property in Lodz - anyone any experience

I am well aware of the situation in Lodz, my girlfriend lives there, we all know what the level of earnings are. I have bought these properties partly because I need somewhere to live because I am there for one week in every four, and partly for long term investment - but I don't have to justify that to anyone.

Regarding the property market in the UK. You are wrong. The market is driven by supply and demand, we have greater demand than supply, driven by more people living by themselves, people living longer, divorces and net influx of people to this country. Mass property acquisitions by French is unheard of and the Russian's - will yes there are some high profile billionaires that have bought here but really I don't think that will effect me. Oh - I do have 30,000 Polish people living in my town - that may have any effect - but good luck to them

Spot on Niel63

Hello! I'm hoping to invest in a property in Lodz soon. I would really like to hear your views. Poland seems to be a good place to make a profit for minimum risk. I know that sounds harsh, especially in view of the comments above, but investment breeds growth and regeneration, and both are good for a country's long term prospects. A spin on the story is that I'm only doing this so that I can afford the extortionate mortgage I've just had to take on for a property in my own country. Plus, my daughter has just started a family and can't afford to get on the property ladder. I'd like to help her. So we all have our reasons.

I heard that I may have missed the boat with Lodz. Does anyone know if this is true?

It might be worth your while to look for a property near a new business development... shoping centre, office block etc.
Things are changing fast in many cities. I notice more money coming into my neighbourhood, in Wroclaw, simply because we have a new office/home development opening soon.

I don't think you have missed the boat in Lodz, just think carefully exactly where you want to buy in the city. If you are looking at Poland overall this is very good:

buyingpropertyinpoland.mamdom.com

It suggests Lodz to Warsaw is like Birmingham to London and we all know what happened to prices in Birmingham when London became really pricey. In the next few years Lodz and Warsaw will be connected by motorway and they are only 100km apart. Add to this Lodz is half the price of Warsaw property-wise and away you go. But, but, but ... be careful of the Lodz fashion for lofts. The average price per square meter of property in Lodz is about 4,500 PLN - lofts are often being punted for twice that!!

This page shows what a bad investment they are:
primepropertypoland.com
Now click on the link for Scheibler Lofts. Here it offers a studio apartment for 242,000 PLN (7,800 PLN per square meter) and estimates the rental income of the property would be 1,000 PLN per month. An 80% mortgage at 5% interest would mean monthly repayment of 1,400 PLN. From day one you are loosing 400 PLN per month and you haven't even started paying the service charges, management fees, etc. Not sure why this site thinks they are such a good investment - perhaps because they are being paid a commission........?

Eleanor,
Using your interest rate of 5%,an interest only mortgage would mean a monthly repayment of 806pln assuming you met the fit out costs directly.

Good for you. So why are you telling me this?


So you're saying that the property market is responding naturally to free market rules? Why is it then that most potential housebuyers in England cannot afford a starter home? My brother and his girlfriend both earn a little over minimum wage but they cannot put a deposit down an anything more than a 1- bedroom studio in Hull. Shouldn't the free hand of the market move to allow equal access to the market?

Yes. But in this case the government artificially inflated the market by keeping interest rates low for far too long to encourage property speculation and boost the economy. The laws of supply and demand no longer apply.

And then the ethics of applying the free market to an essential commodity such as housing should be considered...


Well, a property speculator from Saudi told me that so let's agree to disagree ;)

Good luck to your and your woman by the way! Drop me a line if you're around

Hello,

there is an u Scheiblera appartment /loft for sale. 78m2
more details: picasaweb.google.pl/spaceda/UScheiblera?authkey=6iuEgoTku3U

regs
zbyszek@litwin.fm

I'd swap property in Edinburgh for one in Lodz.

knee hawk and polanglik
i have inherited my grandmothers house(through my father) and also land in Zarnow... and Opoczno
want to modernise house in lodz ,it also has land to build on..
can you contact me for advice / help / guidance etc, live near coventry england , can fly from birmingham or east midlands to poland or ireland

Zeslaw,
I can probably help you in Lodz.Send me an email,c.kaciniel@ntlworld.com

My grandparents fled thier home during WWII and never returned. Is there a way I can find if they have unclaimed assets in Poland still?