On the work of developers listed on the Warsaw Stock Exchange in 2023

The Warsaw Stock Exchange (Gielda Papierow Wartosciowych, GPW) lists 12 of the most important Polish developers.

The Warsaw Stock Exchange (Gielda Papierow Wartosciowych, GPW) lists 12 of the most important Polish developers.

In the fourth quarter of 2023, these developers sold 45% more apartments than in the same period in 2022. If you look at the whole of 2023, in total, these companies sold more than 21 thousand apartments, which gives a 35% growth rate.

GPW-listed developers include Dom Development, Atal, Lokum Developer and the recently debuted Murapol. The annual dynamics of their apartment sales is growing. The situation with housing rentals to the listed companies is less optimistic.

Apartments for sale

The housing market has been red hot in the final quarters of 2023, with many factors influencing the situation. Demand was supported by better lending conditions, a 2% safe lending program, and increased wages. In the last quarter of 2023, developers sold 5,485 apartments, which is 45% more than in the fourth quarter of 2022, when 3,789 apartments were sold.

In total, in 2023, “stock” developers sold 21,123 apartments, which is a third more than in 2022.

Data on housing sales in 2023 by developers listed on GPW are reflected in Table 1. As can be seen, the leaders in sales in 2023 are the following developers: Dom Development (3,906 apartments sold), Murapol - 3,724 apartments, Atal - 2,833, Develia - 2674 apartments. These same companies sold the most apartments in the fourth quarter of 2023. Developers with a small comparative base showed the highest annual growth rates: Marvipol Development - 219% (more than 3 times), Ronson Development - 128% and Inpro - 105% (both more than double). Murapol performed at almost the same level in 2023. The only company that decreased sales was Unidevelopment (Unibep group).

Table 1. Housing sales in 2023 by developers listed on the Warsaw Stock Exchange

Of course, the growth in apartment sales by Atal is striking, which in the fourth quarter of 2023, compared to the same period in 2022, sold 144% more (940 apartments). Of course, this is partly a low base effect, as the company sold only 385 apartments in the last quarter of 2022.

Dom Development worked steadily, selling 980 apartments in the fourth quarter of 2023, when 831 premises were sold a year earlier (+18%). Year-on-year sales growth was recorded in almost all the companies we analyzed. In the last quarter of the year, sales decreased only in the companies Lokum Developer (-5%) and Unidevelopment (-64%).

Renting apartments

Sales have been growing throughout the year, with almost all companies seeing an increase in the number of apartments sold. The same cannot be said about housing rentals. In the fourth quarter of 2023, developers delivered 6,820 apartments, which is 25% more than in the same period in 2022. In turn, if you compare the entire year of 2023 with 2022, the results have not changed. In 2022, the company delivered 17,220 premises, and in 2023 - 17,147.

Data on housing delivery in 2023 by developers listed on the Warsaw Stock Exchange are shown in Table 2. As can be seen, the leaders in housing delivery in 2023 are the following developers: Dom Development (3831 apartments delivered), Atal – 2806, Murapol – 2801 apartment, Develia – 2751 apartments. These same companies (as well as Archicom) sold the most apartments in the fourth quarter of 2023. Developers showed the highest annual growth rates: Develia - 36%, Dekpol -26%. Five developers showed housing delivery results at the 2022 level; Atal, Inpro, Marvipol Development significantly reduced this figure.

Table 2. Housing delivery in 2023, by developers listed on the Warsaw Stock Exchange

In the fourth quarter of 2023, the companies Archicom and Atal stand out, which increased the number of apartments delivered year-on-year by 108% and 57%, respectively. Of course, Murapolu's result is eye-catching, but this is due to the low base in Q4 2022.

A strong decrease in the delivery of apartments in the fourth quarter of 2023 was observed in the companies “Marvipol Development” (-98%), “Inpro” (-46%) and “Dekpol” (-39%).

The outlook for the real estate market is not very encouraging. Let us recall that, according to the Main Statistical Office, in the period from January to the end of September 2023, developers began construction of 80 thousand apartments, which is 14.5% less than the same period last year.