Despite Poland seeing some 2.7 million Ukrainian refugees through its borders in the wake of Russia’s attack on neighbouring Ukraine, the Polish property market has not yet been directly impacted by the war. That’s the word from Andrew König , CEO of Redefine Properties – SA’s second largest JSE-listed real estate investment trust and a group that has notable offshore property exposure to Poland.
” Higher global interest rates and inflation “There is the impact of higher interest rates and higher inflation, but that is also a global issue … What we have seen though, is labour shortages in Poland, with for instance some 30% of construction workers in the country normally being Ukrainians. With the conflict in Ukraine, most of these men had to head back home [after being called on to fight in the war],” he added.