Second hand competition

“Secondary housing is no danger to the primary market,” analysts keep telling us, repeating the mantra that they are complementary segments. But are they really? The Polish real estate scene during this year’s rather drowsy summer was awoken from its slumbers from time to time by news from the residential market. A whole host of analysts, journalists, developers and estate agents wondered what would happen in the housing sector in the second half of the year. But since the crazy surge in prices of tens of percent annually in 2005, 2006 and the first half of 2007, when queues snaking out of sales offices and down the street was a common sight, things have started to cool down. The rather nervous reactions to any suggestion that the secondary market might provide serious competition could be seen at the half-year summary meetings of developers – especially in Warsaw, where i