I have spent the last four days in Wroclaw looking at all the new developments in Wroclaw. Price jumps seem to be almost 10% per month in last 12 months but there is more supply of apartments coming on now. Average cost of apartment for buy-to-let investor in Wroclaw is basic 6,500 PLN per m2 and up to 10,000 pln per m2 for the best development. Not so mnay 40 m2 units available; mostly typically 55 m2 - 65m2. I now am familiar with many of the new developments in Wroclaw so if anyone wants info, just ask ...
MY guide for costs Please note these costs are approximate and will vary depending on the exchange rate and the area in which you buy or the solicitor/agent that you use.
Agency Fees are charged to both the seller and the buyer. As a buyer you will usually pay about 3 percent of the purchase price Solicitor Fees - about 150 pounds or 1 percent on transactions over 9,000 pounds. You will also need to pay VAT (22 percent) on these fees. Taxes - 5 percent of the sale price (2 percent if buying a 'shared ownership property') Court Fee - for registering the property in your name. 2 percent of the sale price. Resale Tax - Be aware that there is a 10 percent tax on a property that is resold within five years unless the proceeds are invested in another Polish property
Buying to Let - The landlord is expected to pay for common costs (maintenance, security, etc.), insurance, the management agents fee and local property taxes. Rent collected must be declared as income and is liable for income tax although the percentage can be reduced by purchasing the property as a company.
I hope this helps.
If anyone is buying in Wroclaw I can try to help with all aspects. Please contact me with your requirements. This includes everything from sourcing properties to arranging for a Notary. I must admit most of my experience is out of town closer to the Czech border (Jelenia Gora).
So far, my friend has managed to arrange an appointment with an English speking estate agent, but he also has the chance to buy a 2 bed flat in Olsztyn, for a bit more than his budget will stretch to. if he does go for this how should he proceed? Where does he find an English speaking notary? How much do they charge? Is it possible to find an agent to manage the property/collect rent?
Ela, I don't know where Oslsztyn is or id near a big town, but I have no doubt if you are using an agent , if you need an English speaking notary and its a requirement to make the sale then your agent will do their utmost to accommodate you...as least I hope they would!
However if you see my costs list above, you'll note that neraly half of the cost of buying is paying an estate agent!!!
So if you can save on this aspect then you have quite a bit to play with, hopefully one or two of the other contributors will post on this thread too........but let us all know how you progress?...ok?
Thanks Frank. Any idea what a notary is in Polish, so maybe i can try and find one now for my friend so he can maybe meet up with them while he is in Poland.
So when you find the word search for it on this site....use the top right hand box...or ask guys on the board how to find numbers via this site...then phone around...or keep asking for recommendations.
interesting thread ... i fully enjoyed reading every comment im hoping to buy beginning of next year a 2 bedroomed property house or flat in poland not wanting major city areas but close by if anyone can recommend or give me links to browse be fab!
i have estimated i will have upto 230,000zl for a property but this will include furniture and that costs too as i wont be bringing anything from the UK except my personal belongings ie clothes .. books ... pc ... music collection
but thanks on the interesting read and helpful guides people i appreciate it.
This was one of the best threads i have read, no arguements this time, just great questions and answers, Hope all goes well for you Frank. My wife and I have just purchased some land in Wroclaw, and have renovated our flat, the pricing does depend where you live and which side of the city. I think with Wroclaw, a lot depends of the roads and access out of the city, for pricing i mean. I think you are correct in your last thread about all the extra taxes and charges, i'm sure that was similar to what we payed, a little less on the agent, but thats always nego. Any questions please ask away if i can be of any help to anyone.
David, thats great to hear, hope it wasn't too difficult.......if you can perhaps read my first post on the thread...and maybe just do a line or two per point, of your top tips/feelings as to how you got through the whole process, it would be great........or any other info you think might be of interest.....
im hoping to buy beginning of next year a 2 bedroomed property house or flat in poland not wanting major city areas but close by if anyone can recommend or give me links to browse be fab!
230Kzl will unforunately get you alot less now than 6 months ago but if you are flexible about where you buy then you wont have any probs picking something up for this price
heres a coule of links to give you an idea
homer-nieruchomosci.pl/index1.php3
this one is in bydgoszcz which hasnt boomed as much as some other larger cities - direct flight to the uk and only 40ks to torun
partnerzy.gda.pl
this one is the pomorskie region including the tricity, kaszuby, the costal towns and places like miastko and bytow where propery is still really cheap
you can also check out yellowpages.pl and just type nieruchomosci and the region you want to look in
REMEMBER - if you buy thru an agent then your costs can increase substantially... look at the pricings above...
