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Poland's apartment prices continue to fall


Wroclaw Boy  
5 Jul 2012 /  #1141
but I saw brand new cars and very expensive Mercs driven by young women. They can't all be driving their husbands' cars.

How many out of how many?

I'm beginning to wonder if I will not miss the boat

You missed the boat already mate, its long gone.
InWroclaw  89 | 1910  
5 Jul 2012 /  #1142
You missed the boat already mate, its long gone.

Ah, so you actually expect no return to 2005/6 or earlier prices after all. Therefore the growth is not unsubstantiated growth as you termed it before and I misunderstood your gist - you actually think prices will level out here or rise. Otherwise you're contradicting yourself big time aren't you.
Wroclaw Boy  
6 Jul 2012 /  #1143
Fcuk dude, you're trying to catch me out on the definition of unsubstantiated?

How many new mercs out of how many were being driven by young ladies?
InWroclaw  89 | 1910  
6 Jul 2012 /  #1144
Fcuk dude, you're trying to catch me out on the definition of unsubstantiated?

You shouldn't use words or terms that you don't know the definition of, dude.
Wroclaw Boy  
6 Jul 2012 /  #1145
Polands EU accession caused unsubstantiated growth in property prices, you know something i dont?

I saw brand new cars and very expensive Mercs driven by young women. They can't all be driving their husbands' cars.

How many mercs out of how many, were driven by young females? That you witnessed of course, and hurry up. Third time asking.....dont make sweeping generalizations without sufficient data to back it up. In this case im willing to take a rough estimate, so lets hear it.
InWroclaw  89 | 1910  
6 Jul 2012 /  #1146
Polands EU accession caused unsubstantiated growth in property prices.

Unsubstantiated growth - I'm not Einstein but to me that suggests castles in the air, etc etc. If you do not believe prices will fall, then the growth is substantiated by virtue of the fact that prices do not regress to 2005 or earlier levels (if that turns out to be the case, although we know prices have already dropped somewhat in some regions here in Poland).

wordwebonline.com/en/UNSUBSTANTIATED

"You have already missed the boat" and "unsubstantiated growth" -
to my mind they mean (respectively)
"Prices will remain high" and "price growth is based on nothing proven"
- that's contradicting yourself.

Dobranoc.
Wroclaw Boy  
6 Jul 2012 /  #1147
Your link is ridiculous, it doesn't show the definition of unsubstantiated at all.
Unsubstantiated:
dictionary.reverso.net/english-cobuild/unsubstantiated

A claim, accusation, or story that is unsubstantiated has not been proved to be valid or true. open to question, unattested, unconfirmed, uncorroborated, unestablished, unproven, unsupported

^That's a definition edit ^

Still waiting to hear about those ladies driving new mercs.

I saw brand new cars and very expensive Mercs driven by young women. They can't all be driving their husbands' cars.

How many out of how many? i saw hardly any new Mercs being driven by young ladies in all the time i lived in Wroclaw.
milky  13 | 1656  
6 Jul 2012 /  #1148
the indigenous population bought into the speculation as well.

BUT!!! they were living abroad earning up to 10 time more. Not from indigenous economy. If that was the case prices would still be at 2004 levels.
pip  10 | 1658  
6 Jul 2012 /  #1149
globalpropertyguide.com/Europe/Poland/Price-History

read it to the end. learn something.
OP peterweg  37 | 2305  
6 Jul 2012 /  #1150
Polish housing market faces slowdown

Some 23 percent fewer apartments were sold in Q2 than a year earlier

Real estate developers listed on the Warsaw Stock Exchange sold approximately 1,500 apartments in the second quarter of the year, reported Parkiet. That's a 23 percent decrease compared to the corresponding period of the previous year, and a 19.6 percent decrease compared to the first quarter of 2012.

The reasons for such a significant slump include the mess associated with the entry into force of the Developers' Act, cuts to the Family on its Own mortgage-subsidy program, and a decline in banks' willingness to lend money.

According to analysts, the situation might improve slightly in the second half of the year

article-59705-polish-housing-market-faces-slowdown.h tml

Crash.....
InWroclaw  89 | 1910  
6 Jul 2012 /  #1151
Crash.....

Thanks for that post and link, interesting, and perhaps a reason to remain hopeful.
OP peterweg  37 | 2305  
6 Jul 2012 /  #1152
Waiting for a bus today I was counting flash cars - I know this is a big city and I shouldn't wonder such things, but I saw brand new cars and very expensive Mercs driven by young women.

