Major ClientsNarrow moat

Dom Development has no major clients. In 2025 it sold 4 448 homes² to something close to 4 448 different households, none of whom accounted for a measurable share of revenue, and almost none of whom will ever buy from the company again.

Put next to almost any other business in this collection, that is a strange arrangement. There is no concentration to worry about, which is genuinely valuable — no single customer can renegotiate terms, walk away, or take the business down with it. There is also no relationship, no renewal, no installed base and no annuity. Every January the order book resets to zero and the company goes out to find four thousand strangers.

The relationships that actually matter, then, are not with the buyers. They are with the parties standing behind them. Roughly half of Polish home purchases are financed with a mortgage, and that share has been rising: banks extended a record 106 billion złoty of housing credit in 2025, almost 21 percent more than the year before, and the country ended the year with 3,64 million mortgage borrowers¹. For every one of those buyers, the decision to purchase was really a credit decision taken inside a bank Dom has no contract with.

The other half pay cash, which is unusual by European standards and produces two customer bases with opposite triggers. And a fourth kind of buyer — the institution that would take two hundred flats in one contract — has been arriving for years without ever quite arriving.

These four pages take them in turn.