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Home > Polish Property and Real Estate Market Report
Polish Property and Real Estate Market Report - Summer 2010
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Mamdom deals with hundreds of agents and buyers as well as listing thousands of offers and off plan units. This gives us constant information on the performance of the market. Our databases also provide average prices of Polish property and real estate which are updated in real time. Over the Winter of 2010 real estate prices in Poland have remained stable (although some might say stagnant). The weather has, as always, played a role and one of the coldest winters on record certainly did little to bring buyers to the market. As has been the case throughout the credit crisis there has been little to differentiate cities or regions - none fared particularly better or worse. The only notable exception has been Lublin which has seen consistent increases in values. In Q1 2007 the price of apartments stood at 4,532 PLN per square meter but by the end of Q1 2010 they were up 13% at 5,137 PLN per square meter. Beyond this Lodz, Wroclaw, Poznan and Warsaw have all seen slight rises over the last quarter (see the table below) while Gdansk and Krakow saw small drops. But take out the +/- 3% margin of error that any survey has and there is little to conclude. However there is plenty of evidence that underlying elements will soon see property prices head upwards once again. The economy continued to grow throughout 2009 - GDP was up 3.1% year on year which was well above expert forecasts. The European Commission has also revised growth for 2010 from 1.8% to 2.6%. Rental yields have also held steady and are above most other countries. Even Krakow is still achieving 5-6%. REAS has also reported that the number of off plan units coming onto the market in Warsaw, Krakow and Poznan is now being matched by the number of units sold which shows demand and supply are balanced. Banks are starting to thaw with more liberal mortgages available, including some 100% LTV options (although conditions remain tight). As a sign that the property market is ready to move on GUS (the Polish State Office for Statistics) has reported that developers started 11,500 new dwellings in the first quarter of 2010, up 53% on the same time period in 2009. These will not reach the market for another eighteen to twenty-four months but the obvious confidence of investors is clearly emerging.
To learn more about the Poland, the Polish real estate market and what to look for the new book from Mamdom Buying Property in Poland is now available. Click here to purchase your copy. In recognising the increasing number of foreign buyers that would like to purchase in relatively virgin areas Mamdom provides a number of services: For a full list of services from Mamdom click here | |||||||||||||||||||||||||||||||||||||||||||
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