13:26 20 September 2019
Fewer apartment/condo hotel projects in big cities – report
The growth of the apartment hotel/condo hotel market in the biggest cities in Poland is slowing down, according to the latest report by InwestycjewKurortach.pl, an industry website. Over the last year, the market grew by 36%, while a year ago its annual growth amounted to 174%. Within the last 12 months, 17 new projects with a total of more than 2,950 units were announced or got under construction, down from 29 new schemes a year earlier. A number of planned developments have been canceled with experts pointing to weaker sales and growing interest of international investors in Polish hotel properties. Some developers may have come to the conclusion that the development of a hotel and its sale to a fund is a better option that the sale of individual hotel units for a long time. InwestycjewKurortach.pl data shows that existing, under-construction and planned apartment hotel and condo hotel investments in Poland’s big cities currently comprise a combined 11,185 units. Warsaw, Gdańsk and Wrocław account for 43%, 21% and 17% of the volume respectively.
(Warsaw Business Journal)
