Real Estate /
Poland's apartment prices continue to fall [1844]
Are offices and shops falling in price too? Nice area, down from 345K to 315K (Krzyki).
One or two cheaper houses seem to be coming on to the market with the more expensive stuff sticking for absolutely ages. Like years.
In the last few days, an apartment in a smart area (smart duplex flat too, 80m2) dropped from 420 tys to 399 tys. It had been at 420 tys for maybe 4 months. It came to my attention as near an acquaintance's place.
Having said that, some houses (and probably flats too) are still coming on for ahem aspirational prices.
I don't know if it's a summer slump or an acceleration of price cuts, but seems to me that more and more flats are looking less expensive. If I was in the market for one, I'd start to pay more attention. I couldn't be 100% sure but I think I'm seeing even never-before-occupied (no pcc) new flats on estates that were built 1 or 2 years ago coming on for 10-15% less than I recall a few months ago. 60-65m2 size new flats at prices that I don't remember seeing before in the good parts of Wroc. I shall try to find more definite evidence in case it's just a blip for the holiday period.
Another 1 or 2 reductions, and these are without me paying attention, so there could be more. Flat on a good estate - started life up for sale at 365 000 about 6 months ago. Dropped to 350 then 330 over the months. About 2 weeks ago down to 325. Since yesterday 315. I am not 100% sure but this could be the same flat that was 399K last year. It's certainly on the same osiedle.
Quite incredibly, a flat that was around 320 or 330 tys. earlier this year is now 260 tys. and marked as price negotiable (Oporów, reasonable estate). Although some sellers are continuing to ask prices that seem comical, there seems to be a growing number of very realistic prices. It either suggests imminent capitulation by sellers or a severe summer slump. I don't know which it is. I can tell you the house I was hoping to buy wouldn't reduce for me, but they may be regretting that decision by now.
I know for 100% fact of another flat which started life at 360 tys. in May. It then dropped to 330 tys. by July. Now 300 tys (since yesterday). It was over-priced at 360 tys, it's the right price now pretty much. It's the fastest drop of 20% that I have seen although not monitoring flats that much as trying to buy a house. Anyone who wants details of these reductions can PM me. I have not posted links because mods may prefer sellers' blushes spared.
Curiously, seeing the same flats going on with new agents for typically 2 or 3% more but staying at the old price with the old agent who continues to advertise. Seeing quite a few of these. House I offered on and was rejected, still for sale and also for rent. Some properties coming to market at high prices -- they should look next door and see similar size homes that have not sold in months or years at lower prices. One of the new developments is renting out many of its flats (slightly expensive rents it must be said) because they couldn't sell enough of them. Looking around that area, the devs must be very sure of demand, the sheer quantity of flats built on various estates by various devs. But, in the meantime, some are renting them out, perhaps er just a small cashflow problem? Prestige very expensive flat in Krzyki has just been put on the market by its owner. That may speak volumes. Interesting times.