future looking bright for polish economy and property market
News Posted On: 04 January 2010
The Puls Biznesu survey conducted among economists says that 2010 is going to be a good year for the Polish economy:
Wages are expected to grow by 3.1, while unemployment is projected to reach 12.9%. Consumption is to increase 3.8% and industrial production by 4.5%.
Little wonder then that some of the largest commercial property investors in the world are planning some massive spending in the Polish market in the coming year, also reported by Puls Biznesu earlier this month.
The newspaper found that GLL Real Estate Partners (owner of Liberty Corner in Warsaw) and Skandinaviska Enskilda Banken are already active on the Polish Market, while leading German player KanAm Fund, JP Morgan, Credit Suisse and HSBC are planning to enter the market in the coming months.
"The Funds are predominantly interested in office spaces. The majority of them are looking for premium class buildings while the demand for lower class properties is very limited. The potential volume of transactions is in the range of EUR 20 million to EUR 80 million, but an increasing number of transactions over EUR 100 million is being noted" Wojciech Pisz, a capital markets analyst with Cushman & Wakefield, told the paper.
Poland is currently getting a lot of attention in the industry press. I have to admit it is a market that has so far been unable to instil any kind of emotion in me either way, but perhaps that is the key to its attractiveness at present; it is the safe, stable option.
It has been affected by the crunch, and it has seen recession, but that recession has not been anywhere near as bad as it got in neighbouring and comparative countries like Latvia and Estonia. This leaves it well placed for a rebound, and there are signs that it is beginning.
As for the property market, according to the Knight Frank Q2 index, Polish property prices have continued to grow strongly throughout the crisis. The report shows a growth of 4.3% in the final quarter of 2008, a growth of 7.3% in the first quarter of last year, and a growth of 0.7% in the second quarter. They had no data on Poland in their 3rd quarter index.
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