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TriCity apartments now more expensive

Rafał Ostrowski 06 December 2019

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

TriCity apartments now more expensive
Aleksandra Gałabuda, a consultant at JLL

POLAND Over the past three years, the average price for TriCity apartments has increased by 38 pct from PLN 6,800 sqm to PLN 9,400 sqm. It is one of the most expensive residential markets being only second to Warsaw, says JLL.

With the rise in prices consumers have started buying smaller apartments. Buyers in the TriCity are prepared to purchase smaller floor areas than anywhere else in the country with the most sought after apartments having one bedroom with a minimum area of 36 sqm. Almost 30 pct, were couples ready to pay up to PLN 454,000. The city also had the highest proportion of cash deals without mortgages accounting for 44 pct of the market according to the ‘TriCity: home buyers' preferences’ report.

“In addition to the high demand, the main factors behind this increase have been growing construction costs throughout the country and a significant increase from 21 pct to 43 pct in the share of the market taken by upper-middle segment units and apartments in Gdańsk, Gdynia and Sopot since the end of 2017. Sales numbers, although slightly weaker than in previous years, still seem to be satisfactory for developers, which is because of rising prices compensating for slower sales. This is undoubtedly due to investors purchasing units for rent,” says Aleksandra Gałabuda, a consultant at JLL.

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