26th Developer Certificates
05.03.201015:18
Piotr
Price elasticity of demand and supply induced the primary market, but most of all secondary market to let the real estate sector go through the economic slowdown quite gently. Political transformation in Poland after 1989, thanks to privatisation of housing supplies, provided citizens with an opportunity to benefit from their flats at will. As a result, they did not suffer unfavourable economic phenomena in real estate market so much within the last two years - said Undersecretary of State at the Ministry of Infrastructure Piotr Styczeń during the grand award ceremony of Developer Certificates. This year, it was accompanied by a debate on the outcomes in housing construction with regard to developers, contractors and other building companies.
The debaters raised a couple of remarks on the current housing market. It was pointed that all available research and studies show that the housing sector went through a period of turmoil, and it has been on the increase since the beginning of the year 2010. It was stressed that more and more investments are started, and restrictive conditions of mortgage loans have been liberalised lately, and increasing number of people intend to buy a house or appartment within the following three years. The debaters, however, warned that restrictive credit recommendations may stop positive changes. It was also suggested to create a Construction Code, a legal act that would include and simplify all the regulations related to planning and running building activities, based on freedom of enterprise within the framework of restrictive standards.
At the end of the meeting, nine companies were awarded Developer Certificates for the following two years. As a result, it is now 35 companies honoured with this prestigious prize.
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Developer Certificates are granted since 1999. The idea is to recommend those developers which are reliable enough to cooperate with banks, contractors and potential customers. The prize is awarded for two years, but it may be renewed for two following years, or suspended or even revoked (if a developer loses public credibility). Certified companies are independently rated so that each of them may be found reliable for the whole period of awards validity. The company, honoured with the certificate, are bound to report on its current financial position once half a year, and other issues that may have impact on its reliability.
