Real Estate /
Current state of the property market in Krakow [135]
swarming with Polish buyers -
This is a massive part of it, foreign buyers are definitely in the minority here.
I am building houses for the Polish market here. I see a market for inexpensive houses at 4 bed, 120 M2 with a garage and a garden. People will be abe to sell their apartments closer to Krakow and buy a family house 15 minute drive to Krakow with the new road in April.
Poland in many regards is a carbon copy of Ireland.
Except prices are not ludicrously high.
And everyone well knew it, how could Dublin have been more expensive than London?
Just on this subject, I have not heard Tusk's "we are going to be the next Ireland" slogan in a while...ha ha ha
The big cities in Poland are experiencing population growth due to inward migration. Why inward migration? Because the cities are where the highly paid jobs are.
Just to add to this point, there are about 38 million people in Poland, the are only 2 million in Warsaw and 1.5 Million in Krakow.
Now compare that percentage wise to Ireland population about 4 million, Dublin Approx 1.3 million, same for London etc...
My point is people are going to the cities but it can not be compared to Dublin, London or Florida.
I am an investor and also work for other investors. I work both here and in Lithuania, there is no comparison even between these two countries, Lithuania is feeling the bite of the credit crunch big time.
And it is true that there were 110% mortgages and that they are changing it to 70%, which of course is a good idea and not a moment too late for the majority of Poles.
I hope that Krakow will go from strength to strength.
