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.
