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The basic trade between Poland and Europe in general is risk-on

On 23 February a meeting in the Property Talks cycle took place, organised by DTZ under the auspices of Dziennik Gazeta Prawna, Financial Times and The City magazine. The gathered guests and speakers discussed the influence of the turmoil in the European market on the commercial real estate sector in Poland.

Among the speakers of the panel discussion, there were Ben Habib, CEO of First Property Group, Jakub Borowski, PhD, Chief Economist, Kredyt Bank S.A., Magali Marton, Head of Continental Europe and Middle East Research, DTZ, Robert Woreta, PhD, Polish Financial Supervision Authority and Paweł Grząbka, PhD, Adam Smith Research Centre and CEO of CEE Property Group. The meeting was chaired by Jan Cienski, the Warsaw correspondent of the Financial Times. The account of this meeting is stated below.

The Central Europe is a fairly risky area for investors?

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- What we see (and what is symptomatic of the way financial institutions work in Western Europe and the US) is that Western Europe investors are either “risk-on” or “risk-off”; an expression I do not much like. If the news is bad we are risk-off, whereas if there is a bit of good news, we are risk-on. This approach has an impact on the Zloty exchange rate on a daily, weekly, and monthly basis. At the moment, I would say that the basic trade between Poland and Europe in general is risk-on - Ben Habib said.

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