After acquiring nearly 93% of stocks of Polnord listed on the Warsaw Stock Exchange, Cordia is one of the first companies to launch a new residential project in Poland following the alleviation of the pandemic, according to a press release sent to the Budapest Business Journal.
The company, which is a member of Futureal Group, one of the largest real estate development and investment corporate groups in the CEE region, has started the presale of more than 200 homes being built in its first project in Gdansk.
The developer is also active in Poznan, where it is preparing its largest-ever Polish residential investment with a large-scale urban rehabilitation similar to the internationally recognized Corvin Promenade.
"The Polish market is highly important to Cordia because it already proved its stability during the crisis in 2008-2009 and it was still in a strong position when the crisis caused by the coronavirus pandemic reached the country," says Tibor Földi, CEO of Cordia. "Newly built home sales in Poland grew by 14% year-on-year in the first quarter, the global downturn expected this year could hit the Polish economy less than other EU member states according to analysts, and both consumer and business confidence indices started to improve in May."