Houses in Piaseczno

The units reserved for Letterstone are the only apartments being sold to foreign investors and are available for a capital investment of L10,000 (zł.59,569).

The development, with a total of 400 apartments in two stages, is located in Piaseczno, which is about 20 minutes' drive from the center of Warsaw. The development has a number of attractions including fully landscaped gardens, interior pathways, playgrounds and hot tubs, and is located on former agricultural land. The buildings will be constructed with ecological finishes and contemporary house fixings. Each apartment will be completed in accordance with a Western European standard with fitted kitchens and bathrooms.

An sample price of a 48.3 sqm apartment is $92,995 with a L2,000 (zł.11,913) reservation deposit. "The apartments in Willa Nova are priced in US dollars, which at current rates means that thanks to the exchange rate the real cost is approximately 20 percent less than six months ago," Letterstone says. An 80-percent mortgage is available from BZ WBK for property in the development.

The Willa Nova development consists of two estates, and the first is already finished. The second is scheduled for completion in 2007, and about 70 percent of apartment have already been sold. The current residents are from the new 'middle-market', usually the more affluent 25-35 year olds. The investor is a Polish company, Kanada Polska Kabaty, financed by a pension fund from Quebec - Cadim-FSTQ New Markets Fund. Letterstone is the only company to have acquired a pack of apartments for investment.

AB