Real Estate hits a new low in Poland

exactly, a lot of brits boast that they have made a lot of money in real estate in Poland, the property may have gone up but when the sell and covert back to the pound it hasn't been such a good investment.

This comment may sound strange in this current economic climate but I think the best place to invest is in property is in the US. You can now pick up good properties at bargain basement.

As I was saying, better deals to be had at the end of 2007 when the $ was a lot weaker.

Properties are at bargain basement prices but the GBP doesn't go nearly as far - $100,000 house would have cost me about 50,000GBP end of 2007 - same thing now costs closer to 75,000GBP.

For example, the cost of the property would have had to have dropped close to 40% in the last year for it to be any way near the same sort of proposition. The properties I was looking at haven't seen drops as large as this. In fact some of them has risen in value

It depends in what exchange rate you used to purchased the property.

In around about way I have lost about 170,000 zlote in my deal. This is as if I had to work 7 years to make this sort of money.

The lesson to learn is don't listen to suspect real estate agents who use this forum to encourage people to buy now and give a spin on the real estate situation in Poland. Its a question of dog eat dog. Be aware of the full picture which includes currency convertion rates, whether a property has gone up or down it doesn't matter, its what you are able to do with the money in a world market.

From what I have read, the Real Estate in Poland is close what we are experiencing here in the USA. It definately is a Buyers market and with interest rates at their all time low, one should consider this as the "perfect times" to buy.

There are "pockets" all over where Real Property has accutally appreciated. My job as a Realtor is to provide my Clients with statistics and truth abouth todays market.

No, your job is to sell properties. Which means that no matter how bad the conditions, you'll always be claiming "now is the 'perfect time' to buy".

Its all about the timing.

Ha! I tried posting something along the same lines yesterday but my internet cut out when i hit submit.

It does bother me when people say "buyers market" or "now is the best time to buy". Especially at the moment. Anyone who claims to know anything of the sort right now is making porky pies.

Couldn't agree more.

Couple of interesting articles regarding forex mortgages.

v2.ftalphaville.ft.com/blog/2009/01/19/51350/forex-failure-begins-in-poland/
ftalphaville.ft.com/blog/2009/01/16/51254/another-eastern-european-meltdown/

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?

Lol,over the last 2 years there have been a lot of so called experts claiming to know everything about when to buy, they were all wrong. Once such expert was Bubbawow or similiar must be feeling the pinch, he no longer responds to this forum.

Things will be very bad for Poland mid 2009, and those who have brought apartments on credit for investment purposes will be hit hard

Whats even funnier is that ania posted this directly after boleks comment on real estate agents.

haha - still here just not posting as BW

i never claimed expertise - just someone on the ground, walking the walk and sharing my experiences

i did my buying and selling in poland, paid cash, made cash and kept some for the long term

it was always obvious that things were going to go pear shaped, that poland is not a place i want to be based and, apart from a few fast bucks, investment was long term

now i live in the sun, where beer is cheaper than poland and the food is oh so much better

cant say fairer than that really

any other comments?

I wonder under what name?


I wonder where?

What made you leave Poland Bubbawoo after praising it so much?

more than 1 - not too hard to spot if you know what to look for


a place where the downturn wont spoil the fun - another developing country where opportunity is rife


never had any plans to stay

Bubbawoo, I have followed your threads now for some time, you have always been a good source of information and good advice to a lot of people, it is upsetting that you have left Poland, (after reading so many positive comments about tri-city) what has happened??

Bubbawoo you are the type of person that Poland needs, could I ask you to explain your experiences in Poland and in particular business experiences. good or bad.

You will be able to give us a good understanding of what is going on from a point of a non pole.
Thanks for being so loyal in the past and sorry to hear that you are no longer living in Poland.

Want to know why the prices are going down?

A hint: People are hypocrits.

meaning??

That means some people are speculating, and then others starts to speculate. If they speculate positive then the price goes up, and if negative then it goes down.

They must speculate negative as they have no money!!

They have money. But media rules the world mein freund. And when media says everyone is broke then everyone follows the media like sheeps and crying im broke, im broke.

It's not like BOM everyone goes broke.

nonsense my friend, are you Polish, declare your hand!!

this guy predicted the credit crunch in 2007 and was almost laughed off the tv.

liveleak.com/view?i=b0a_1232747931

Seems to me that BW was buying as long ago as 2005, way ahead of the curve. In low, out when the profits are acceptable and whilst the curve is still on the up. OK so he has some long term holdings they were always going to be long term anyway.

That is the name of the game.. Too much greed is the beginning of bankruptcy.

Bubba was a shrewd businessman with top-notch acumen. I still know when he is around. As he said, just not as BW.

Was a shrewd businessman.. what happened.

I'll let Bubbawoo tell his story.

Lets have a quessing game as to what other names BW uses.(it could even be seanus!!)

i spend my time wandering from place to place bolek, taking opportunities as they present themselves. poland is one of the few countries ive gone back to - the tri city is a great place to hang out, i have good friends there and am guaranteed fun when in town

a few years ago i had the opportunity to buy property there so i took it - not much planning involved, just an opportunity that was presented and taken. ive never been interested in property that has yet to be built so bought old, renovated and sold - if you were on the ground and had time to look then there was no shortage of bargains to be found

i have a polish business partner - i put up most of the money, identified opportunities and he sorted it out all the crap which is part and parcel of doing anything in poland. we bought, flipped and re-invested for the future which was about as detailed as the plan got.

he is one of polands first 'next-generation' entrepreneurs and we have dabbled in a number of ventures together over the years - a small hotel in sopot a couple of summers back, buying and selling, event promotion, import/export etc etc

for all the fun i have when in poland the place really p!sses me off after a while and i have had no qualms expressing this here on the forum, whoever i am posting as.

i dislike the greed, the underhandedness, the lies, the deceit, rudeness, arrogance of many polish, the self-distructive, self-centred attitude which ends up being counter-productive so often. i just find myself looking at these people and thinking 'your a fukin idiot mate, arent you'. its become a joke - i just cant take many of them seroiusly anymore

anyway, now i have taken the next opportunity which has taken me to the next place. i still have property in poland and will be back at somepoint... but doubt i will have the patience to get 'involved' in anymore projects there

it gets old doesnt it.

that isnt subjected to just poland , I think the greed here in America surpassed
Poland a long time ago!! you have nothing on our greedy excecs!!

let those who are living it up at our expense these days be forced to pay it back and
soon!!

sure theres greed everywhere P, but its not quite the same

BUBBAWOO

Thanks for your honest and frank response, I agree with all your comments but must point out that the older generations of poles are nice and decent people.

Every person interested in doing business in Poland should print and paste your comments on his desk as they are so accurate.

Doing business with a pole is a tall order as they stall, change their minds, and then blame you for everying.

I hope admin acknowleges your input and sound advice over the years as you have been a good resource of information.

I'm sure however you will soon return to Poland and this time for good, as any person who has been to Poland soon learns that no matter how bad things have been, there is something about the place that draws you back.