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POLAND Złota 44 sales hit record figures

Public buildings
In Q2 2021, the value of the apartments sold in the exclusive Złota 44 residential tower in Warsaw was 28 pct higher than the previous highest figure recorded in Q4 2020.

The sales figures for Złota 44 in H1 2021 were also 83.5 pct higher than for the same period of 2020. As a result, only about a dozen apartments in the building are still available.

Prices for luxury apartments in Warsaw are still much lower than in other European capitals,. Although the city has been catching up with Prague in this respect, the supply across Poland remains limited – amounting to just 1 pct of the market and is continuing to shrink.

According to JLL, since Q1 2015, the average price of apartments sold in Warsaw increased by 79 pct, while over the last year alone, the average price of apartments in the luxury real estate segment in the city increased by around 4 pct. The average price per sqm of apartments sold at Złota 44 has also been increasing, by 8 pct in Q2 2021 compared to the same period in 2020.

The 52-storey skyscraper is 192m in height and contains 287 apartments with a total floor area of 79,000 sqm. It is owned by Amstar and BBI Development.

In Poland, the demand for luxury real estate is still coming from within the country. Our international experience shows that the next stage in the development of this segment could be the entry of foreign investors. In European capitals, most apartments are bought by foreign investors, who contribute significantly to the number of buyers. This stage is still ahead of us, as confirmed by JLL’s data. In the future, the scale of this phenomenon may be revolutionary and could result in a shift in the balance of power in the luxury segment of the Polish investment market. Polish buyers are aware of this and are investing their capital now, while the price of luxury property is still quite low and demand continues to come from within.
Clemens Lehr, the head of Amstar Europe

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