With rising interest rates and limited supply putting home ownership out of reach for a growing number of people in emerging Europe, global and local real estate investors are placing bets on the region's nascent private rented sector.
From almost nothing five years ago, the institutional residential property market has grown to the point where investors say housing is starting to challenge office buildings as a focus for their cash.
Radim Bajar, a partner at Czech investment group Mint Investments, said his 1.25 billion Czech crown fund was exploring projects in Prague, Brno and Plzen, with a goal to add 300 to 500 apartments to its portfolio next year. According to Eurostat data, Poland has an overcrowding rate - where homes lack enough rooms for the number of people in the household - of nearly 37%, compared to the European Union average of 17.5%.
"We will follow our strategy of investing in major Polish cities," G City Europe Managing Director, Residential for Rent Anna Dafna told Reuters. She said the company plans to launch a project to build 500 units in Warsaw in the first quarter of 2023.
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