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Echo Investment SAEcho developer records good housing sales in Q4; does not expect housing price correction
Listed developer Echo Investment is reporting good housing sales in the fourth quarter of 2024 and does not expect a correction in housing prices, the group's management representatives told a conference.
"We continue to have strong sales in the residential sector in October, November. We are launching new projects - Archicom has started in a new market in Katowice," Echo's deputy CEO Maciej Drozd said.
"Archicom's sales volume in the third quarter increased by 19 percent year on year, so we are doing better than the market. (...) This year we will probably have our best ever sales result," he assessed.
According to the deputy CEO, the group operates in five markets and focuses on projects in Warsaw and Wroclaw.
Drozd added that prices have stabilised somewhat in the residential market.
"We expect prices to remain at the current level, but there will be more promotional activity from developers, and this will become an incentive tool," the deputy CEO said.
The group is also converting land currently earmarked for commercial to residential use.
After three quarters of 2024, the group has sold 1,471 units under the Archicom banner. The long-term goal is to sell 4,000 units per year.
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