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“And yet it moves!”

Sławomir Horbaczewski, Vice President of the Management Board at Marvipol SA.

This phrase uttered by Galileo Galilei in the 17thcentury may today refer to the economy opposed to politicians and numerous media trying to make quite considerable capital out of more or less imaginary crisis. - Sławomir Horbaczewski, Vice President of the Management Board at Marvipol SA.

Started in the United States in 2007, also in Poland it seemed only a tip of a dangerous iceberg. However, once again Poles managed to prove that they are familiar with the words of Bolesław Prus, famous Polish Positivism novelist that “intelligent and persistent work, which does not think about reaping the harvest a week after sowing, penetrates mountains and creates bridges over chasms”. It turned out that the mere fact that the government does not disturb the entrepreneurs, meaning the least possible interference in the economy, provides conditions that are motivating enough for conducting business activity. Although some politicians try to list how much they have done for business, yet business itself seems to be happy from the fact that Polish politicians did not disturb business in the last few years. It does not matter now, if this non-disturbing was intended or rather resulted from lack of interest in entrepreneurship or simple incompetence. What counts is the effect. And the effect is that we still have economic growth in the less regulated areas.

The increasing number of building permits issued does not prove folly of Polish entrepreneurs but rather their optimism supported with a clear evaluation of the market situation so far. These entrepreneurs have proven, with their previous enterprises both in the sense of market presence and of accumulated assets and investment capital, that they know what they do. Somehow it happened that many Polish companies starting their activities in the Polish real estate market a dozen or so years ago has managed to achieve success, whereas many foreign companies, which started with much higher capital and theoretically much greater experience, did not cope with the realities of the Polish real estate market and some of them suffered spectacular failures. Is it possible for us in Poland to do by ourselves, in local companies, everything that in the US or in Europe is done by international giants? Obviously, yes - it only requires making a certain effort to achieve the specified level of economic and social development through work. Is it possible to do such work? Abraham Lincoln knew that every work can be done when cut into small pieces. Nonetheless, we need some optimism. A proper motivation must be there, the willingness to do something positive.

Particularly developers in Poland know this, having to punch through the thicket of financial or technical complexities of investment projects but also to fight with neighbours ready to protest in order to gain financial benefits. In the last century, Erich Fromm, a German philosopher, stated that we live technically in the Atomic Age, whereas emotionally still in the Stone Age. Human instincts, even those most simple, to a great extend define human behaviour. Therefore, it seems the right observation that placing greater emphasis on entrepreneurship is a remedy for the insufficient number of jobs in general in the Polish economy. Not only the number of resigned and defenceless unemployed decreases, but also the number of workplaces they generate increases. Besides, what will we need most when the crisis ends? Noting lasts forever. Crises come and go as well. Four years ago, many of us were not prepared for the coming of any economic collapse, not mentioning such a serious economic crisis we are still dealing with. And is it only an economic crisis? Certainly not. If crisis at all, then certainly also the social crisis and the crisis of trust in the first place. Economy as such is to a large extent based on the presumption of mutual trust of various participants in all markets, including financial and real estate ones. Moreover, developers, who are extremely important participants in real estate markets, are often compared to private equity investment funds – equally important participants in financial markets. Both the former and the latter handle big money in long time horizons, and are therefore exposed to the risk of more than one prosperity cycle. In the context of the obvious, natural instinct of Poles to work at the foundations, the question appears, whether Poland needs the agreement like the one that recently has been made in the US by the federal and local authorities and five large banks regarding the reduction of financial liabilities (mortgage loans) in a regular, monthly credit rates to be borne by the debtors.

Maybe it is well that the agreement did not take place in Poland – owing to that, the economy is healing itself, scared enough by the media and the politicians. It is enough to mention the completely badly prepared and carelessly written the so-called Developers Act. We have not even managed to grasp everything it says. Nevertheless, it is worth reading... to know what to protect against. And I do not mean only restrictions or solutions proposed in the Act. I mean its undertone, which is important to be taken into consideration when evaluating it. The book of Ecclesiastes reads that there is a time for everything, and a season for every activity under the heavens – a time to be born and a time to die, a time to plant and a time to uproot... Let us announce to all and sundry that the time of stable growth has begun. The signs of reverting market tendencies are already visible; let us look around carefully... so that we do not miss anything important this time.

Średnia ocena

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