In Poland, Cordia has already completed more than 1000 apartments, and is close to finishing almost 600 new homes as the construction works of four projects are currently underway. In Warsaw, two stages of Zielone Bemowo are ongoing, with more than 300 apartments being built, while in Krakow the developer is completing some 250 units across two projects, to be finished this year and the next. A further 10 projects are in the preparatory phase, these will involve Cordia building a total of 1400 homes in Warsaw, Krakow, Gdansk, and for the first time, in Sopot.
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The Cordia development is being built on 23 Marca street, considered symbolic as the street is named after March 23rd, the Polish-Hungarian Friendship Day.
Further to the 1400 homes, over 600 additional apartments could be built in Warsaw by 2022-2023, based on preliminary agreements. In an extremely strong competitive field, Cordia aims to break into the top 10 players in Poland by delivering 1500-2000 homes annually.
“What makes the leading cities of Poland attractive is the fact that even in years of crisis, the economy and the new home market have remained stable, and what is also favorable that the reduced 8% VAT rate applies to new homes of up to 150 square meters, while the 23% rate only applies to the area above that. Therefore, Cordia is further expanding its portfolio in Poland. We are working on preparing significant developments, we have serious growth plans based on dynamic demand from both those looking for a new home and those looking to an investment opportunity,” –
said Tibor Földi, CEO of Cordia.
“Expectations of further price increases are heightened by the fact that the PLN 9,200 price, corresponding to HUF 705,000, is lower than the HUF 900,000 average seen on the Hungarian new home market for similar high levels of structural completion,” – said Tibor Földi.