The Land BankNarrow moat

The land bank is the single most important number in a developer's story, because it is both the raw material of every future apartment and the hardest thing to replace. Dom Development carries land for roughly 18 800 apartments — about four years of building at the record pace just set¹ — concentrated in the districts where Poles most want to live and where new plots are hardest to find. That runway is what lets the company plan confidently, keep its construction machine running smoothly, and avoid the trap that catches smaller builders — being forced to buy land at the top of the cycle because they have run out.

A well-stocked, well-located land bank is the closest this industry comes to a moat, precisely because it cannot be conjured quickly. Assembling plots, securing permits, and preparing sites takes years, so a rival cannot simply decide to match Dom's pipeline next quarter. The advantage is real but must be constantly renewed: every apartment sold consumes a piece of the bank, and the whole edge depends on replacing it, at good prices, faster than it is used up.