By KYIV. Dec 5 (Interfax-Ukraine) – The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to EUR50 million to R4R Poland, also known as Resi4Rent, a rental housing operator in Poland, the EBRD press service reports.
"The loan will be used to build and operate a portfolio of rental apartments across the country, amid a chronic housing shortage exacerbated by inflation and an influx of refugees from Ukraine.," the bank said.
"Poland needed an innovative solution to alleviate pressure on the housing market and we are thrilled to have created one. Residential for-rent developers such as R4R deliver a fast supply of new housing in the short term. In the medium term, the Bank will also work with national and local authorities to increase the supply of affordable state and private housing, including by unlocking suitable unused land. This approach aims to relieve not only the current acute housing need, but the longer-term chronic shortage of accommodation for Polish citizens and residents," Vlaho Kojakovic, EBRD Director for Property and Tourism, said.
"The demand for medium- and long-term housing in Poland was already high prior to the influx of refugees from Ukraine. The national shortfall of residential units was estimated at 2-2.5 million amid rising prices due to the supply squeeze and inflation. Since the start of the war on Ukraine on February 24, 2022, the available supply of accommodation has more than halved," the report reads.
"Of the 4 million or so displaced Ukrainians that have registered for temporary protection in the European Union (EU), about 1.4 million are in Poland – far more than any other EU country. More than half have already found employment. Many Ukrainians in Poland are staying in rented apartments or in temporary accommodation provided by the government and private individuals. While millions of Ukrainians from the initial wave of refugees have returned home, a second wave is possible over winter, due to the damage to the heating and energy infrastructure in Ukraine," the bank said.
"The R4R project falls under the EBRD’s Resilience and Livelihoods Framework, which aims to support Ukraine and other affected countries by Russia’s invasion," according to the document.
