Real Estate /
Interesting Article on Polish Real Estate [33]
in American the average cost of a house is six times the annual salary, in the UK it is nine times the average salary.
In Romania people for average salary may buy X kg of sausage, in UK many more... I could go on forever...
Germans living in Berlin earn more that Poles but in some districts of Berlin housing is on a par or even cheaper than in Warsaw.
But Germany has been in resession since years, their society is getting older - there is few young people...
Do you think the Polish housing market will escape a global recession unscathed or do you think prices might go down like everywhere else in the world?
If there is going to be serious global crisis then of course no but I doubt that It will happen. Many Poles think that this is some grand conspiracy but increase of prices is mostly natural - much bigger demand, higher salaries for construction workers etc.
the average salary is 2000 PLN per month.
Even oficially It's more than that + many people take cash under the tabel, many works abroad, so real average income is rather more like 3000 and there's many people (especially in big cities) making much more than that. Besides now people from "baby boom" (late 70's/early 80's) need flats and If a guy got married and his wife is pregnant he simply has to buy a flat - take 30-40 years MTG, beg relatives or something else but he simply need It no matter If It is really overpriced or not. Sure people who think that they can make the money forever just buying flats and selling them 6 months later are idiots but really "overheated" are only few small areas like Kraków old town, Wilanów etc.