Real Estate / Budimex Murano development (central Warsaw) Phase I [38]

Mr Justice Done, do you actually mean 'lose' rather than 'loose'? Apart from not being able to spell you are a complete moron. Don't you think for every foreigner who loses money due to falling property prices there are not at least 10 local Poles who'll lose too? And on the whole they're much less likely to be able to afford it.

Real Estate / Putting pressure on developers to cut final installment on a development construction in Poland [17]

Ozdan, it's difficult to respond to what you've said as they're just your feelings - to which you are fully entitled. But I genuinely don't believe you can compare prices in different standard developments in different locations. Just because 2 properties are "high end central Warsaw" it doesn't mean they're going to have the same price per sq m. And do note that this listing was up over the Christmas period which is incredibly quiet.

Real Estate / Loan market in Poland - summary [15]

Andy, do you think the Polish mortgage market will bounce back much quicker than in the West? Personally I do.

The fact is Poland's banking system has no inherent weakness - at least compared to its Western counterparts. There is no toxic subprime debt on the balance sheets and total lending as a proportion of GDP is barely an 1/8th of British and US levels.

Real Estate / Loan market in Poland - summary [15]


And now these Western institutions are extracting PLN from Polish banks to pay their debts? I think not.

Real Estate / Real Estate hits a new low in Poland [86]

Exactly what is this obsession with farmland? Are highly paid corporate employees more likely to need city centre apartments or farmland?

I'm also curious to know from what level these Warsaw city centre apartments are going to fall "40 per cent". In the last 3 years they have been sold in the price range 10 to 20 K PLN/sqm. That's one hell of a range.

Real Estate / Real Estate hits a new low in Poland [86]

Sorry scorpio, I didn't mean you specifically - it's just that I've seen many people tout farmland, forests, orchards etc. as THE investment to go for purely because foreigners cannot buy it - the reasoning being that as soon as they're allowed in they'll drive up the price. It's far better to look at inherent value and utility.

Actually there is a Polish "corporate" and entrepreneurial middle class. It's small at the moment but growing.

Kilkline - in the UK there was a large amount of new development on the outskirts of cities, where no one wanted to live. Similarly in Spain - there was a great deal of holiday home development in coastal areas with no land restrictions. Land in the CENTRE of a national capital is at a premium. Hence Warsaw high end is a different market.

Real Estate / Real Estate hits a new low in Poland [86]

Is the proportion of American buyers particularly high?

Real Estate / Real Estate hits a new low in Poland [86]

Bolek, what did you purchase exactly, where, and for how much? If you don't mind me asking.

Real Estate / Real Estate hits a new low in Poland [86]

What I don't understand is, if Polish companies were hedging by buying options on the Zloty, all they could lose is the premium they paid upfront.

Or were they speculating by WRITING (selling) options?

Real Estate / People who bought in Katowice Oak teraces phase I and phase II [102]

Margaret - if you have a ten year plan then yes your reasoning is rock solid. One thing that would concern me is liquidity; you will of course find it harder to sell at any point between now and the property realising its full potential if you really needed to.

Real Estate / Typical flat offer prices in Poland [17]


I wouldn't tar all high end developments with the same brush. Personally I think *well located* high end city centre developments in Warsaw and Krakow will do well long term.

Real Estate / Real Estate hits a new low in Poland [86]

Although foreign currency lending may well be the quickest way to make the previously creditworthy insolvent ;)

Real Estate / Real Estate hits a new low in Poland [86]

I think the US is the only country in the world where if a borrower hands back the keys to the lender he owes *nothing* from that point onwards.

Real Estate / Budimex Murano development (central Warsaw) Phase I [38]

I really don't think this is a possibility. They're under no obligation to give us something for nothing.

However, my estate agent in Warsaw (warsawproperties.pl) tells me that they are prepared to be lenient regarding the timing of the 85% payment for the Murano development. If any buyers experience delays in raising the required capital (due to the current very tight mortgage market) that cause them to miss the end of May deadline then, in all likelihood, Budimex will not charge interest for late payment.

Fair enough, I suppose.