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The Certificate of an Apartment
The development of the apartment market in Poland began as early as at the end of the 1990s when new buildings started to be erected at a standard
much higher than the one representing the popular segment, both in the scope of the standard and price.
The first investments of this type were erected in Warsaw, a city which usually determines the trends of the national real estate market development,
and later started appearing in other cities popular among foreigners as well, e.g. in Kraków, Wrocław, Poznań and the Tri-City. The standard of
premises recognised as apartments in the market underwent a very quick evolution. Many investments, which at the moment of their construction were
said to be luxurious, after a few years could hardly have been named flats at a higher standard. This situation is neither advantageous for the
observers nor participants of the real estate market. It resulted in erasing the differences between individual segments of the market, and therefore
the overuse of the term ‘apartment’ by the developers aimed at justifying the high price of the premises offered by them. In the end, people not having
a wide knowledge about this market very often agree on paying even a very high price for a product which has only one thing in common with a real
apartment - the name. Often, unaware owners find out about the actual value of their flat at the moment when they try to sell it in the secondary market,
where a potential buyer is interested in the actual standard of the real estate, not the fact that it was called a luxury apartment in the developer’s
advertising brochure.
The low clarity of the luxury apartment segment and a very often improper perception of this market created the necessity to determine precisely the definition of a true luxury apartment. Systematising the features which a given premises should have in order to deserve this name will allow for increasing the market participants’ awareness, and separating the apartment segment from flats at a higher standard.
The redNet Consulting conference under the name "The future of luxury apartments in Poland" took place on 5 March 2008. It was devoted to the
highest quality products in the real estate market. The first certificates confirming the highest quality of flats, thanks to which they can be called
apartments, were granted during the conference. This certificate is awarded on the basis of the definition created by redNet Consulting.
This document is granted to individual flats comprised in the investment, not for the whole investment. All flats meeting the conditions are enumerated
in it. The definition of an apartment, pursuant to which the analysis of flats is carried out was granted, is also attached.