Lots of people up to their neck in debt. Doesn't mean they are wealthy, could mean a lot of bank owned cars. Mind you you need a job to get a loan.
InWroclaw  89 | 1910  
6 Jul 2012 /  #1153
Mind you you need a job to get a loan.

But perhaps just a temp role once in a blue moon will suffice, as my Merc driving neighbour proves?
milky  13 | 1656  
6 Jul 2012 /  #1154
Crash.....

in slow motion
OP peterweg  37 | 2305  
6 Jul 2012 /  #1155
Is it? very noticeable, significant, falls in Krakow this year.
pip  10 | 1658  
6 Jul 2012 /  #1156
for the love of Pete. A crash is not in slow motion. All of your so called expertise is a joke based on what is actually happening.
milky  13 | 1656  
6 Jul 2012 /  #1157
significant, falls in Krakow this year.

agreed, in some places the crash is very noticeable.
Harry  
6 Jul 2012 /  #1158
Does that mean certain posters here will soon be able to afford to buy a flat?

By the way, you're still losing that bet of yours about prices going down by 20+% over a year.
pip  10 | 1658  
6 Jul 2012 /  #1159
I hope nobody takes advice from Milky. He knows nothing.
milky  13 | 1656  
6 Jul 2012 /  #1160
Yea there's no bubble.
pip  10 | 1658  
6 Jul 2012 /  #1161
there isn't. there is a leveling of prices after the inflated prices of 2007 to 2010. why is this so difficult for you to understand? You don't work in the real estate industry. You don't deal with those who do. You don't buy real estate but you have decided that you are an expert?

I have posted numerous links written by people that know real estate but nobody has ever commented on them. "but they are written by those that are in the industry- they are trying to sell us something." with this logic then we shouldn't believe anyone who earns a living off their expertise.

There is no bubble. Flats and houses are still selling and builders are still building. this is not a difficult concept. It is reality in Poland.
poland_  
6 Jul 2012 /  #1162
It is reality in Poland.

Time to panic?

Right now in Canada we are at the Chicken Little stage. The real estate industry and the banks say there is no bubble. Our finance minister, Jim Flaherty, has warned repeatedly about high debt levels, but even he is on the record saying there's no bubble.

I don't want you to listen to them. I want you to listen to the Economist, Canadian Business, the Wall Street Journal - each of which have sounded scary warnings. Macleans magazine went a step farther with a screaming headline saying it was "Time to Panic."

cbc.ca/news/business/story/2012/04/16/f-vp-pittis.html
milky  13 | 1656  
6 Jul 2012 /  #1163
It is reality in Poland.

yea Poland's different.
Avalon  4 | 1063  
6 Jul 2012 /  #1164
And that's why you still cannot afford to buy.
pip  10 | 1658  
6 Jul 2012 /  #1165
Right now in Canada we are at the Chicken Little stage. The real estate industry and the banks say there is no bubble

Ok- but Canada is not Poland. And I know for a fact that houses in major Canadian cities are still selling--I have friends who are agents in Vancouver and Ottawa- excellent markets. I don't think Canada will have the same crisis as the U.S. based on the fact that our banking system is different and it is much harder to get mortgaged.
OP peterweg  37 | 2305  
7 Jul 2012 /  #1166
There is no bubble. Flats and houses are still selling and builders are still building. this is not a difficult concept. It is reality in Poland.

Yes, everything is fine, sales are down 23%.
milky  13 | 1656  
7 Jul 2012 /  #1167
yea thing are just fine PIP.
Pip is like God,she knows everything.
pip  10 | 1658  
7 Jul 2012 /  #1168
I know feck more than you do with regards to real estate in this country. Once again for all those with learning disabilities. The prices have dropped the 23% and are leveling off. The prices were inflated during the boom build in 2007 to 2009 so now they are dropping to more realistic prices. not bubble. not crash. a drop to what the prices should have been had they not been over valued during 2007 -2009. It is quite simple really.

With regards to the sales dropping- also a result of the mass purchases of 2007-2009. Poles tend to buy a home and live in it forever- and then they give it to a relative. The housing ladder doesn't apply here.

Homes are still selling- there is still residential construction--this can't be disputed.
InWroclaw  89 | 1910  
7 Jul 2012 /  #1169
I know feck all than you do with regards to real estate in this country

Corrected for you.
blaahdy blah  
7 Jul 2012 /  #1170
PIP youve lived in Poland for what 10 years and are relatively successfull by your own admission, why didnt you buy in Warsaw pre 2006?

if you had done that it wouldnt really matter whether bubble, no bubble, correction or whatever - you'd be sitting on atleast 40% capital gains even in the worse case scenario.

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