expensive properties bought as an investment. Sales in this segment were sluggish in 2010 and this trend is unlikely to change soon. To sum up, 2010 was a year of some stabilization on the housing market. After the crisis, which paradoxically contributed to the normalization of the situation in the sector, we are entering a period of stable and predictable growth based on solid foundations.
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