Real Estate /
Poland's apartment prices continue to fall [1844]
It seems amazing that so many, and I do mean SO many flats have all found buyers or tenants. You just lose count, it just seems a sea of flats.
There is a severe shortage of property in Poland, and not very much new stuff has been built. Its a hang over from the communist era.
Thank you for that interesting post. I am beginning to think of no other reason than what you suggested. If the Polish banks are not giving mortgages out easily, then yours must be the correct conclusion.
Property prices are falling because banks are not giving mortgages. I think Milky's theory of overseas working keeping price high is overstated, I know several people who have bought recently with money they have saved or their parents give them. Parents are in a position of owning their homes (free/cheap in the communist era) and having highish wages.
Also the lack of decent, affordable social housing forces people into the private rented sector so people are forced into paying over inflated prices for property.
You have just spouted urban legend quite describing the UK not Poland. I think the average Pole is not the slightest bit interested in 'social housing' but wants to buy so he can own and profit on capital appreciation or rent it out to live off some other ******.
Rents, in Krakow at least, in no way reflect the cost of property. Private renting is cheap and buying to let here doesn't make any sense as an investment.