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Iwona Sroka, Murapol: We build flats that Poles can afford

We offer 75% of flats for less than PLN 500,000 – according to Dr Iwona Sroka, a member of Murapol's Management Board.

Publikacja: 09.09.2024 04:28

Iwona Sroka, Murapol: We build flats that Poles can afford

Foto: Maciej Zygmunt

What is the condition of the residential development market?

From the customer's point of view, now is a very good time to buy a flat, because there is a wide range of new flats introduced by developers on the market. There is just so much to choose from. Granted, we still have a challenging level of interest rates, which makes it harder to get a loan. I should add that their level is currently much higher than in other European markets, where the conditions for obtaining a loan are much more favourable than in Poland. Nonetheless, in my opinion, it is always better to buy your own flat and repay your loan than to incur the costs of renting someone else's flat. And I emphasise – right now, the choice is really interesting and you can find a flat that fully meets your individual needs in terms of location, area or layout.

I am optimistic about the future. We expect a reduction in interest rates by 2025, facilitated by macroeconomic conditions, in particular the stabilisation of inflation and economic growth in our country. Hence, there are good reasons for the monetary easing which we expect. We hope that the industry, after a period of focus on rebuilding supply and recent months of postponement of purchase decisions by customers who expected the rapid introduction of government housing programmes, is going to see good sales results and interesting demand. This year we have seen a sort of information overload – partly due to the announcements of the new ‘#naStart loan’ programme, whose rules have changed several times, and partly due to price pressure. We hope that final decisions will finally be made regarding the programme supporting the purchase of property through government demand instruments, and put an end to the customer's uncertainty.

It was often repeated in Karpacz that the property development sector needs stability and clear rules.

I can agree with this claim. We have operated for many years without or with minimal government programmes supporting demand, property purchase or rental. In 2023, the ‘2% Safe Mortgage’ programme was introduced, which was supposed to last for several years, but lasted only from July to December. Then there was the announcement of a new programme – the ‘#naStart loan’ (0%). The new government has been ruling for three quarters, and there is still uncertainty in the market as to whether this programme, and in what form, will be offered to purchasers most needing help. It is important to us that there are no such uncertainties in the market, and this also applies to changes in potential other laws.

What flats do customers seek?

At Murapol we build the kind of flats that Poles can afford. Our offer includes compact, modern flats with functional layouts, built in developing districts. Flats at a price not exceeding PLN 500,000 accounted for almost 74% of the Murapol Group's total sales at the end of the first quarter of this year. This is the most accessible product for a wide target group.

We also have larger flats, of a slightly higher standard, in the popular premium segment. These flats are built in attractive locations in city centres, have varied layouts that cater to the individual needs of different recipient groups, large additional areas, including gardens with terraces as large as 110 square metres or with two balconies.

This broad offer, diversified both in terms of location and the product, provides a wealth of choice. The most popular product, for years and irrespective of the economic situation, has been the medium-sized flat (approx. 45 square metres) and such flats are prevalent in our offer, both in the popular and the premium segment.

What does the future hold for the market?

The future looks set to be defined by environmental and ESG trends. This tsunami has started and forces the whole industry to adapt. Developers already adopt solutions that allow them to save natural resources in their investments, both because of the growing environmental awareness of society and due to stricter regulations. This is already reflected in their offers. In Western Europe, especially in Germany, the real estate industry has been in decline over the past two years, which directly affects the country’s economy. Let's just hope that the construction and housing sector does well in Poland, as it leads to an upturn in other sectors associated with construction, i.e. the production of doors, windows, other building materials and services, and, further on, furniture, other furnishings and the white goods sectors.

Residential construction can and should be used as one of the most effective drivers of the economy. I believe that housing policy should move in such a direction that the availability of housing increases and gives a positive boost to economic growth. In the last decade, it is private, fully market-oriented construction (developers and individual investors) that has provided around 1.5 million residential premises in Poland. The entire non-market sector, such as public housing, local government construction or the Apartment Plus programme, has provided around 50,000 flats to the market over the same period. The difference is enormous. We cannot change this situation with government programmes. Let's ensure that the product supplied by property developers that specialise in this area is as socially accessible as possible by creating stable regulatory conditions and a positive macroeconomic environment.

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What is the condition of the residential development market?

From the customer's point of view, now is a very good time to buy a flat, because there is a wide range of new flats introduced by developers on the market. There is just so much to choose from. Granted, we still have a challenging level of interest rates, which makes it harder to get a loan. I should add that their level is currently much higher than in other European markets, where the conditions for obtaining a loan are much more favourable than in Poland. Nonetheless, in my opinion, it is always better to buy your own flat and repay your loan than to incur the costs of renting someone else's flat. And I emphasise – right now, the choice is really interesting and you can find a flat that fully meets your individual needs in terms of location, area or layout.

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