Until recently Poland was a country with hardly any rental apartments, but that is changing with the arrival of foreign residential developers like Trei, which are seeking to tap into the growing demand from an increasingly discerning young population.

‘There are only 7,000 to 8,000 rental homes in the whole country, mostly owned by small owners or housing corporations,’ Morshuis told PropertyEU at Expo Real.

The market offers ‘huge’ potential due to demand from an increasingly sophisticated young population. ‘They have lived abroad, they know how convenient it is to rent and they cannot buy anything yet,’ Morshuis said.

Trei currently has two projects in the pipeline in Poland with a total of 1,100 apartments. An estimated 35,000 additional apartments are planned, which are set be delivered in the next three years. ‘That is still an extremely small amount,’ Morshuis said. ‘The demand is huge. It’s an absolutely booming market.’

Until recently there was no management for this kind of housing, but Dutch firm MVGM and Polish platform Resi4Rent have stepped in, enabling the residential for rent market to be scaled up.

Trei is developing for its own portfolio, but also looking for investors for its product. Poland traditionally has ties with South Africa, but investors are also expected from the US and the UK, as well as Sweden (Heimstaden) and Germany (TAG). These firms will have to deal with the Zloty, high interest rates and, if desired, hedging, although that comes at a price.

As more international developers discover Poland - and smaller developers stir within the country itself - Trei will have to deal with increased competition. But Morshuis is unfazed: ‘We will grow as the market grows. It could be to our advantage, because we will see the market professionalise.’

Trei, which also owns and develops retail parks, is not aiming to be the biggest, he said. ‘We just build what the market is asking for.’