Who's made a killing from the crunch?

EWA ANDRZEJEWSKA
Editor

Perhaps the sun somehow shines differently on the French Riviera than along the banks of the  Vistula? And maybe this is exactly what I have missed this year - the first breath of spring provided by a few days in Cannes in March. Warsaw remained in the icy grip of winter throughout the month - and a dull, grey and windy sort of winter, at that. Perhaps it was the glasses of rosé - a drink that I only seem to like on the Côte D'Azur - that were missing?  But sadly, my now advanced pregnancy does not allow me to have even one glass of wine or to travel by plane (even though myself and the little one inside me were ready to fly, I was simply unsure how the captain would react to my presence aboard). Perhaps there were other  reasons, but the fact remains that last month I had not been infected with the optimism that apparently swept through the MIPIM fair. It seemed to those who attended the event that the credit crunch had finally been put to bed, as the sector once more rolls up its sleeves and gets down to serious business, while heaping praises on the Polish market at the same time. This is covered in this issue not only in the post-fair report, but also in an article featuring a discussion on the prevailing moods and trends in Cannes that was held after the participants returned to Warsaw. However, it is another aspect of the post-crisis balance of power on the property market that is currently occupying my thoughts. When the situation is bad, it is easy to find a company making losses. A bigger challenge is discovering who is profiting from the crisis.  It appears that it is the construction companies that have benefited - or at least the select few of them that have taken advantage of the weaker competition and the bargains on offer to go on a corporate acquisition spree. Experts estimate that the number of mergers and acquisitions is set to grow, a trend which is also analysed in some detail in the pages of this issue.