The 13th Property Forum - the biggest conference dedicated to the real estate market in Poland taking place in Warsaw on 18-19 September - is now over. One of the speakers in a panel called #Housing under Pressure was Michał Sapota, owner of HREIT.
The speakers agreed that the improvement in the performance after the hardships of the pandemic and the war in Ukraine will probably become apparent by the beginning of 2024. The 2% Safe Mortgage scheme is a big part of this, but the government programme is not the only factor responsible for the marked recovery observed since August. Other important development are the stabilisation of prices of construction materials and labour, the eagerly awaited reduction in interest rates, as well as an increase in the creditworthiness of Poles.
-The market situation has stabilised to such an extent that we are seeing a significant increase in interest in our offerings from investment clients who have finally seen the prospect of a profitable capital investment. The stabilisation of construction material prices means that more property developers are able to move forward with their interrupted projects. It should be noted that the good results reported by developers were generated on sales 2-3 years ago. Currently, housing prices have in fact risen, but they are far from offsetting the effects of inflation - emphasises Michał Sapota.
The experience of the last few months encourages moderate optimism - a return to the dynamics of a few years ago cannot be expected in the near future, but those entities that have survived the most difficult times have already learned to function in extreme conditions. Moreover, the growing interest from investment buyers and the increased creditworthiness of private buyers give hope that, unless another catastrophe happens, things can only get better.
