⚠ New Cities, New Ways to StumbleModerate threat

Growth by acquisition into new cities is sensible and genuinely risky at once. Buying a local developer means inheriting its land — bought at prices and in locations Dom did not choose — its contracts, its culture, and any hidden problems, and integrating an acquired builder while keeping the local talent that made it worth buying is delicate work. Each new market also has its own competitive dynamics, its own planners and politics, and its own cycle, and Dom's brand and relationships are thinner there than in Warsaw. Every entry so far — Euro Styl, then Sento and Buma¹ — was an acquisition, and overpaying in the enthusiasm to expand, or misjudging a new city's market, would turn the growth engine into a value-destroyer. The diversification is wise, but 'buy the local leader and improve it' is easier to describe than to execute flawlessly, and each deal is a fresh opportunity to get it wrong.