WOOD Flash - Polish residential real estate: hammered
Apartment sales dropped sharply across Poland in 3Q22. As the pressure from high mortgage rates (c.8%) is exacerbated by the tighter creditworthiness criteria introduced in the spring, the affordability has deteriorated and the market is dominated by cash buyers. Mortgage applications in July and August trailed last year’s levels by around 70%. The market is on a defensive footing, and the priority of the companies is to protect liquidity. There are very few new residential projects being launched for construction, after the semi-artificial spike in new sales launches at the end of 2Q22, prompted by the tax implications of the new Developer’s Act. Demand for land has also collapsed. The focus has moved to balance sheet strength, with liquidity and near-term bond maturities in the spotlight.Dom Development is engaged in the construction and sale of residential real estate in Poland.
Echo Investment is a real estate investment and development company based in Poland. Co.'s is engaged in operations in the real estate market, the design, construction and development of shopping and entertainment centers, hotels, office buildings, houses, blocks of flats and apartments. Co.'s operations are organized along three operating segments: Shopping and Entertaining Centers, Offices and Hotels and Residential. Co. also offers general contracting services for third party investors. Co. owns properties throughout Poland, including Szczecin, Poznan, Warsaw, Krakow and Kielce, among others, and abroad, including Ukraine, Romania and Hungary.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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