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Polish Property and Real Estate Market Report
Polish Property and Real Estate Market Report - Summer 2008
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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. Every quarter we report on what is happening. Our databases also provide average prices of Polish property and real estate which are updated in real time as well as quarter by quarter historical reports As the global credit crunch gathers pace the effect on Polish property prices has been predictable although the actual underlying reasons are different to those in many other developed countries. Lenders in Poland have always been prudent. Even a person in stable employment is usually expected to put down a deposit of between twenty and forty percent. Add to this that over the last few years only a fraction of property has been sold to foreigners and you have a situation where real estate remains affordable to Poles. Where in some countries, such as the UK, buyers are finding it difficult to gain credit and so the market is stalling, in Poland it is only confidence that is being hit. Many potential buyers are concerned about the worldwide effects should the United States slip further into recession. Many also have relatives living and working across the Atlantic who relay the depressing situation on industry and employment. Should these fears be overplayed property prices are likely to move on faster, and sooner, than in many other European states. And this is likely to be the case as the Polish economy is in good shape and to some extent protected by the large volumes of European funds already assigned for the redevelopment of infrastructure over the next five years. In Quarter 1, 2008 prices generally came to a standstill with square meter values down between 0.5 and 1.7% in most major cities. Only Gdansk bucked the trend where prices rose 1.3%. But the situation depends on the property type. Apartments have, nationally, reduced in value by 4.7% which is low considering the rises of last year. Prices are now comparable to Quarter 3, 2007. As has been mentioned in several previous reports, houses are proving a better bet for investors as they remain in short supply compared to apartments. Nationally their prices rose just under 1% but in Poznan they were up 7% with price per square meter increasing nearly 11%. Houses now make up around 24% of available residential stock which is still significantly lower than the 38% figure twelve months ago. For the future Poland looks well positioned to weather global problems partly because of the previous prudence of lenders, partly because of planned investment in the infrastructure and partly because the economy is still catching up with the West. 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 new services: For a full list of services from Mamdom click here |
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