2020 has seen the biggest contraction of global GDP in 21st century. While almost all countries have lost – they have lost unevenly and national economies’ performance during recovery period will determine new economic landscape in the medium term. In 2021 Poland according to most forecasts is projected to make up for the losses and accelerate in 2022. Strong pre-pandemic shape of public finances and assertive actions of the central bank are main causes of Polish economy being able to mitigate most of the damage.
Polish investment market experienced an unprecedented boom in 2018 with investment momentum following into 2019. 2020 is prognosed to be a temporary deviation from this growth path with higher transaction figures anticipated to return in mid-2021 due to original boom being a consequence of good economic conditions and structural maturity of the market, not an irregularity. This however means recovery will be highly associated with economic performance of the country in the following months.
The events of 2020 showed how important it is to ensure safety and interaction. There is no doubt that the future of the office will change, however its role will remain unchanged or may even gain in importance. 2021 will not remain unharmed as a result of the pandemic, but we are getting closer to solving the problem, and thanks to the experience of the past year, we see new opportunities for development.
2020 witnessed unprecedented times for the Polish retail market and modified the way consumers were shopping. The triple limitation in the operations for retail schemes has created uncertainty for landlords and tenants in relation to when footfall and sales will return to levels comparable to those recorded before the outbreak of the Covid-19 pandemic. Estimations of retail sales indicate a drop in volumes in 2020. Nevertheless, forecasts for the next few years are optimistic.
Strong demand combined with strong development activity with similar outlook for next years. E-commerce as the main driver of the demand in sector. Resilience to pandemic and its crucial role in lockdown, positioned logistics as the critical infrastructure, reflected also in the investment volumes.
The residential real estate sector has proven relatively immune to the effects of the pandemic compared to other sectors of the economy. The predicted continuation of low interest rates will support housing demand both for housing purchased for own occupation, as well as for purchases made with a view to allocating savings and even for investment purchases by private individuals.
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