For the Hamburg residential real estate group TAG Immobilien, the Polish residential real estate market is significantly more attractive than the German one.
“We don’t buy in Germany, we invest in Poland,” said CFO Martin Thiel to the financial news agency dpa-AFX. The group builds itself in the neighboring country. The construction costs there for buildings of the same quality are significantly lower than in Germany. This is mainly due to the much lower regulatory requirements in the Eastern European country. Building permits in Poland took about half the time.
The company could build really good apartments in Warsaw, Wroclaw and Gdansk for less than 2,000 euros per square meter, said the finance director. The apartments are therefore affordable for the Polish population despite the high interest rates. TAG Immobilien currently sells 3,000 to 4,000 apartments a year in Poland.
The Hamburg-based company entered the Polish market with the purchase of the project developer Vantage Development at the end of 2019 and expanded the business in 2022 with the purchase of the residential developer Robyg. The real estate group recently founded a joint venture with a fund company owned by financial investor Centerbridge Partners that is responsible for the purchase of land, construction and sale of residential units./mne/lew/he
HAMBURG (dpa-AFX)
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