EWA47
/ 213.29.11.* / 2008-06-12 20:54
Dom Development RE sees flood of supply from speculators guilty of
price decline
Warsaw. June 10, 2008 (PAP) - Warsaw-listed real estate developer
Dom Development views emotions close to panic among those who
purchased flats for speculative reasons as a factor pushing its
sales down q/q, Dom Development CEO Jaroslaw Szanajca said.
"They [the flats bought for speculative reasons] are rapidly, not to
say panically, returning to the market," Szanajca also said, adding
that "their prices are very competitive to what we have."
Szanajca estimates that the speculators still have some 4-5k more
flats to sell on the Warsaw market, while the process of price
erosion could last "till the end of this year or longer."