Credit fever heats up the market

opublikowano: 2008-07-15 16:34

A crisis in the homebuilding sector? What crisis? The Poles take huge credits to buy second-hand flats. Pawel Adamiak from DK Notus, Aleksandra Lukasiewicz from Open Finance and Malgorzata Zbierada-Tyszkiewicz from Expander say in unison that they see no slow-down. On the contrary, the mortgage loan market is doing much better than before. Listed homebuilding companies are not that optimistic, however.

The forecasts said that after record 2007, mortgage loan market would slow down this year. The first quarter confirmed the estimates but the second quarter was great.

“Every month we would send a record number of credit applications”, Aleksandra Lukaszewicz from Open Finance said.

Noble Bank group took part in credit applications worth PLN 1bn (EUR 307m) in June only. DK Notus saw a dynamics of several dozens percent in the first half of the year. Till the end of June, credit applications worth PLN 800m were submitted via this company. Notus expects that the annual credit sales will exceed PLN 2bn. Expander increased the value of credit applications by 40 percent to PLN 2.8bn.

“We see a systematic growth of people who want to take credits”, Katarzyna Siwek from Expander said.

However, homebuilding companies see the market falling. The WIG-Deweloperzy index has already dropped 57.5 percent this year. The companies offer new incentives to their clients as it has become much more difficult to sell a new flat.

(PLN 1 = EUR 0.307)