Czarny Las opens to foreigners

In view of the success of the Czarny Las project in greater Warsaw, the developer, Letterstone, is now offering its customers the only detached houses in this development being made available to the foreign market. The company's investment manager, Edward Stevenson, gives several reasons why the investment should be profitable, such as the fact that the houses will be let with a guaranteed annual net yield of six percent for the first two years. Moreover, the semi-detached houses in the same development have already grown in value by 30 percent. "The first release of of the semi-detached units sold out quicker that any other development we have been involved with," said Stevenson.

Czarny Las is 25 minutes' drive south of Warsaw. The design of the development has been based on an English village concept. On an 85-hectare area, Czarny Las will ultimately comprise 250 semi-detached and detached houses with gardens. The prices, which start from EUR 99,950 (zł.378,135), include all legal fees and stamp duties, as well as furniture packages. Initially the luxury houses in Czarny Las were meant to be rented out to professionals working in Warsaw in response to the trend of commuter culture, which is growing Poland.

"Czarny Las will be popular with professionals with families wanting to live outside the city, and we anticipate high demand for property in the village. There is also excellent capital-gain potential, as Poland's economy is stable with strong prospects for further growth, and unlike central Warsaw, there is not an endless supply of property in Czarny Las," says Vere Bruce-Gardyne from Letterstone.

The current phase will be completed within 10 months, and the whole village should be completed by 2008.