WBJ: What impact has the crisis had on your sales?

Christopher Zeuner: As we mentioned in July, Złota 44 withstood the crisis. Moreover, we noted that this was the best first half of the year in our history. The success came mainly from the first quarter of 2020 and sales of large spacious apartments in the second quarter directly translated into the high number of closed transactions and record value thereof. There was a moment of standstill during lockdown but as restrictions have been lifted, sales have resumed at a pleasing pace. While confined to our homes we used technology and stayed in touch with potential buyers. Also, we noticed increased traffic in online channels where we moved and diversified our communication mainly with high-quality video and photos of interiors also in the form of VR.

Has pricing been influenced by the crisis?

No, not really. Złota 44 is a luxury product incomparable to anything else on the Polish market. For many of the purchasers, their home in Złota 44 is one of several properties they own. As one has seen in past times of economic challenges, luxury real estate has held its value well and we are seeing this is the case with Złota 44 as well. The luxury real estate market proves to be an area of limited risk, resilient to a crisis as history shows. Besides, we still have a long way to reach European prices.

What trend do you observe in terms of interest and finalization of transactions?

As mentioned earlier, there is an increase in interest in larger units. I believe many people reviewed their work from home situations as a result of Covid-19, and as a result, concluded they needed better space and more space at home to work most effectively. Most of the residents and buyers in Złota 44 are very successful business people and entrepreneurs, for whom such considerations are very important. The finalization of the trans-actions has also changed since we have now more quick decisions and cash transactions.

Changing consumer behaviors – home office and convenience living. Have you noticed this influencing your business and sales, and evolvement of your product?

Yes, we have. As mentioned before, the size of units which are most in demand currently has changed. I have also read some articles about people wanting to move from living in the city center. But frankly, we do not see this as being the case for Złota 44. Złota 44 offers a holistic approach to the needs of residents. Encourages to lead an active and healthy lifestyle, regardless of the time of day or even the year. The exclusive recreation, business and sports zone with an area of 1,800 sqm is available only to residents and offers a swimming pool with an impressive length of 25 meters, a well-equipped gym with a fitness room, a home cinema and a golf simulator, Finnish sauna and steam bath, VIP lounge with rooms and conference facilities, a playroom for children. Złota 44 is a complete space where life goes on under one roof. In safe conditions.

How much of the apartment sales are investments and how much is for daily living?

The majority of interest comes from people who want to make Złota 44 their home, but of course, some investors recognize how resilient top-end real estate can be and also realize that while prices in Złota 44 are higher than other products of different quality in Poland, prices are far below comparable products in Prague, Berlin, Munich or London, for example, and they see the case which supports that there could be strong price growth on this basis in the medium term. A luxury property is an excellent investment alternative but also a good place to call it home. However, you have to be aware of what characterizes real luxury: perfect, central location, amenities available for residents only, best quality finishing. Złota 44 apartments were designed by the renowned London architectural studio, Woods Bagot. They are equipped with Gaggenau home appliances. Air is filtered – air supply units are equipped with special anti-dust filters. More advanced solutions are used in laboratories and hospitals’ operating rooms only. The water in the building is additionally treated. Access to fresh air is guaranteed by tilted panels. The quality and quantity of these amenities make the definition of a luxury property and are the basis of everyday comfort while living at Złota 44.

Has the number of potential interest/buyers from abroad decreased during the last six months?

Yes, there has been a decrease. Travel restrictions have impacted foreign buyers and investors. Also, Poland’s continued disagreement with the EU regarding a multitude of issues is having a negative impact on how Poland is perceived by foreign investors. But truth is that most of our buyers have always been Polish and this didn’t change. After lockdown, they have returned to business and transactions.

Have your sales processes changed, as face-to-face marketing and sales have been more difficult during the lockdown and social distancing?

Yes, all people entering the property must wear masks and sanitize their hands at the many sanitization points throughout the building. Physical distancing is practiced by all. The number of events organized for residents has changed and many have gone online. The well-being of our residents, guests and team is of utmost importance, and we take these precautions and any guidance or rules made by the WHO or Sanepid [Poland’s state sanitary body] very seriously, and in many cases, we have implemented measures that go above and beyond such recommendations. We have offered our residents and employees the opportunity to test for the presence of antibodies of Covid-19. Many people took advantage of this proposal.