Saturday, December 09, 2006


Irishmen Build Homes in Wilanów

December 5, 2006

A new residential quarter called Patrick's Homes is under construction in Wilanów near Przyczółkowa Street. This will be a complex of 18 freestanding, duplex and row houses of between 250 and 390 square meters. The complex was designed by the Staner architectural studio. The investor is IONA Investments Sp. z o.o., a company established by Irishmen Kevin Fitzsimons and Joseph Anthony Kenny. For years, Fitzsimons and Kenny have invested in housing projects, office and commercial buildings, restaurants, bars, public utility buildings and hotels in Ireland, England and the United States. The first investment to start the Irishmen's operations as developers in Warsaw was Patrick's House, a secluded project comprising 52 apartments in Żoliborz. The completion of Patrick's Homes is planned for the first quarter of 2008. The general contractor is Adpol-Hurt Sp. z o.o.

(The Warsaw Voice )

Apartments Selling Like Hot Cakes

December 5, 2006

As runaway demand pushes up housing prices, customers are ready to snap up just about any new apartment, either for their own occupation or as an investment. In a situation reminiscent of the early years of Poland's market economy, even bare "holes in the ground" are selling instantly, with the apartments still on the drawing board. The Polish housing market has gained enormous momentum since the country joined the European Union on May 1, 2004. As builders strive to meet European quality standards, prices are also rising to higher levels, though, for the time being, they are still lower than elsewhere in Europe. Specialists say demand for premium apartments will continue to run high as long as there is demand for luxury in general. Developers do not even bother to promote their projects because most new apartments are selling anyway-and long before they are constructed. Housing construction is increasingly lucrative business these days, and prices are rising so fast that many developers are backpedaling on their preliminary agreements with clients (choosing to pay penalty interest) only to sell the same apartment for a much higher price the next day.

(Gazeta Bankowa 01.12.2006)