TAG Immobilien Group spent PLN 390 million on the land bank in June this year

by   CIJ News iDesk III
2024-06-25   07:37
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TAG Immobilien Group, to which Robyg and Vantage belongs, invested PLN 390 million in a land bank in Poland in June this year, the company said. The land bank covers the potential of more than 25,000 units across the country.

"In 2024, we plan to implement new projects and stages for approx. 5,000 apartments. We have a large bank of land - in more than 25,000 units and we are constantly introducing new investments for sale. Expectations for markets for 2024 are positive - lower inflation, EU funding and a stabilised economy. A good trend is that the situation on the market is good and there is clear demand. Unfortunately, the supply is still low - there is a shortage of housing, especially in Warsaw, where interest in buying is the greatest. It is also important to obtain new land. TAG Group has one of the largest banks of land among developers in Poland. Our land is very well located in five agglomerations in which we operate: Warsaw, Wrocław, Poznań, Lodz and Tricity. We are constantly looking for new land, because the demand for housing is growing and we would like to introduce further investments even faster for sale. The availability of land in the largest cities is currently smaller - but there is still a huge potential for urban space development and the provision of an interesting housing offer by developers," said Oscar Chairman and Vantage Supervisory Board Oscar Kazanelson.

"Prices of apartments are primarily conditioned by the prices of building materials and low supply - which is the result of too slow administrative procedures. The waiting time for obtaining a building permit is currently taking approx. 1.5 years-2 years, and it used to be 6-9 months. Due to limited access to land, as well as due to the small number of building permits issued, it significantly slows down the process of project implementation, and also affects the systematic increase in housing prices. Therefore, the state administration, as well as the local government, should maximally facilitate the procedures - so that the construction can be carried out as efficiently as possible. This is a space that should certainly be improved,” added Eyal Keltsh, CEO of the companies.

Source: TAG Immobilien Group and ISBnews

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