Real estate Lokale Immobilia
9:00 5 August 2019
Post by: WBJ

An Undervalued Market

Luxury residential property in Warsaw is still relatively cheap compared to many other European capitals. The city offers ample room for future value increases, says Christopher Zeuner, Head of Europe at Amstar, co-owner of the iconic Złota 44 residential tower in downtown Warsaw

An Undervalued Market

WBJ: What is the definition of luxury in the Polish real estate market?
Christopher Zeuner
: “Luxury” in Poland has progressed greatly recently and some residential properties that were previously described as luxury should not be so today. Luxury in residential real estate is defined by features such as a prestigious location, the best views, the highest level of privacy and security, and the highest level of customer service. Złota 44 was designed in line with the latest trends and the expectations of buyers looking for luxury living – it features a 1,800 sqm recreational zone (including a terrace with a year-round jacuzzi) accommodating such amenities as a 25-meter swimming pool, saunas, massage rooms, a private cinema, and a golf simulator. The area also houses business conference rooms. The building offers concierge services and is equipped with various modern technologies, including a home management system.

What is the price level compared to other capitals in the EU?
The Polish market is still undervalued compared to some other European markets. Luxury apartments in Warsaw are not only less expensive than luxury apartments in London and Paris, which one would expect, but also than those in Berlin and Prague. According to Deloitte, the prices in Warsaw are up to 50 percent lower than equivalent luxury residential prices in Prague. It is worth underlining that the Polish economy is still doing very well. Therefore, there is a strong argument – that we also believe in – that Warsaw is relatively undervalued and the scope for future capital increases for true luxury residential prices offers significant upside potential.

Speaking of modern technologies – were any green building solutions used in the process of designing and constructing the skyscraper?
The growing ecological awareness of buyers is an important trend in the luxury market. Złota 44 responds to the expectations of its current and potential residents – it is the first Polish investment of its kind; the façade was made using Triple Glass Unit technology that prevents heat loss from the inside of the building. Moreover, a special solar control film that adapts to current weather conditions reduces the excessive amount of sunlight entering the rooms – consequently, they do not become too hot. These solutions have directly impacted the reduction of costs and energy consumption by up to 20 percent. Such a façade also guarantees optimal acoustic insulation – city center noise does not disturb the Złota 44 residents.
Our customers can also benefit from a unique air filtration system and a dedicated water treatment unit – on the one hand, the apartments are provided with filtered and cleaned air, and on the other hand, there is no need to buy traditional plastic bottles with drinking water. As a result, the residents of the building contribute to the reduction of waste.

What kind of clients are buying apartments in the building?
Our customers are without any doubt extremely exceptional people. They not only acquire luxury properties, cars, and other high-end goods but also demand a unique life experience. They are usually people who have made smart life choices and have used their talent well to achieve success.
The vast majority of our customers are young and middle-aged entrepreneurs running their businesses in Poland or who have Polish roots but live abroad. Many of them make multiple purchases due to the relatively low cost of investment in comparison to other countries in the EU. They find Złota 44 a perfect and comfortable place to live because of its location, prestigious nature, security and exceptional architecture designed by the renowned Polish-American architect Daniel Libeskind. One of the customers is the famous Polish footballer Robert Lewandowski, who has achieved huge success and become well known not only in Poland but also abroad. There are plenty of other high-profile people residing in Złota 44. Our residents describe Złota 44 as a place where they can find everything they need to fulfill the lifestyle they expect and enjoy.

How many of the Złota 44 apartments have been sold to date?
Złota 44 offers a wide range of apartments – each in its own, unique size, shape and layout. Currently, just under 30 percent of the building remains available for purchase.

What is the fit-out in the apartments?
The apartments were created using the finest, natural materials; the floors and the walls in the bathrooms are made of top quality marble, while the kitchens are fully equipped with Gaggenau appliances. The floors are made of high-quality wood. All the apartments on offer in Złota 44 feature a home management system. However, there are a few apartments in the building which the future owners can have fitted out according to their own preferences.

christopher zeuner
złota 44
robert lewandowski

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