Bloomberg is running a long, interesting piece on Poland’s property market, which highlights findings by CB Richard Ellis that over half of all CEE investments in the third quarter took place there. It’s choc-full full of useful numbers (investment quadrupled this year compared to 2009 to €1.45bn) along with a mess of Poland-friendly quotes.
“If I had only one country in Europe in which to put my money, it would be Poland,” said Martyn McCarthy, chief executive officer in Europe for Sydney-based Valad Property Group. Valad manages a fund owning six Polish industrial sites.
There were some dissenting voices, though…
With all the recent deals, investors looking to profit from substantial gains in Warsaw property prices may have already missed the boat, according to Lars Ohnemus, CEO of Copenhagen- based BPT Asset Management A/S. His fund’s last purchase in Poland was in 2008.
“The Polish story is over as such” in Warsaw, he said at a seminar at the Expo Real fair. “Going into the smaller cities, there’s a significant risk down the road.”
Stefan Brendgen, head of Allianz SE’s German and central Europe real estate investment arm, said he’s now considering looking in larger regional cities such as Krakow, Lodz and Wroclaw after losing out in bids for several Warsaw properties.