✦ Five Thousand Homes a YearNarrow moat

Dom Development has stated the target plainly: annual sales of roughly 5 000 units, on a two-to-three-year horizon¹. That would be a substantial step up for a company whose recent years have run nearer 4,000, and the first half of 2026 suggests it is not fanciful — 2 382 net units sold, up 17% year on year, the best half in the company's history, with the second quarter marking an eighth consecutive quarter above 1 000 units².

Scale matters more in homebuilding than it looks. Volume is what wins the best land, because sellers of large plots prefer buyers who can close without financing conditions; it is what secures contractor capacity at stable prices in a market where construction costs have swung violently; and it is what spreads the fixed cost of design, permitting and sales offices across more units. A developer selling 5 000 homes a year in Poland would be operating at a scale no domestic rival matches.

The honest qualifier is that a homebuilder does not fully control its own volume. Units get sold when buyers can borrow, and the current run rate owes a great deal to falling rates. Watch quarterly net sales against the roughly 1 250-a-quarter pace that 5 000 implies³, and watch the offer — the number of units actually available to buy — because a sales target without launches behind it is arithmetic rather than a plan.