ARTICLES LABELLED WITH TAG PRS

In the third quarter of 2023, the total value of the Echo Investment Group`s assets increased to PLN 6.2 billion, while its further development is supported by a high level of cash amounting to PLN 627 million.

Witold Zatoński, Founder of Syrena Real Estate, talked to Property Forum about the profitability of revitalizing older office buildings, the challenges related to such projects and the development of the PRS market in Poland.

Trei Real Estate GmbH has obtained the building permit for its first rental housing development in Poland. Named UP2U and consisting of three buildings, the development will create a total of 460 one- to three-room apartments with a combined floor area of around 20,000 sqm in the immediate vicinity of the town centre of Poznań. 

Octava has sold the Obrzeżna Center office building in Warsaw to a Polish investor. The price has not been disclosed. Avison Young and Savills jointly represented the seller.

The condition of the housing markets in Hungary, the Czech Republic and Slovakia remains good, but high interest rates have reduced the availability of mortgages, which has affected the demand for flats. Poland has broken out of this pattern, where, despite high financing costs, developers are breaking sales records. However, all these countries have one thing in common - the low activity of players in the PRS market, whose offer could be an effective response to the low creditworthiness of buyers. These are just some of the conclusions reached by the participants of the residential panel at CEE Property Forum 2023, which was organised in Vienna in September.

Just ahead of the Expo Real investment fair in Munich, experts of Avison Young presented an overview of the current situation in the Polish commercial real estate market. 

Mosaic World signed a purchase-construction agreement with Novaform Polska, the Polish subsidiary of Novaform Holding and part of KlokGroep, for the purchase and construction of 98 rental flats and 138 built parking spaces in the Nove Olendry project in the Naramowice district in Poznań, Poland.

Consolidation of the residential business, maintaining a high rental level in all completed Resi4Rent projects, starting new "destination" projects – this is a summary of the operational activities of Echo Investment Group in the first half of 2023. The Group's development plans are supported by a high cash balance of over PLN 662 million. 

Vastint Poland is launching its first project in the Private Rented Sector (PRS). The Pastelowo estate will be built on Pastelowa Street in Poznań, in the immediate vicinity of the Business Garden complex. The development includes 255 apartments, which will be entirely for long-term rental. The project will be ready in early 2025, at which time the first contracts with future tenants are scheduled to be signed.

The current results of the Polish investment market may not appear very optimistic at the moment, but this is only a temporary situation. The Polish real estate market has a solid foundation, and investors have proven to be highly adaptable, as evidenced by the results achieved in previous challenging years, reveals Avison Young's investment market summary for H1 2023, prepared by Research and Data Manager Paulina Brzeszkiewicz-Kuczyńska.