FRICS, Europe Managing Director at RICSReal Estate Market
Originally Published in March 2018
RICS has been present in Poland since 1991 accompanying professionals active in the land, property and construction sector in transformation of the industry so it becomes more ethical, professional and transparent. This publication comes at time when the importance of transparency in aiding investment activity continues to be underscored. There is a clear link between transparency and the attractiveness of a country’s property market. And Poland has made the big stride.
According to the latest JLL’s Global Real Estate Transparency Index (GRETI 2016) Central and Eastern Europe continues to see large enhancements in transparency with Poland edging towards the ‘Highly Transparent’ category and positioning itself with core Western European countries. Improvements to transparency made by Polish authorities have helped develop and mature real estate markets across the region, boosting their appeal to global investors. Major efforts have been made to tackle corruption, strengthen regulatory standards, and improve the availability and quality of market fundamentals data.
These categories are fundamentally important to real estate investors as they directly impact how predictably and smoothly assets can be bought or sold. Due to the complexity this creates, the value of good advice, clear regulations and standards, professionalism and ethical behaviour increases greatly as they help to improve certainty of outcome and they reduce risk. As with any asset class, real estate investors’ primary objective is to generate satisfactory risk-adjusted returns. Equally, the decisions we make as investors in this complex and multi-layered industry have significant implications for society as whole. We bear a heavy fiduciary duty in supporting responsible and sustainable market. We cannot discharge this responsibility without a sophisticated and professional approach to risk management.
Improvements to transparency made by Polish authorities have helped develop and mature real estate markets across the region, boosting their appeal to global investors.
With these challenges becoming more and more apparent, we are asking industry leaders, academics and politicians in Poland to follow us and take action, via the World Built Environment Forum. This Forum is a dedicated and unique international network for the public and private sector, facilitating and catalysing global collaboration on the defining issues of the built and natural environment. The Forum also hosts an annual event – the World Built Environment Forum Annual Summit, this year to be held in London, 23-24 April 2018.
The reason why RICS has been successful for now 150 years, ties in with the fact that RICS acts in the interest of the ‘Public Good’. Looking forward, RICS is keen to play an important role in the transformation of the industry, by consistent delivery of the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure, making Poland an attractive and predictable destination for real estate investment.