Garden Residence Makes A Splash On The Market

Built by a Greek investor group, the Krakow’s Garden Residence project not only offers one of the most attractive apartments in a city dubbed “the world’s trendiest destination”, but also one of the safest investments of the Polish real estate market.

The Garden Residence project topped a price and location ranking of local premium housing projects published by the daily Gazeta Krakowska The Times in June. Located in the heart of the city, the complex is within a 5 minutes’ walk from the historic Jewish quarter of Kazimierz, 10 minutes from Wawel Royal Castle and 15 minutes from the city’s famous Main Market Square. A car park for 500 vehicles will be “hidden” underground, leaving room for the city’s largest private garden, with the area of 700 sqm, and explaing the project’s nickname the “apartments among gardens”. The residents will also have a very large (2,300 sqm) SPA & Wellness Centre including fitness rooms, a gym, beauty and body care parlour and an indoor swimming pool.

Alpha Krakow Development, the project developer and the local subsidiary of the Greek corporation Alpha Grissin Infotech, uses corporate financing services of Polbank EFG. In May, the two partners proposed a financing offer that is the safest on the market and covers up to 100% of the purchase price. Based on an escrow account the offer involves no fees or payments until the apartment is completed. This super-safe joint Garden Residence and Polbank EFG financing offer has been dubbed a market “breakthrough”.

Polish Market

ECONOMIC MONITOR

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• ● In December 2009 and January 2010, as in previous months in the second half of 2009, the Polish economy stood out against other countries in terms of GDP growth. Poland’s economic growth was higher than projected and higher than in other European countries.
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• In 2009 construction output increased by 3.7%.
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• Retail sales increase in most product groups.
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• On the Warsaw Stock Exchange, stock prices were very volatile in January 2010.
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• At the end of December 2009 the registered unemployment rate (claimant count rate) amounted to 11.9% versus 11.4% in November.
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• At the end of January the president signed the 2010 budget bill into law. The bill was adopted by the parliament on December 18.
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• In the fourth quarter of 2009 the Polish economy turned out to be more resistant to the global crisis than had been projected and than the economies of Polish neighbours, something which boosts optimism in forecasts for 2010 and the next years.
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WEEKLY MARKET ANALYSIS

Retail sales up again in June
Retail sales growth in nominal terms accelerated in June to 6.4% y-o-y from 4.3% y-o-y in May. The increase was higher than expected. In real terms, retail sales growth accelerated to 4.5% y-o-y from 2.0% y-o-y. June was a consecutive month with retail sales figures stronger than expected, which indicates that consumption is recovering after it slowed significantly at the beginning of the year. Private consumption is driven by an improvement on the labour market coupled with a rise in disposable incomes. In Q2 2010 retail sales grew by around 3% y-o-y in nominal terms and around 1% y-o-y in real terms. On the basis of retail sales and industrial production data, it can be estimated that the GDP growth rate was close to 3%.

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