Kraków real estate market 2020
Read about real estate sectors: office, residential, student housing, hotel as well as investment and labour markets. Report describes situation after H1 2020
2020 continues to prove to be an unprecedented year, leaving its mark on all aspects of our lives and business activity, including the real estate markets. We have experienced a very strict lockdown of the economy and a massive migration from offices to remote working (which has changed our residential needs and wants), as well as a temporary halt to the hospitality sector. It’s not business as usual, but the business is still there. As a result, the market is by no means in limbo.
Real estate in Kraków, both commercial and residential, still is in demand from firms looking for office space, investors and homebuyers, and the city proves to be a very capable labour market. The way the market is operating may have changed, or rather evolved, but it still is buoyant. It is important to look at these markets on a case-by-case basis, as the pace of change and environment is different for each sector.
Offices need to adjust to the redefined way we work, while residential demand, after initial hit, should be supported by extremely low interest rates in the mid-term perspective. Student housing remains a new, promising market, while hospitality sector is facing a very difficult 2020. However, Kraków is a vibrant, diversified hotel market that has everything necessary to thrive once again. The question is not ‘if’ but ’when’.
We are very pleased to invite you to read this report, which analyses real estate sectors and labour market of Kraków. Also, we would be more than happy to assist you with any questions you may have about real estate and business environment in Kraków.