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POLAND Land market set for record-breaking year

Investment & finance
The 2021 transaction volume on the Polish land market is set to break the annual record and could be as much as 60 pct higher than the best year so far, according to consultants Walter Herz.

The vast majority of land – about two-thirds of the total – has been purchased for residential development, a sector that has been boosted by the PRS boom in the country.

Investors have a large amount of capital, which they are currently investing in land. Sites are often purchased for cash. Plots of high value are also popular. More and more contracts are being signed for amounts that have not been seen before. Purchases of plots of land at prices exceeding PLN 300 mln are now being finalised. At the same time, prices are constantly rising. The increase in rates has been visible even in semi-annual statements.
Bartłomiej Zagrodnik, the managing partner and CEO of Walter Herz in Poland

One of the largest recent transactions was the purchase of 62 ha of factory land in Warsaw’s Żerań district by Okam, which is now preparing for the construction of a multi-stage project that will take several years. A few weeks ago, White Stone concluded the acquisition of 20 ha in Warsaw’s Bielany district, close to Mlociny metro station, for EUR 23 mln. Other transactions include the purchase of a 12 ha plot in Warsaw’s Wilanów district for PLN 263 mln by Robyg, with a construction potential estimated at 104,000 sqm of useable space. Goldman Sachs has just put Robyg up for sale – the residential developer has one of the largest land banks in Poland with a sales potential of over 23,300 sqm of premises. Also this year, Wroclaw-based Vantage Development acquired a 4.72 ha plot on the boundary Gdańsk’s central and Młode Miasto districts for PLN 222.5 mln, while Kraków-based Grupa Geo bought a site in Poznań’s Wilda for PLN 206.1 mln.

Plots intended for office projects in Warsaw are being offered at prices varying from PLN 1,300 to PLN 3,500 per sqm.

For logistics, the highest prices can also be found in the Warsaw area – as much as PLN 700–800 per sqm In Kraków, prices start from PLN 400/sqm, while in Wrocław such land costs PLN 300/sqm and is half as cheap in Poznań. Land intended for big-box warehouse projects in Poland, depending on the location, can cost from PLN 80 to PLN 450 per sqm.

Most of the land changing hands for retail projects in Poland is to be developed with convenience centres or retail parks in towns of less than 50,000 people.

This year has, however, seen a decline in demand for sites for hotel projects, some of which have been suspended and other transformed into residential projects. One of the rare transactions in this segment has been the purchase of a site with a building permit on ul. Canaletta in Warsaw city centre by Puro Hotels brand with Norwegian-Polish capital from Strabag Real Estate. A 200-room hotel is planned for the plot.

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