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Zlota 44 at dusk.

GCC buyers eyeing Poland residential property

DUBAI, January 3, 2016

Poland is witnessing growing interest from Middle Eastern buyers to invest in its key residential property market amid a surging economy, said a top official.

“Year-on-year we are seeing an increase in interest, investment and visitors from the Middle East,” said Alicja Kosciesza, sales and marketing director at Zlota 44, the tallest and most iconic residential development in Poland.

“One of the main reasons for this is the excellent education system on offer in Poland, currently ranked as one of the top 10 European nations in the Global Education League Table.

“Increasingly we are seeing more and more students from the Middle East come to Poland for its excellent schools and universities, culture and lifestyle, with their parents purchasing a home or apartment to live in whilst they study here.

Zlota 44 is the most iconic building in Poland and will provide the most luxurious apartments, making it the ultimate residential destination for students seeking a high-quality luxury residence, with the same level of amenities and services found in the top residential buildings throughout the world,” she added.

Poland is the largest economy in Central and Eastern Europe (CEE) and is predicted to join the G-20 list of the largest economies in the world by 2022.

The World Bank’s 2015 Doing Business report noted that Poland’s ease of doing business ranking improved to 32nd (an all-time high) largely due to the burgeoning property market in major cities such as Warsaw, Lodz and Krakow.

Karol Dzieciol, partner at REAS, Poland’s leading residential market consultant, said: “Poland has a luxury housing market that has been recently revitalised and, when coupled with the country’s strong economic performance, makes luxury property an investment which is growing in popularity.”

“Our research has shown that the Polish market consistently rates among the most attractive in Europe, with 67 per cent considering it ‘very attractive’ for investment. Domestic demand is high, with just under 100 per cent absorption of stock on offer in the market. Since July 2014, we have also seen a huge rise in the number of luxury property transactions in Poland, signalling that Poland’s luxury housing market is on the up,” she added.

“The demand for luxury housing in Poland is evident. Supported by the booming economy and increase in self-made millionaires - the number of millionaires in Poland is estimated to grow from approximately 50,000 to 89,000 by 2019 – the need for luxury homes will only increase,” said Kosciesza.

“On a par with some of the finest residential developments in the world, Zlota 44 will set the benchmark for luxury living in Poland and meet the needs of the modern UHNWI.”

Zlota 44, reaching 192 metres (629 ft.) in height, is a luxury residential building designed by Daniel Libeskind.

Located next to one of the largest shopping malls in Poland (Zlota Tarasy), Zlota 44 sits in the heart of the country’s financial centre, with a number of global banks having major offices in Warsaw.

One-bedroom apartments within Zlota 44 start at £242,000 ($360,000) for 660 sq. ft. The opulent penthouses are available under private negotiation, with offers expected to exceed £7 million ($10.4 million).

The burgeoning Warsaw property market currently suits smaller-scale boutique investors. Gross rental yields regularly top 8.5 per cent, significantly out-performing achievable yields in many other large European cities such as London (2 per cent-5.5 per cent), Paris (3 per cent-4 per cent), Berlin (3 per cent-4 per cent) and Budapest (6 per cent-7 per cent).

Luxury property in Poland is also experiencing a high level of domestic demand, as a result of the rising purchasing power of professionals, businesspeople and high-net-worth Poles. – TradeArabia News Service




Tags: Poland | Residential property |

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