A report published this week by professional services firm Deloitte revealed a rapid growth in demand for luxury property in the Polish capital.
In a statement accompanying the report, Deloitte wrote: “One of the fastest developing luxury property markets in the world is the Central and Eastern European one."
“In 2018 the prices of luxury properties in Warsaw rose by 16 percent. For a high-quality flat, buyers should expect to pay between EUR 5,000 and EUR 8,500 per m2 in the capital.”
The report also considered a number of other European capitals as well as two American cities. It found that Warsaw had the lowest luxury property prices among all the considered cities.
Deloitte noted that in the Czech capital, Prague, luxury property costs between EUR 6,000 and EUR 16,000 per m2, exceeding Warsaw prices. However, according to the report Warsaw prices may catch up with those in Prague within a few years.
Meanwhile, buyers looking for luxury property in London should expect to pay at least EUR 25,000 per m2. The report said that due to Brexit investors may increasingly look towards emerging markets such as Poland as an alternative to the UK.
(sl/jh/pk)
Source: PAP