19:47 25 September 2019
Luxury apartments in Warsaw to be more expensive
In the most expensive districts of London, apartment prices reach up to €70,000 per sqm, informs the latest EY report, titled “The market of luxury apartments in 2018” and prepared for Tacit Investment. In Paris, one will pay €10,000 per sqm in a tenement house, while detached houses can cost even over €30,000 per sqm. In Berlin and Copenhagen, the price of a luxury apartment is around €7,700 and €12,000 per sqm respectively. Warsaw has the cheapest offer in this group – a luxury apartment costs approximately €5,800 per sqm.
“For the purposes of defining the luxury real estate market, we have created a so-called premium for luxury indicator. We divide the price of the most expensive apartment in the premium segment by the average price of a mid-market apartment. On this basis, we can see that in New York it is nearly twelve times higher, in London ten times, and in Warsaw six times higher. This is mathematical proof that there is still space for price increases,” said Karolina Kaim, the president of Tacit Investment.
EY experts have calculated that Warsaw has a chance to catch up with Amsterdam in a year. It will take Warsaw two years to catch up with the capital of Denmark and four years to catch up with Berlin. The level of London could be reached in 17 years.
(Puls Biznesu)
