Although the market situation is extremely demanding due to the high value of money which reduces demand, the construction industry continues to be optimistic about the future. This is due to the introduction of the “Safe Loan 2%” programme.
Over the past few months, there has been an increase in both the volume of loans granted by banks and the number of applications submitted. According to data presented by the Ministry of Development and Technology as of August 31, that is, just within the first two months of the program’s operation, nearly 42,000 applications for a safe 2% loan were filed, and over 5,700 agreements were signed.
Admittedly, the number of apartments handed over is staying at a similar level as in previous years, but in July, according to GUS data, construction of 10.4% more apartments than the previous year has commenced. The introduction of the government loan programme may have therefore encouraged developers to launch more investments, in the hope of finding buyers.
This is a good sign for the construction industry – the built apartments will have to be finished. This allows us to predict that the demand for finishing materials will start to grow, which will also increase sales volumes. Of course, this will not happen as quickly as loans are granted. We have to wait until the apartments are built and handed over to their new owners. Hence, the industry estimates that the rebound will occur at the earliest in the second half of the next year.
Sławomir Majchrowski, President of the Selena Group
