⚠ Bought Well, or Bought Dear?Moderate threat

A large land bank is an asset only if it was bought at prices that leave room for profit — and that is never guaranteed. Land is the developer's biggest cost and its biggest risk: buy at the top of a heated market and the plots become a millstone, locking in thin or negative margins on apartments that will not sell until the cycle turns. Polish land prices in the best districts have climbed steeply, and every competitor with capital is bidding for the same scarce plots, pushing prices up. So far Dom's ledger flatters it — a net margin near twenty percent in 2025 says the land now being delivered was bought well¹ — but the test never ends. The bank is a moat when bought counter-cyclically and a trap when bought in a frenzy, and the discipline to tell the difference — to sit out the auctions when prices are silly — is the whole art, one that even good developers occasionally lose.