Echo increases apartment sales by 76 percent
In the first three quarters of 2017, Echo Investment sold 885 apartments, 76 percent more than in the corresponding period of 2016. In the third quarter alone, Echo’s clients bought 335 units, while an additional 200 units were reserved.
“Over the last two years, Echo has strengthened its position in the residential market pursuing the goal to become the market leader in two to three years. The sales dynamics proves we are on a good track. According to our plans, 2017 was to be our record year and now it is evident that by the end of December Echo will sell 1,300 units and will hand at least 925 apartments to their future owners. Looking into the future, we have already started attractive new projects such as Osiedle Perspektywa II in Poznań, Nowa Dzielnica in Łódź, and Zebra in Wrocław,” said Waldemar Olbryk, Residential Department Director at Echo Investment.
Looking forward, Echo has secured the segment’s growth by the acquisition of new plots to accommodate over 2,700 new apartments. Recently the purchase transaction of plot for c.a. 950 units in Warsaw’s Wola district was closed. Additional plots in Warsaw and elsewhere for over 4,000 apartments have also been secured by preliminary agreements or are subject to advanced negotiations.
Echo Investment is the biggest Polish developer carrying out investments in three main sectors of the real estate market: residential, office and shopping centres. Since 1996, it has been listed on the Warsaw Stock Exchange. The company has completed over 130 projects in dozens Polish cities with a total area of close to 1,300,000 sqm. In 2015, Echo Investment SA joined the dynamically developing capital group of Griffin Real Estate – Oaktree – PIMCO.