Professional Documents
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on.point
March 2012
Residential Markets in
Central European Capitals
Bratislava Bucharest Budapest Kiev Ljubljana Prague Riga
Sofia Tallinn Vilnius Warsaw Zagreb
The situation of residential markets in Central and Eastern Europe
moderately improved during 2011, though growth levels varied
considerably between countries and property prices were largely
left out of the growth trend.
In cooperation with
/WRV JonesLang
y$)]J LaSallf
Real value in a changing world
Figure 2: Quarterly Growth in Residential Prices in CEE Capital Cities, 20082011 (Index: Q4 2008 = 100)
120 100
80 eo
40 20
0 i------------------------1--------------------1--------------------1------------------1----------------------1--------------------1--------------------1--------------------1-----------------------1-----------------1--------------------1------------------1----------------------1------------------1----------------------1--------------------1
Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011
Warsaw
Prague
Bucharest
Tallinn
Riga
-----------Ljubljana -------------------------------Zagreb
Source: REAS, growth rates calculated based on asking prices per square metre of apartments on the primary market
Vilnius
----------Kiev
2007
2008
2009
2010
2011
Source: REAS
Source: REAS; price listing in local currency for units delivered in shell and core
Source: REAS; price listing in local currency for turnkey apartments excl. kitchen
Source: REAS; price listing in EUR for shell and core units in Greater Bucharest
JONES LANG
LASALLE'
The report has been prepared by REAS in cooperation with Jones Lang LaSalle
About REAS
REAS is an expert advisor in the planning and development of housing projects in Central Europe. REAS consultants are the leading
specialists in market research, urban and housing development, design, development management, project financing, marketing and sale
of residential projects. REAS partners, as advisors to the World Bank and the Government of Poland, have played an active role in the
Polish housing sector reforms. Independence and objectivity, combined with extensive knowledge and long-term experience, allow REAS
to support its clients at every stage of a housing project. Since 1997, REAS has been advising developers, investment funds, banks, local
governments and other institutions in their operations in the residential market in Poland. As result of a strategic partnership, Jones Lang
LaSalle and REAS offer integrated services in commercial and residential real estate in Central and Eastern Europe. For further
information, please visit our Web site, www.reas.pl.
Key Services
Market research, analysis & forecasting
Competition monitoring & analysis Highest
& Best Use studies Guidelines for architects
and review of designs Marketing & sales
consultancy Consultancy regarding
Developer Bill in Poland
Development consultancy, location analysis,
Contacts:
Pawet Sztejter
Partner, Head of Advisory R E
A S | Residential Advisors
Warsaw
+ 48 22 380 21 00
pawel.sztejter@reas.pl
Maximilian Mendel
Director, CEE Research & Advisory
R E A S | Residential Advisors
Warsaw
+ 48 22 380 21 18
maximilian.mendel@reas.pl
Kevin Turpin
Head of Research CEE &
SEE Jones Lang LaSalle
Prague
+ 420 227 043 131
kevin.turpin@eu.jll.com