Trei Real Estate GmbH (Trei) has obtained the building permit for its first rental housing development in Poland. Named UP2U and consisting of three buildings, the development will create a total of 460 one- to three-room apartments with a combined floor area of around 20,000m2 in the immediate vicinity of the town centre of Poznan.
The apartments will be fully furnished and be fitted with modern kitchens and bathrooms. The complex will also include a two-storey underground car park. On the ground floor, around 875m2 of commercial floor area will be available for service providers and local amenities. The total amount invested will equal €47m. Construction work is scheduled to start before the end of this year, and the first residents could move in by year-end 2025. The overall completion is projected for 2026.
“The Polish real estate market is highly attractive for us as developers. The vast majority of Poles owner-occupy their homes, as the private rented sector is only just beginning to evolve. Especially in the major cities, demand for modern rental apartments exceeds supply. Since the housing market is more or less unregulated, rent rates have steadily increased in recent years. With our UP2U project in Poznan, we will create urgently needed accommodation for families or singles,” commented Pepijn Morshuis, CEO of Trei Real Estate. “On Poland’s rental housing market, all signs point to growth. Furthermore, the costs of building materials and raw materials are back in decline, and are gradually approaching the price levels of year-end 2021. Which is why we are already in the process of preparing our second rental housing project: It will be located in Warsaw and provide around 600 rental apartments.”