Echo Investment sold 306 apartments in H1 2016 i.e. 50 percent more compared to H1 2015 when 204 apartments were sold. The company handed over 175 apartments to its clients in this period, which is reflected in its H1 2016 revenue and profit.
“The residential market in Poland is strong and it has record sales results while its prices are stable, which can be observed in the cities our projects are located in. Internal studies and reports of market analysts confirm the rightness of our strategy which envisages focusing on the strongest markets. Each project of Echo Investment is thoroughly analysed with regard to clients’ expectations concerning the location, the standard and the price as well as the surrounding infrastructure. Such an approach will result in an abrupt growth of the number of apartments sold over the next few quarters,” said Piotr Gromniak, vice-president of Echo Investment.
Echo Investment currently offers 920 apartments in 23 projects which are mostly located on very strong markets: Poznań, Warsaw, Kraków, Wrocław as well as Łódź and Kielce.
“Quarter after quarter we have been increasing our share in the Polish residential market. This direction is in line with our strategic assumptions aimed at becoming the largest developer in each of the sectors we operate in – office, retail and residential. We are prepared for this. We currently have 11 projects under construction, which have a total area in excess of 67,000 sqm and the following 17 projects with a combined area of 110,000 sqm are under preparation,” added Gromniak.
Echo Investment SA is among the largest investment and development companies in Poland. It carries out investments in four main sectors of the real estate market: residential buildings, shopping as well as shopping and entertainment centres, office buildings, and hotel properties. Since 1996, it has been listed on Warsaw Stock Exchange. The company has completed 120 projects in several dozens of Polish cities, with a total area exceeding 1,300,000 sqm. Echo Investment currently has 48 residential, office and retail projects under construction or preparation. They have a combined leasable and useable area of nearly 500,000 sqm.
In 2015, Echo Investment SA joined the dynamically developing capital group of Griffin Real Estate – Oaktree – PIMCO. The portfolio of Griffin Real Estate includes many commercial properties and investment plots located in all major Polish cities.