|Cosmopolitan Twarda 2/4 is selling its most luxurious units for an average of zł.24,000 per sqm|
Courtesy of Tacit
Affluent buyers looking for apartments in Warsaw are willing to spend up to zł.20 million for the hottest spot with a view of the entire city. Developers say that most prestigious housing investments in Warsaw and other big cities in Poland are enjoying stable demand.
The biggest and most luxurious apartments in the two most high-end residential skyscrapers currently being built in Warsaw sell on the spot, even though they are priced from zł.20,000 up to zł.43,000 per sqm.
The most upscale units are equipped with state-of-the-art control systems that allow you to open the blinds, draw a bath or boil water at the touch of a button. These apartment buildings often have swimming pools and massage parlors so their residents can enjoy true luxury without leaving their homes.
Some developers don’t even hire agencies to sell their newly built units. Such is the case of Orco Property Group’s Złota 44 high-rise located in ul. Złota, between the Palace of Culture and Science and the Central Railway Station. Similarly, Cosmopolitan Twarda 2/4 is selling its most luxurious units for an average of zł.24,000 per sqm without spending a dime on marketing. Both buildings, located in Warsaw’s Central Business district, are still under construction.
“The fact that developers of luxurious estates don’t need agents to sell their apartments speaks for itself. There are still clients for apartments worth millions,” said Bartosz Turek, a real estate analyst at Home Broker.
Angel Poland Group is expecting easily to sell its 600-sqm apartment in the former chapel of the monastery that the developer is refurbishing on ul. Koletek in the center of Kraków. The penthouse, worth up to zł.20 million and built in the shape of an equilateral octagon, is a one-of-a-kind property in Poland.
According to Mr Turek, upscale residential estates are insensitive to the crisis, as their potential buyers usually don’t suffer income drops as large as ordinary people do.
“There will always be people who can afford luxury housing, as well as those who know how to find business opportunities in times of crisis. It is up to the developer to target this group and present it with an interesting offer,” said Przemysław Krych, managing partner at Griffin Group.
“It is worth mentioning that real estate investments usually bring profit in the long run. Those who decide to build prestigious residential estates expect the Polish economy to recover in the next few years,” added Mr Krych, whose equity fund recently bought the Meble Emilia building and Hala Koszyki in Warsaw.
His firm is planning to invest €200 million in Poland this year. One of its projects consists of building a residential estate in Powsin near Warsaw, 10 kilometers from the city center and in the vicinity of the Kabacki forest and the Polish Academy of Sciences’ Botanical Garden. On 37 ha of land Griffin is planning to create a truly green and luxurious estate.
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