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Property Book 2014

Real propertymarket isgrowing stronger

The previous two years in the Polish realproperty market were a time of systematicrecovery. Nobody hoped (or hopes) for anabrupt increase of market indicators; actuallythere is no such need. Properties need strongeconomy and sustainable demand, while excesses,like those dating back to the end of the pastdecade, usually don’t have positive effects in thelong term.

Every year, the Polish real property industry ismaturing and getting stronger. None of those arethe result of haste decisions and quick speculativeinvestments. The growth that we have beenobserving for the past few years is the result ofexpanding economy which encourages to investequity and allows tenants to develop – it is theywho make this business run.

Pure land speculation, even if it hasn’t disappearedcompletely, functions somewhere on themargins of the mainstream industry. Main tone isset by experienced managers, battle-hardenedin the fire of post-Lehman problems in the financialmarket. It is they who often take the helm offirms which used to be run by their founders andowners. The professionalisation of the industryproceeds and so does more responsible approachto investments.

Therefore, we may not witness some spectacularpurchases made „at all costs”, but maybethis is for the better. There should be also lessspectacular crashes at the nearest turn. And thatturns are ahead is certain. In order to get to a destination,apart from a working car, an experienceddriver is needed.

Enjoy the reading of the third edition of PropertyBook, in which we write about the currentsituation of the commercial property market in Poland and present forecasts for the upcomingquarters. We would also like to share the opinionsand plans of the best „drivers” in the industry.Most of them have stepped on it seeinga long straight ahead.

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