COVID-19: A Threat or an Opportunity? Financial Results of the Largest Real Estate Development Companies in Poland
COVID-19: A Threat or an Opportunity? Financial Results of the Largest Real Estate Development Companies in Poland

Summary/Abstract: Purpose – This study assesses the threats induced by the COVID-19 pandemic in the activities of the largest real estate development companies in Poland, as well as the favourable conditions resulting from favourable changes on the demand side. Design/methodology/approach – The evaluation was based on data characterising the economic performance of real estate development companies (sales revenue, net profit, capital valuation). The survey was conducted using various sources, including cyclical surveys conducted by the National Bank of Poland (the central bank of the Republic of Poland) and Główny Urząd Statystyczny (also known as Statistics Poland), the ranking of the 100 largest real estate developers published by PricewaterhouseCoopers, Builder, Bisnode Polska, the financial statements of the surveyed companies, and EMIS and EquityRT databases. Findings — Results of the research indicated that the COVID-19 pandemic, which shook the world economy, did not cause serious economic distress in the performance of the largest real estate developers operating in Poland. Research limitations – Several of the 20 largest real estate developers used in the study did not provide data characterising their economic performance in 2020. Even fewer of them made this information available for 1Q 2021. Research implications – The obtained results may serve as a basis for assessing the real estate market in Poland, especially the economic condition of the real estate development companies during the COVID-19 pandemic.

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