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Spanish developers have invested extensively in Poland. What has been the effect of the global crisis on this?

Spanish developers were indeed quite active on the Polish real estate market at the beginning of the decade. They would invest in practically all types of real estate projects, especially housing ones. Interestingly, the Polish market attracted not only large and well known investors but also smaller players, including individuals who believed that real estate made excellent investments and planned to invest on a short term basis. Developers have been less active for the last two years, which was obviously linked to the global crisis, especially since Spain was among the countries that suffered badly. My observations show that many minor investors decided to exit their projects early and discontinued or radically limited their Polish activities (perhaps for a while only). However, the major players still operate and although circumstances forced them to suspend some projects for the time being (particularly those at an early stage of implementation for which funding was not provided yet), we can see that they are not withdrawing from Poland. Instead, they are waiting for the right time to bring the suspended projects back on the market

Source: The Warsaw Voice, March 1-20, 2010

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