Nicholas Wallwork
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Supply is outstripping demand in the property sectors in Poland, especially in the larger cities such as Warsaw, Krakow, Lodz and Poznan, according to a new market research report.
Residential housing projects started during the peak of the property price boom in 2006 and 2007 are now completed, swamping the market with unsold units. The scale of the problems is shown by the number of ready to be occupied properties which developers are struggling to sell, says the Major Polish Residential Markets in mid-2009 report from Emmerson Real Estate.
Its research indicates that there are 8,705 housing units which are struggling to sell, an increase of 25% quarter-to-quarter. They represent some 820 projects of which a third are in Warsaw.
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Residential housing projects started during the peak of the property price boom in 2006 and 2007 are now completed, swamping the market with unsold units. The scale of the problems is shown by the number of ready to be occupied properties which developers are struggling to sell, says the Major Polish Residential Markets in mid-2009 report from Emmerson Real Estate.
Its research indicates that there are 8,705 housing units which are struggling to sell, an increase of 25% quarter-to-quarter. They represent some 820 projects of which a third are in Warsaw.
