Poland will see a revival in retail investment this year as the sector is set to become one of Europe's 2010 investment hot spots, according to real estate adviser Savills. The firm is forecasting a tripling in volume of investment activity in 2010 compared to 2009.
Poland will see a revival in retail investment this year as the sector is set to become one of Europe's 2010 investment hot spots, according to real estate adviser Savills. The firm is forecasting a tripling in volume of investment activity in 2010 compared to 2009.
Poland, Mipim's 2010 guest of honour, was the only EU country to show positive GDP growth in 2009. With the fourth quarter representing 65% of the annual investment turnover in 2009, Savills anticipates 2010 turnover to reach between EUR 1.5 bn to EUR 2 bn. This compares with EUR 600 mln in 2009.
Brian Burgess, head of Savills Poland, said: 'Prospects for consumer growth in Poland are one of the best in Europe with forecast increases in spending and salaries. This will fuel demand for retail stock from more international market players. New developments are offering good opportunities and prices are attractive reflecting 7.00 % yields for prime shopping centres compared to 6.00% averages across other European countries.' New retail stock delivered in 2009 amounted to about 950,000 m2 in Poland with a further 700,000 m2 currently under construction.
