I forget exactly thee % but in 3 yrs 2005-07 Polish Property prices went up in property 40% 60% 70%. Was immigration not the big player here.
Some developments increased 250% within 2 years, i witnessed certain developments start price at sub 4,000 PLN / m2 then still selling two years later at 11,000 PLN / m2, and they
were selling at that price too. What did property secrets call it the 200% club.
Immigration had little or NOTHING to do with it. Contributing factors were:
Polands EU accession
Massive overseas interest
Property investment hot spot
Availability of mortgages
CHF (Swiss franc) low interest mortgage
Massive interest form the indegenious population (the markets booming best buy now if you can)
Poles are moving abroad in their droves, buy now before they return
Poland will take on the Euro currency, buy now before the Euro
In hindsight the fact that millions of Poles relocated abroad only increased the property prices and was more argument to buy now before they return. The Poles that youve spoken too and own property have bought out of desperation.
Trust me man they are not lying.
Ask them if their willing to sell at a loss.
well down is the only way it will go,a slow deflation, unless the economy begins to seriously boom and wages double.
Well lets take the UK as a viable module, people are forever being priced out of the market, wages stay the same whilst everything else increases, whats the story on property there? The UK had a crash late 2008 but since then everything has increased in price without inline wage increases and property prices.... still 5 times (more like 6) the average annual salary for a mortgage.
The days of cheap property in Poland for investment are well and truly over, hopes of a crash are delusional im afraid. If you want to buy for investment, buy in the country.