The second quarter of the year, as well as the first half of 2012, brought disappointment to the Polish residential market, with WSE’s developers recording 1,500 flats sold over the period. That’s a 23.3 percent slump compared to the same period of 2011 and 19.6 percent fewer flats developers managed to sell over the first three months of the year. The result is said to be affected by the Developers Act, added to Polish law this year, as well as the deepening financial crisis in Eurozone. “The insecure macroeconomic situation, both in the Poland and globally, resulted in a more restrictive mortgage policy among providers, and a reduction of consumer purchasing power,” says Piotr Stefainiak, chairman of Impro. “The Developers Act, implemented in the second quarter of the year, caused the sale process became longer,” he adds.
