The residential market in Poland, particularly in Emmerson Group's main area of concentration, Warsaw, remains very buoyant.

Warsaw, which represents app. 30 % of Poland's primary residential market (in six major cities) has shown record high demand and an unusually high level of sales activity. Over 14,500 new apartments were sold in Warsaw in 2013, 81% of the available supply. As a result, there has been a sharp decline in supply. Many new projects are completely sold out.

Prices continue to rise and developers have a number of new residential projects on the drawing board. Developers plan to bring a total of 14,500 new apartments to market this year and 7400 are already in development for 2015.

The availability of mortgages at record low rates and new government programs to subsidize first time buyers, should help sustain demand.

This increased level of activity should continue to have a positive impact on the growth of Emmerson Group transaction volume.