Real Estate / Prices of apartments in Krakow are collapsing further down in 2010-2011 [150]

I'll put an extra 1000pln on top of every m2 as a finders fee if you can find me a flat anywhere in Krakow at the top end of that range 2000pln m2?? either that or I'll just pay to use your time machine direct.

Real Estate / Prices of apartments in Krakow are collapsing further down in 2010-2011 [150]


Most of the people I know come from smallish families (maximum of 3 children). Their parents basically work every hour to provide a better future for them. I suspect this has been going on for some time and will continue to do so.

When I think about it, I don't know a single person whose family doesn't own some substantial assets (going by todays prices). This is only a personal observation, which could be incorrect throughout the majority of Poland.

It never ceases to amaze me the sheer amount of new houses being constructed out of the cities, by seemingly poor people. A lot of the time these houses are partly financed by credit and built on land which was inherited, using money which was given by families (even Grandmothers chipping in) the prospective builders will live in one of the parents houses or flats rent free for a number of years (converting a part of the house into a flat) whilst the building is completed over time to save money.

Imagine an outsider attempting to do that. First, buy the land which is surprisingly expensive, even for a moderately populated area, then find somewhere to live paying rent whilst you organise the building process, then find the money for the building, which if you're like me, You will have to find it, because families in the west are totally disinterested in your future. On a final note an outsider would probably need cash, because borrowing money as a foreigner will be very difficult in Poland and the UK banks are too busy lending money to foreigners to care about lending money to a National abroad.

Real Estate / Prices of apartments in Krakow are collapsing further down in 2010-2011 [150]

I've made the following observations whilst being in Poland. This country is a lot more family oriented, and it's fair to say that most people here are not the selfish 'think about themselves only' culture found in other places. Most of these people build for their future generations, and as such (regarding housing) lift the burden off the shoulders of young people, most of whom inherit or are given land, flats, houses, etc. This is most likely a national trait, as even my GF's family, who are not exactly rich, own land, flat (Krakow), nice home (built with help from family), etc. Most people here have a better standard of living than in Western countries, mainly because families stick together through ages. This is only my own observation, but it does make me think that most people are living from Old money here and I imagine most of the land and property is still owned by Polish people, whose ancestors staked the claim many years ago. Compare that to the UK, the majority of which is probably owned by people who have no ancestry in the UK. I recently bought a small flat for 60,000 after renovation, and that figure raised eyebrows amongst my GF's parents, as in all likeliness they had never seen that sum of money, yet look at their assets!! I just wonder how many true Polish first time buyers are buying in Poland, by that I mean someone who owns nothing? Every Pole I know inherited at least a flat or are guaranteed a house in the future. Most of these people are already in the market, it's outsiders who have to buy in, therefore I doubt prices will go down, more likely they will continue to increase, along with the Zloty.