The Developers Act: are property developers and banks destined to be at odds?

A loophole in the Polish law, which existed for many years, concerning the sale of housing units under construction has been finally closed. Signed by the President of Poland at the end of 2011, the Act on the Protection of the Rights of Buyers of Housing Units or Single-Family Houses, commonly referred to as the Developers Act, will come into force on 29 April 2012. Not only will it change the relationship between the developers and the home buyers, the new law will also compromise relations between the parties collaborating in creating the housing stock: the developers and the banks.
The developers’ market has been observed to grow since the beginning of 2000. It has taken nearly a decade before the regulations governing the sale of housing units under construction are finally provided for in the Polish law – this shortcoming has frequently been to the detriment of buyers.

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