Real Estate /
Advice on what Polish city to invest in.... [101]
Hello,
Me and my girlfriend are looking to invest in 2 flats/apartments in Poland around Septeber 2007. A few locations are of paricular interest to us, which are.....
Krakow, Poznan, Gdansk or maybe Wroclaw??
can anyone recommend where would be best to invest in?
When we buy would you recommend that we rent for 12-24months then sell, or just buy and resell straight away?
Is it best to get finance in England or Poland?
How big would you advise? We read that 40-50sqm is a good size if you want to make good money....any suggestions?
Thanks,
Nick
Nick,
There is so "sure bet" when it comes to property investing and if a sales man tells you the opposite then start walking in the opposite direction.
Krakow (along with Warsaw) is one of Poland's primary cities for property.
If you buy in September you'll be buying into a market that has grown phenomenally over the last few years so don't expect any bargains. However, prices are continuing to rise so you can still make money. I don't know your budget but the Old Town is ridiculously expensive but frustratingly the best place to buy. Investors are now starting to look at the areas south of the Old Town, across the river.
Another possibility is to buy something small near the university to rent out to students.
I don't know much about Poznan except that it hasn't enjoyed the spectacular price growth of Krakow and Warsaw and that alone makes it a better prospect (although it does lack the sexiness of those two cities).
Wroclaw would be an excellent choice. Lots of foreign investment pouring in. I believe LG Philips have signed a contract to open a plant nearby. The Old Town has been beautifully restored and with Wroclaw also being a university town then student tenants are again a possibility. It's also popular with tourists-a lot of Germans like to visit and get misty eyed at their lost slice of the Fatherland.
Gdansk and the Tri City in general is also a good prospect. A lot of Westerners don't realise how high the prices already are in this part of Poland as it doesn't attract the same kind of attention as other places.
Another option is the holiday resort town of Zakopane. The one thing holding it back in my opinion is the lack of road infrastructure surrounding the town (it's a national park after all). If the government can find a way of getting round this then I expect prices will rocket.