19:34 14 April 2020
Coronavirus may hibernate sales in holiday apartment market
According to Emmerson Evaluation estimates contained in the latest report 'The hotel and condo-hotel market in Poland', before the outbreak of the coronavirus epidemic more than 20,000 rooms in condo hotels and holiday apartments were to be rented. Thus, their domestic offer was to increase by over 70 percent compared to the end of 2019. However, due to the epidemic, the entire market for condo-hotels and holiday apartments will have to swallow a bitter pill.
"Investors who have purchased rooms in condo-hotels or residential units in facilities with holiday apartments can expect large losses. In our opinion, these types of facilities may suffer even more than traditional hotel chains. Almost complete hibernation of the sales of holiday apartments is also likely to last to the end of this year. Potential investors in such a period of economic uncertainty may not be willing to buy such units,” Dariusz Książak, Emmerson Evaluation president, said.
(WBJ)
