Reflecting on your tenure at Cordia Poland, how has your vision for the company evolved since joining?

Our vision has adapted significantly, particularly in our risk assessment approach. The pandemic brought unprecedented global hazards that made us reevaluate risks, especially those not conventionally accounted for, such as the psychological aspects influencing customer decisions.

How does Cordia Poland typically finance its projects, and how did the pandemic impact this model?

We use a mix of equity and loans. Surprisingly, the pandemic resulted in increased external debt opportunities due to low interest rates and rising inflation. However, financing acquisition became challenging, compelling us to convince banks of the market’s profitability. Legal barriers and doubled preparation times for projects also hindered our pace.

Could you highlight the key projects Cordia Poland is currently undertaking?

We’re initiating Poland’s largest real estate project in cities like Warsaw, Krakow, Poznań, and Gdansk, requiring extensive groundwork and communication with authorities. Progress is slower than our norm due to preparation complexities.

What characterizes the Polish customer profile and their expectations when investing in residential properties?

Buyers fall into two categories: investors and those seeking lifestyle changes. Initially impacted by uncertainty, buying appetite surged as the unknowns around the pandemic reduced. The market may witness fluctuations in sales and prices due to economic uncertainties but isn’t expected to experience a significant negative impact.

In terms of development, what are the current hot spots in Poland, and what drives development in these areas?

Major cities like Warsaw, Krakow, Poznań, and Gdansk offer equal opportunities, attracting demand due to job prospects and quality education. Municipal investments in these cities and their suburbs, coupled with rising affluence, stimulate demand for new residential properties and upgrades.

Looking ahead, what are Cordia’s primary priorities for the next few years in Poland?

Our focus is organic growth, maintaining teams, managing ongoing projects, and exploring new opportunities. Poland, a mature market, offers quality opportunities and will remain a key focus for our expansion efforts.