Just wait for the bubble to burst.. No price increase since 2007. Down is the only way they are going. There is a world recession!!!!,wake up, and smell the developers sh1t.
Do any UK banks offer mortgages for Polish properties.
Just wait for the bubble to burst.. No price increase since 2007.
Why would anything burst? People aren't having a problem making their mortgage payments, and while demand is down, it's still there. Most housing in Poland is owned with no mortgage. Zero. Zilch. I'm guessing those folks that thought luxury apartments would be a good idea are probably screwed right about now...the people building moderately prices houses and flats are doing pretty well.
There is a world recession!
Really? Most economies are doing alright.
convex
Whenever Milky is asked to provide proof of his statements, he stays away from the forum for a couple of weeks and then comes back to reactivate these threads with the same old drivel as before.
One thing I am curious about. In November 2009 they held the first property auction in Warsaw, supposedly to stimulate the market, which is a common practice in both the UK and the States. The banks are able to get rid of "foreclosed" properties and get some of their money back.
The first (and last) auction in Warsaw, saw sales of 4 properties on offer out of 29 lots. Over 200 buyers/investors attended the auction but obviously, the sellers were not prepared to go below their reserved values.
I never thought that auctions would catch on in the Poland as the banks/mortgage lenders take around 2-3 months to make a decision and get the paperwork sorted. Most auctions demand a 10% deposit on the night and the balance within 30 days, this would be impossible for an average Pole to arrange. That leaves the people with cash who would be looking for a huge bargain, which, as the auction on the night proved, no sellers are going to drop their prices to that level. (So much for a buyers market)
The auctioneers predicted that these auctions would take place in all the major Polish cities but I have not heard of a single one since, which, as Milky is so convinced of a property crash, I would have expected.
It was the same with Mark Biernat, he predicted that prices would crash by 60-80 percent and that new flats would be sold for 1500PLN m2, SeanBM and I offered him a 5000PLN drink for everyone he could find for us to buy, we are still waiting to hear from him.
In conclusion, I have studied the property market in Poland for a long time and I have not seen the falls in price that Milky has predicted. What I have noticed, is the price of land escalating, especially building plots.
Whenever Milky is asked to provide proof of his statements, he stays away from the forum for a couple of weeks and then comes back to reactivate these threads with the same old drivel as before.
One thing I am curious about. In November 2009 they held the first property auction in Warsaw, supposedly to stimulate the market, which is a common practice in both the UK and the States. The banks are able to get rid of "foreclosed" properties and get some of their money back.
The first (and last) auction in Warsaw, saw sales of 4 properties on offer out of 29 lots. Over 200 buyers/investors attended the auction but obviously, the sellers were not prepared to go below their reserved values.
I never thought that auctions would catch on in the Poland as the banks/mortgage lenders take around 2-3 months to make a decision and get the paperwork sorted. Most auctions demand a 10% deposit on the night and the balance within 30 days, this would be impossible for an average Pole to arrange. That leaves the people with cash who would be looking for a huge bargain, which, as the auction on the night proved, no sellers are going to drop their prices to that level. (So much for a buyers market)
The auctioneers predicted that these auctions would take place in all the major Polish cities but I have not heard of a single one since, which, as Milky is so convinced of a property crash, I would have expected.
It was the same with Mark Biernat, he predicted that prices would crash by 60-80 percent and that new flats would be sold for 1500PLN m2, SeanBM and I offered him a 5000PLN drink for everyone he could find for us to buy, we are still waiting to hear from him.
In conclusion, I have studied the property market in Poland for a long time and I have not seen the falls in price that Milky has predicted. What I have noticed, is the price of land escalating, especially building plots.
I do agree with Mark that prices are high relative to average income...that of course highly depends on which country you're basing your comparison on. What most people don't factor in is that plenty of people have inherited property, and another big chunk of people do have jobs earning enough money to pay for the new properties. There is another sizable portion of the population for whom real estate is way too expensive, and they're not sitting on any property...those people are screwed. Mark is right about that, but the longer that I'm here, the more I'm convinced that those people are in the minority. Apparently the demographics here show that 60ish% of Poles live in urban areas, and apparently that percentage is dropping as more people move into suburbs and commute to work...from areas with cheap housing.
Dunno. Interesting you should mention land though. Someone asked a while back what the best way to invest $100k in Poland would be, my answer was land. I don't own any real estate, just land...honestly, pretty happy with that decision. Especially after hearing your explanation on how much it costs to build here in Poland.
If I had plans to live here long term, I'd definitely buy a place. As an investment, I think there are much better places to put my money.
Dunno. Interesting you should mention land though. Someone asked a while back what the best way to invest $100k in Poland would be, my answer was land. I don't own any real estate, just land...honestly, pretty happy with that decision. Especially after hearing your explanation on how much it costs to build here in Poland.
If I had plans to live here long term, I'd definitely buy a place. As an investment, I think there are much better places to put my money.
Harry
9 Feb 2011 / #35
Mark is right about that,
Does this mean that we are allowed to call Milky "Mark" now? Not so long ago any post in which Milky was called that would automatically be sent to the bin.
Well, Mark has posted those comments in the past. Whether milky repeats them or not, meh.
Plus he was kind of busted red handed...
Plus he was kind of busted red handed...
housebuyer
23 Apr 2011 / #37
I had the same problem too with U.K. banks not even considering the Polish market but then after looking through a few blogs I found this post:
doyouspeakpolish.blogspot.com/2011/04/living-in-poland-tips-1-finding- house.html
which recommends ConnectOverseas
I have just begun the application process with them so I will let you know how it goes!
doyouspeakpolish.blogspot.com/2011/04/living-in-poland-tips-1-finding- house.html
which recommends ConnectOverseas
I have just begun the application process with them so I will let you know how it goes!