Buying a flat in Krakow; prices are still falling?

You're forgetting that not all mortgages are sold by banks and also that the capital for a broker mortgage may come from a bank, a subsidiary of a bank or another source altogether, especially for larger mortgages or those where the client's profile or requirements don't fit a bank's offer.

Jon we're talking about a loan from PKO for a flat in Krakow with 35% paid upfront. Post #2, GTO fella. It's all there mate.

to the op: don't mind us and get in touch with your local branch. I personally recommend Millennium but do shop around.

It's an odd one, isn't it. Perhaps it's because he doesn't live here and the mortgage was arranged through something like Oppenheim Kredit (where the actual mortgager can be any bank). either that or he's mixing up his currencies. That or he's either adding or omitting part of the story.

Plus I don't think being Norwegian (ie not an EU member) can explain it as Norway is still part of the EEA and the Schengen Area.

I'm guessing it's a simple currency faux pas. (sounds posh when you say it like that doesn't it? ooh lah lah)

I don't think so either - perhaps a lack of savoire-vivre ;-) - though worth mentioning that outside the eurozone banking regulations are national rather than EU-wide and the regulations for non-residents getting credit can be more stringent, not to say awkward in PL.

I wonder if he meant Norwegian Krone? 10k of those would only be 1272 EUR or 5516 PLN per month...

ha! well played my friend! touché!


It could well be but still feels quite steep unless of course he's talking about household income.

I can quite believe it as we have been through a similar scenario ourselves recently.
I have no idea how the banks in Poland actually lend money but from our experience I would suggest it must styffle new business/ growth in Poland.

Rough figures for comparison, all in PLN for simplicity.
Deposit 1m
Loan/mortgage applied for 300k
Joint income 428k gross
Pension forcast in 7 years 170k+state pension 70k
So far 3 banks have turned us down, one has agreed but we have to have a Polish resident on the application.

What is available for that price in Krakow? 30m2 studio or maybe something bigger in suburbs?

It's not unrealistic - Polish banks are under a hell of a lot of supervision when it comes to lending (hence why Poland has little to no exposure to Greece/etc) - and such a ridiculous offer might be made to ensure that they get their money. I have a friend who works as a mortgage broker, and he told me that it's quite common practice for banks to make ridiculous offers rather than to simply refuse - one such example was asking for a margin of 10% on a 2m PLN mortgage.

It's worth pointing out that the law has recently changed to all but ban lending in foreign currencies unless the income is also in the foreign currency. Perhaps they were asking for such a ridiculous offer to discourage him?

5k pln is not a large salary.



It looks like this is the case.

First question: How old are you, over 45 by any chance?

Hello. i know the difference in NOK,PLN and EUROS. there is not any confusion.
but my age (i am 28) and my payments are not the issue here. i just replayed what the bank told me. since i was a NON EU citizen and work in a NON EU country.

A clear "go away" offer, then.

Ah, so in Norway people don't earn 10k Euro per month....

Plenty do....

Hehe

First time I went to the lady in the bank with my details there was no problem to borrow 2M pln! I needed not more then 700K, so I tought that that was not going to be any problem!

It took me nearly a year to have all the paperwork done, and it felt like I had to take a new copy of all my papers everytime I did something.

Generaly: ARG.

BTW: 10K Euro a month is not very strange in Norway (brutto), but you have to remember that the government take a big pice of this for tax reasons!

Well.. everyone got focused in an argument with '10K Euro' than the actually question...

Merged: KRAKOW MIESZKANIE - PRICES GOING UP / down / Stable?

Thinking about buying a small flat in KR.. but may hold off until next year ?

What do you 'experts' think? haha going up or down

Any factual statistics or info on Krakow market appreciated.

Looking for a small 30m2 sub 280,000 zlotych flat . Ideally 200k max!

Euro/Zloty will probably go up in the coming months or 1-2 years, so prices in Poland go up a little too.

Depending which data you're watching prices in Poland are going down or up:

Is now a good time to buy an apartment in Poland?

We've September 2013 and reviewing the blog , I realized that the last entry on the housing market have made in April 2011. How time flies! In previous entries took on a serious expression on his face and warned against buying a house because of the still high prices. And probably well advised , because of the previous entry , housing prices fell on average by 10% , and since 2007, when I made the first article on the subject nominal price drop has already reached more than 20% .