Housing: money and speculators raise prices

According to Law.pl, housing funds with foreign capital bought up to 7 thousand. Apartments in Poland. Often these are whole real estate, for example, the Scandinavian fund Nordic Real Estate Partners, which bought more than 1,000 apartments in a package worth 100 million euros. The trend mainly affects large cities, and Warsaw is the leader.

Praw.pl estimates that by 2028 90-100 thousand new housing will be owned by the trusts. In addition, about 20 percent. New housing is bought by speculators, whose profits from resale are between 10 and 15 percent. Annually depending on location and specific investment. This leads to a shrinking supply of new housing in the market, higher prices, and more and more votes to limit this type of purchases.

Experts assure that Poland is not threatened by the Berlin scenario, where investment funds practically dominate the rental market and dictate rents to tenants, but the Ministry of Development and Technology does not deny rumors that it is working on regulations in this matter.

MRiT is conducting a study on the development market in Poland, including the volume of investments made by institutional investors, the results of which will be known at the beginning of 2022. Preliminary data for the market confirm that the prevailing model of operation of the fund is contract construction of buildings entirely for rent: in the middle of 2021, it was completed Registration of 3 contracts for a total of 4200 apartments, which will be used within 5 years.

Law.pl informs that MRiT does not plan to limit the purchase of premises at the moment, but other possibilities for regulating and insuring the housing market against the consequences of such actions are being analyzed. The Ministry’s attention is particularly focused on the problem of vacancies, i.e. apartments that are not rented after purchase, but serve only as a form of capital accumulation in anticipation of an increase in their value. However, there is no talk of a specific draft legislative solutions yet.

According to Jarosław Jędrzyński, an expert at the portal RynekPierwotny.pl, speculation should first be limited to apartments, and one of the ways could be, for example, a cadastral tax on the second or third apartment.

PAP MediaRoom / Prawo.pl

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