According to Dubai based investment brokerage Cityscape, Warsaw is up there with Paris, London, Stockholm, Frankfurt and Munich as one of Europe's property investment hotspots.
"While emerging real estate markets are out-performing more mature markets, it is important that your investment portfolio includes assets with steady and dependable returns," says the report.
They said they were including Poland because of its bucking the European trend by recording economic growth in 2009. When we looked at Europe in 2008, we recommended Slovakia, because while Poland matched it on growth, Slovakia had the better current accounts make up.
Now, when we look, while Slovakia had a tougher 2009 than Poland, it has continued to grow and seems to be enjoying a stronger rebound than Poland.
According to Eurostat figures Slovakian GDP was up 1.2% quarter on quarter in the third quarter of 2009, up 1.7% quarter on quarter in the fourth quarter, 0.8% in the first quarter of this year, and 1.2% in the second quarter. Poland grew just 0.7%, 1.2%, 0.7% and 1.1% quarter on quarter in the same periods.
Slovakia also outperformed Poland on a annual basis, with a growth of 4.6% in the first quarter of this year, and 5% in the second quarter, compared to Poland with 3.1% and 3.8% respectively in the same periods.
However it is worth mentioning that Poland grew 1.3% year on year in the third quarter of 2009, and 2.9% year on year in the 4th quarter of last year, while Slovakia contracted 5.2% and 3.9% respectively.
We recommended Slovakia for investment in 2008. As the global recession was coming into Europe we said that Slovakia's strong, dynamic and growing economy, combined with its healthy current account balance would stand it in good stead against the recession.