⚠ One City, Much of the RiskModerate threat

Leadership in Warsaw is a strength and a concentration of risk in the same breath. Because the capital remains Dom's largest market by far, a local shock — a glut of new supply from rivals all building at once, a sharp correction in Warsaw prices, a municipal policy turn against development, or simply a demand slump concentrated in the city — would hit the company harder than a more geographically balanced rival. The expansion into Wrocław, the Tri-City, and Kraków — begun only in 2008, against a Warsaw history dating to 1996¹ — is diluting this dependence, but slowly; Warsaw still carries a disproportionate share of the revenue and the risk. Dominating one city is wonderful until that city has a bad few years, and no amount of local leadership protects against a downturn that is itself local.