The demand for luxury properties not growing weaker

The year marked by pandemic, tension and uncertainty is coming to an end. Virtually all sectors of the economy have been affected by the arrival of Covid-19 and the resulting introduction of restrictions. However, as shown by the real estate market data, there are segments which remain immune to the economic turmoil. During the pandemic, premium projects are enjoying increased interest on the part of the investor as they provide a safe haven for capital. “Unlike the popular apartment segment, the supply of luxury properties is very limited. Such projects involve high capital expenditure and require a prestigious location in the most attractive parts of the city. This raises their price, enables them to retain their value, and virtually always brings profit in the long run,” said Jeroen van der Toolen, Managing Director CEE at Ghelamco. “These are not products susceptible to market fluctuations or speculative growth. Prices in the premium segment rise slowly, but on the other hand, there is no risk of drops during a crises. From the investors’ perspective, this positions them as a safe haven for capital in hard times,” he added. Foksal 13/15 residences is an example of a property in which case the economic slowdown has not diminished customer interest. Despite the pandemic, the number of available apartments is decreasing and the reservations, in most cases, lead to a sales transaction. Foksal 13/15 provides its residents with comfortable amenities, including a SPA zone, fitness room, and spacious terraces on the top floors, overlooking the centre of Warsaw. A yet unseen solution are guest rooms, where the residents are able to put up their guests for the night. A garage for 60 cars has been built under the property.