⚠ The Land-Price SqueezeModerate threat

The land bank is Dom's great advantage and its great exposure at once. Land in the best Polish districts is scarce and getting scarcer, and every developer with capital — plus, increasingly, institutional buyers of build-to-rent — is competing for the same plots, pushing prices relentlessly higher. Rising land costs squeeze margins directly, because a developer cannot always pass them on to buyers whose budgets are capped by what the bank will lend them. The very scarcity that makes an existing land bank valuable — Dom held capacity for some 18 800 apartments at the end of 2025¹ — makes replenishing it expensive, and there is a real risk that Dom must either overpay to keep its pipeline full or let the pipeline shrink. Neither is comfortable, and both erode the returns that justify the whole enterprise. The moat depends on buying land well; the environment for buying land well is getting harder.