Real estate Residential
23:45 21 October 2020
Post by: WBJ

Developers started most construction projects in history in September

Developers started most construction projects in history in September
Source: HRE Investments

Good sales results of new flats force developers to refresh the offer. Effect? Developers started in just one month with the construction of 17,000 apartments. This is the highest monthly result ever.

Sales went well as well. In many cases even better than in record 2019. This was due to several factors – almost interest-free deposits (which tempts to buy a flat for rent), the cheapest housing loans in history, or the fact that some buyers did not fulfill their dreams of their own flats in Q2 and did it a quarter later.

"In September, developers started the construction of over 17,000 flats, the Central Statistical Office data shows. This is 35 percent more than in the same period last year and 55 percent more than a month ago. And if that was not enough, the September result is simply the highest in history," Bartosz Turek, chief analyst at HRE Investments, said.

In his opinion, the number of permits issued to developers is still lagging behind these results. There were 13,900  of these in September –  more than a month ago, but fewer than the apartments of which construction actually started.

"On the other hand, after three quarters, developers have already received building permits for over 114,000 new flats. This means a decrease by 7 percent compared to the situation in 2019. It is good that during the lockdown period, offices did not work as efficiently as in normal conditions, and we managed to almost fully make up for the backlog," Bartosz Turek emphasized.


real estate
hre investments
bartosz turek

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