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Home > Polish Property Blog > How Much is your Polish Property Worth?
How Much is your Polish Property Worth?
March 2010
"Part of the problem is that every portal uses a different base – some include off plan, some mix houses and apartments together" |
In the boom times of the new millennium both private individuals and large scale investors traveled far beyond their borders to buy property. It’s not news that many countries have since seen their real estate values tumble but its hard to know by exactly how much. In Dubai, for example, estate agents report that there are no ‘real’ prices because there is no real market in operation at the moment. Poland’s economy, much to the relief of many, kept growing throughout the Credit Crisis but property prices did waiver before continuing their upward trend. There were some spectacular drops but these primarily happened on over priced off-plan developments that were targeted at foreign buyers. At Mamdom we started to see an increasing number of people start to assess their position last year. At first it wasn’t obvious – we were getting more and more requests via our Property Finder service but when we followed these up it became clear nearly half of our clients were not looking for a property to buy, they were looking for properties to compare with their own and hence find an accurate value. Many had been through the loop of asking estate agents but quickly realized valuations were often slanted with the optimism of brokers trying to win instructions. Some had got a Polish speaker to help them find average property values from portals but these vary greatly. As an example, in the first quarter of 2010, the following portals were reporting prices for Warsaw as:
Part of the problem is that every portal uses a different base – some include off plan, some mix houses and apartments together, and so on. The end result, however, is a difference of over 1,300 PLN. While using our Property Finder service has worked for many we felt there should be a service that specifically meets this new demand and so I am delighted to confirm the launch of our Property Valuations option via Buyer Assist. With proper processes in place to deal with valuations only Property Valuations is cheaper than Property Finder and also now includes more of the local market data that will help you assess the real value of your investment – either for sale or for rental. Averages only go so far but the only way to find a true price at which your property is likely to sell or rent is with accurate comparables. So thank you to all of those who gave your feedback, it will make life for others going forward much better. |
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