Just 3 comments (meant in a constructive way). 1) The ROI advertised seems not the “real” ROI (because it does not include major costs like finders fee, legal, and estimated cost of selling) i.e. if one would sell at the price listed; he/she would make less return over investment than advertised. 2) Figures on Polish developments seem to be the same as the rednet estimated dated on 15.12.06. Markets have moved since (i.e. Wroclaw estimated average growth since jan 07 is 10%+ according rednet reports). I.e. figures published seems at 2 months old. 3) I miss updates on Cyprus. Developments were launched more than 16 months ago. Why were they not included on the reports?

Erico, Yes, an update on Cyprus is most welcome. It seems largely ignored in all the PS communications these days. I have found that getting re-sale values in Cyprus is difficult as there are so many new apartments and villas being built. Anecdotal evidence also suggests that the market is very quiet. I notice that the Majolikowa development in Warsaw has again been ignored. Is there a reason for this? Peter

Growth looks very good. Do you also have any data on net rental yields (after running costs) for the competed projects. Thanks

This data generally looks good but could do with some clarification. For instance, I purchased a unit in Fountains Court, Wroclaw which at the time was advertised at an average price of PLN 3704 per square metre. With the latest valuation of PLN 7467 I calculated a substantial increase of 101%. This recent data seems to suggest that the average original purchase price was actually PLN 4528 per square metre giving a still very creditable increase of 65%. Is this because fees/VAT have inflated the original purchase price figure? Can PS clarify this please? Also, do the original purchase prices quoted in the report include the supposed discount on market value negotiated by PS? Thanks in anticipation.

Hi all I'll try to answer some of these questions where I can: 1) 'Real' RoI - it is quite right that fees outside of the actualy property cost are not included. It would be virtually impossible to do this and this report is meant as a general indication of performance, not a thorough analysis of individual deals. To do this would be incrediby time consuming and frankly, we'd have to charge to do so. 2) The data sourced here for Poland was obtained in January - the delay has been due to sourcing data for other countries, as we wanted to publish all at once, though in the case of Cyprus this is taking considerably longer and we decided that we should publish all we had at this time. 3) As mentioned, it is proving difficult to get accurate reliable data on our Cyprus deals. We're actually quite close to having this and plan to publish in the next couple of weeks, if not sooner. 4) Majolikova - a glaring ommission! I shall personally try to obtain this data as soon as possible! 5) Net rental yields on completed developments - it isn't something we included when compiling this data. I shall check to see fi this sort of information is being looked at. 6) Mark - re: Fountain Court, I shall ask our R&A department to respond to this. As for whether these numbers include the discount we obtained for our clients, no it does not. If you include the discount the figures are even better of course!

Ben Can you clarify one more thing please. The 'current market value' quoted is for what? Is it a 'black finish unit' or a 'key ready unit with kitchen' or some other finish ? Thanks

Ben There appears to be an error on the Three Towers data. Unless I've missed something we've only paid a deposit of 20%. Your report states 30%.

Hi Nick Certainly can. All Polish deals are quoted as black finish, excluding VAT, parking, kitchens and storage. The rest are white finish, exc VAT, parking, kitchens and storage. I shall add this to the article, thanks.

Hi Mark You're right, the initial deposit for Three Towers was 20%. What we did in this case was average out the deposit figure based around the fact that high LTV mortgages were generally unavailable, therefore affecting the actual amount of money required to put down. If we take the intial deposit of 20%, the numbers obviously improve, with a new overall RoI of 70%.

Ben Thanks. So does it follow that the market price for my completed Marina Mokotow apartment will be something in the region of 9015/sqm(which is the current value in your report) + vat + cost of white finish, parking, kitchen, storage ? If so that makes it 9015+631(7%vat)+390(final finish)+960(parking)+291(kitchen)+0(storage)=11,287/sq m Is that what your report is telling me? Nick