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Syrena Invest spreads its wings on the real estate market in Warsaw

Syrena Invest spreads its wings on the real estate market in Warsaw
Syrena Invest – Apartamenty na Woli

Syrena Invest specialises in commercial space and housing construction. Since it entered the Warsaw market in 2007 it has been putting intopractice its remarkable experience gained all over Europe. So far it has completed two investments in Poland (in Miasteczko Wilanów and Wola district in Warsaw) and it is commencing another project.

Its most recent investment, which is scheduled to be successfully finished in May 2020, is located in Mińska Street in Warsaw’s Praga-Południe district. The investment is well-connected with other parts of Warsaw. The projected increase in the popularity of the investment results from the prompt development of the area of the Vistula river right bank, including municipal action plans encompassing, among others, the Integrated 2014-2022 Revitalisation Programme for Praga-Południe disctrict. Succeeding in finding such a convenient location involved months of efforts.

Adolfo Alustiza, CEO and a Board Member of Syrena Invest

Flats in Poland are still considered to be high-demand goods. 360 flats correspond to 1000 inhabitants, while in Western Europe the ratiois 435 on average. In fact, as stated by Adolfo Alustiza, CEO and a Board Member of Syrena Invest and a graduate of the IESE Business School and the law faculty at the Universidad de Navarra, a demanding developer must devote a lot of time to find suitable land in Warsaw, and investors face a wide range of other challenges. One of these is a projected increase in flat prices due to the upward trend in the purchase prices of land and services, which translates into a parallel increase in expenditure to maintain the current margines and to upgrade the existing standards. However, despite difficulties encountered on the market, an experienced developer is able to select and properly prepare land to meet its clients’ demands while simultaneously keeping the optimum investment cost.

Another difficulty might arise from closing an opened flat escrow account if the proposal of the changes in law that is being prepared by UOKiK is approved. - The changes proposed might result in small-size developers having limited possibilities of raising capital for investment, which is likely to lead to insolvency. This proposal is not well-grounded as it does not protect consumers. At the moment funds accumulated in opened escrow accounts are being paid to developers after they complete given stages and their completion has been verified by bank representatives - says Adolfo Alustiza. He emphasizes the fact that in the light of these challenges smaller companies have to seek support, for example at the Polish Association of Developer Companies, whose member Syrena Invest is. He stresses the fact that for them the quality of their investments should come first so that they can enjoy competitive advantage over their competition and meet their clients’ expectations.

- Our mission is to invest only in the most attractive land so that our clients can be provided with comfort in all respects. We think not only about the current conditions but the future as well - argues Alustiza.

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