Victoria Dom developer expects to sell 1.3k flats in 2025; 1.5-1.8k in 2026 (interview)

"We will achieve our previously adopted sales target for 2025, this is 1,200-1,500 flats, and we will probably sell around 1,300 flats, which is around 30 percent more than in the previous year," deputy CEO Wasiluk told PAP Biznes.

"Further interest rate cuts are expected, creditworthiness is improving, and we have a large land bank and many subsequent stages of investment and new locations that we will be putting up for sale, so next year we are aiming for a 15-20 percent increase in sales, namely 1,500-1,800 flats sold," he added.

Victoria Dom sold 921 flats in the first three quarters of 2025, against 862 flats in the prior year period. In 2024, the developer sold 1,014 flats, down from 2,020 in 2023.

The deputy CEO does not see any threats to the industry in connection with the oversupply of flats on the market, and the larger number of completed but not yet sold flats is, in his view, natural at the current stage of the market's return to stability.

Wasiluk estimates that flat sales will rebound in the coming quarters, due to noticeable increased activity in sales offices and greater customer interest. He also expects property prices to rise.

"New projects generate additional pressure in terms of technical requirements, for example, for shelters. There are many legislative issues that will simply make flats more expensive," Victoria Dom's deputy CEO told PAP Biznes.

"In my opinion, prices may rise significantly over the next ten years due to the increase in production costs, and it is possible that in Warsaw, a square metre on the primary market will cost an average of PLN 34,000, which is currently the level found on the premium market," he added.

As Wasiluk explained, the costs are generated by protracted processes of obtaining building permits, maintaining a land bank and rising land prices.

"Prices are rising, and I think that in 2026, despite expectations that we will see a sideways trend in prices, they will rebound," he assessed.

"At the end of the year, there will be a supply of ready-to-move-in flats on the market, which will stabilise prices in the first and second quarters of 2026, but the second half of the year will be marked by a gradual increase in prices, which will continue in the following years," Wasiluk added.

According to the deputy CEO, the increase in operating costs may lead to faster market consolidation.

"Land prices currently largely determine the subsequent prices of flats. Plots are expensive, and in addition, there are more and more of them that require revitalisation or a change of function, which is, from office to residential. These will be long and costly processes," he said.

Victoria Dom is also expanding its operations in Germany: in Berlin and Leipzig.

"The German market is currently quite difficult – loans are expensive, but the nature of the market is such that more people are choosing to rent rather than buy a flat. But we are not giving up, because it is still a large and attractive market, despite the slowdown," said Wasiluk.

Victoria Dom currently has no plans to enter the rental housing construction segment, neither in Poland nor on the German market.

In 2026, the developer plans to be less active on the bond market.

In 2024, Poland's financial market regulator KNF approved Victoria Dom's prospectus prepared in connection with the public offering of bonds issued under the third public bond issue programme with a total nominal value not exceeding PLN 400 million (EUR 94.2 mln).

"We do not feel pressure to issue bonds. We also do not intend to go public; we want to remain a private company for the next few years," he added.

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