Thank you for your post Jasiu i am flexible on where i would like to buy :) I have been looking at areas like Nowy Sacz and Wroclaw so far ... but i will certainly have a look at the links you provided for me
hi david i am quite prepared to travel into cities for working where i live in the Uk i am approx 10miles outside the main area of Doncaster and 12miles from most good companies :)
I am quite open to suggestions and help on areas that are within my budget :)
Obviously i am not taking any household items with me to Poland so i will be purchasing them when i arrive, so as i mentioned in my other posting i am merely be taking my personal possessions with me.
but this is first thread i am able to get some really valuable information and insight from most others go off the subject.
Please see this link for numerous real estate offices across the country......
euroinformator.pl/katalog_firm/eng/075-1.html
Frank this link does not work for me ? do you have any similar in english?
Thats good, there has finally been some good info on here without people telling each other what they think of them, which as you said is great, have you decided exactlly where in Poland, is it Wroclaw, if so how did you make that decision, I personally love the city and surrounding area, beautiful parks and i think the price is ok.
I havent decided fully on an area to move to yet ... i think like i have done in this country i will know the right place when i find it ... i have looked at Nowy Sacz and surrounding areas, Wroclaw was a recommendation which i would like to look into.
I have only ever been to Krakow and Zakopane (love the latter place loads) i have been planning to visit poland later on in 2007 as a holiday but now i will combine this with hopefully getting a place thats within my budget :)
But i have never found any information or helpful advice until i came across this thread to be honest :(
Zakopane is beautiful, we are heading there over the chrissy break for a week with friends, should be fun, went there when i first came to Poland on holidays a few years ago. I will ask my wife tonight what she used to look around at property, as we just bought ourselves a block of land to hopefully build on one day. We also have a small flat that we have renovated, about 15 minutes from the centre of Wroclaw by tram, i think it would be worth around 200zl or so at the moment, not sure, but i think if your interested in the area you will find something.
I've just cancelled my interest in a rural property down in Jelenia Gora, due to prohibitive renovation costs and had to pay a considerable amount for a full survey to discover this. However if you can, with any property, get a survey. I don't think this was money wasted as I've probably avoided a beautifully positioned, 19th century, idyllic, 2000m2 money pit.
I'm now in the process of looking for a more modest investment in either Wroclaw or Krakow, in the region of 2 bedrooms and near the centre of either city. Any good tips or agents for the areas would be gladly received. My Polish is patchy at best (I can order beer and food!) so I would need English speaking agents.
I've got a good understanding of the buying process, having recently just stopped the said process, but does anyone know whether I need to concern myself with setting up a Polish company to purchase a property if it is an apartment, or whether I must register for temporary Polish residency?
but does anyone know whether I need to concern myself with setting up a Polish company to purchase a property if it is an apartment, or whether I must register for temporary Polish residency
as presumably an eu citizen wazza you wont need to do either if you are buying an apartment
i imagine you had a permit for your 19thC money pit...?
djwazza can I ask where it was since I might have an interested party ( as long as the price can be set appropriately.?? I have one of those money pits that I bought about 4 years ago. One day I will get my return on it :)
Well, our second flat should be completed end of March, we're going to put down a decent wooden floor, kitchen and bathroom and stick it straight back on the market. Its in a new development in the Tri-city outskirts. Its only small 30 sqm, but we purchased it for 77,000 zl, probably going to spend around 13,000 zl on the interior and put it on the market for between 140,000 zl and 145,000 zl. This seems to be the going rate for flats of this size within this area. I'm no property developer (yet!), but if all goes to plan with the money we get back I'm just going to buy another off-plan flat and repeat the process. The great thing about Poland for foreign investors is that you do not need huge amounts of cash to set the ball rolling. Obviously having a Polish partner makes everything alot easier. We've been dealing with a company called Orlex, who seem to be expanding at an ever increasing rate. But they are organized and the flats are ready on time. I would like to buy property in Sopot or Gdansk or Gydnia but the prices are already quite steep. My humble advice for those looking in the area are to check out the three smaller towns outside Tri-city. Reda, Rumia and Wejherowo. These areas represent the best value for money at the momment and infact the drive to the Tri-city area doesn't take long at all. Infact you can buy flats in the Tri-city which actually take you just as long to drive to the centrums as the three towns mentioned above.
Our original flat we paid 167,000 zl and probably put another 55,000 zl into it, floors, kitchens bathrooms etc. But now our 87 sqm duplex is valued at approximately 380,000 zl. Plus we were lucky enough to buy a garage in the same block as well. We purchased the flat two years ago so as you can see the money is there to be made.
I'm not the brightest spark in the box, so if I can do it others can too.
Stop buying flats in Poland because you push prices up and Poles are not able to buy flat to LIVE IN. So they leave to work abroad and earn to buy a flat for themselves. So remember that more you "invest" the more Poles you will see in your country and the more jobs we will take. This is closed circle. If you buy flats here dont complain that there are too many Poles in your country because average Pole is not able to buy in this country anymore.
