Developer Robyg sees strong apartment sales, plans stock exchange return

Polish real estate developer Robyg sees a stable and potentially growing demand for apartments, with plans to re-list on the stock exchange. The company reported a 24% year-on-year increase in new contracts during the first quarter, indicating a "real revival of customer activity."

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In the short term, we assess the demand for apartments as stable, with the potential for further growth.

Robyg attributes this positive trend to several factors, including better access to financing, sustained low interest rates, rising wages, and a structural housing shortage in Poland. Data shows Poland has 426 apartments per 1,000 residents, significantly lower than the EU average of 514, and a high rate of overcrowding. The developer emphasizes that purchasing decisions remain rational, driven by location, quality, financing, and developer credibility.

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This is evidenced by a 24% year-on-year increase in the number of new contracts signed in Q1, which we believe is a sign of a real revival of customer activity.

Despite geopolitical instability, particularly the war in the Middle East, Robyg has not seen significant cost increases related to oil prices, which represent a small portion of their expenses. The company maintains cost discipline and a cautious approach to new projects. Robyg aims to sell between 2,800 and 3,000 apartments in 2026, with targets of 3,800-4,000 in the following years and 4,500-5,000 in the medium term.

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Demand is supported primarily by better access to financing, maintaining reduced interest rates for a longer period, rising wages, and a structural housing shortage in Poland.

The developer's growth strategy hinges on expanding its operations, consistently acquiring attractive land banks, and strengthening its position in major Polish urban centers. Robyg plans selective land purchases to maintain a land bank sufficient for approximately three to four years of sales. While organic growth is the primary focus, the company remains open to other development options if they prove profitable.

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Our growth strategy is based primarily on further increasing the scale of operations, consistently acquiring an attractive land bank, and strengthening our position in the largest housing agglomerations in Poland.