Real Estate / House prices in Poland to drop more or rise again? [228]


I wasn't being disrespectful, Its best to cut your losses sometimes, better than lossing the lot.


If you purchased a property to live in, you have lost nothing, when investing you must know that its not always money, money, money, just ask our friends in the US money market.

Real Estate / House prices in Poland to drop more or rise again? [228]

I know a few people who purchased "investment" properties, they are unable to sell, and in the polish tradition not prepared to lower the prices. The pick of the pick of finding a wealthy overseas investor is nowhere to be seen.

Real Estate / House prices in Poland to drop more or rise again? [228]

It would be interesting to find out what the developers are saying!

Real Estate / House prices in Poland to drop more or rise again? [228]

The interesting thing to consider is that are you better off buying properties in the UK, Ireland and US once they reach rock bottom, lets face it property prices in Poland are still very high, I don't mean the ones in the country.

Real Estate / House prices in Poland to drop more or rise again? [228]


Its the old greed story, you dangle a carrot at somebody and hope he bites. The smart ones who have invested in the property market have cashed in years ago and made a handsome return. One has to understand that the current financial crisis will be around for a long time and Poland will not be exempt.. it has fared well to date due to tight money lending. I don't know about the foreign banks in Poland.

Those people currently locked into off the plan deals with be most effected, some of these companies will go under and like in Spain these buildings will be like elephants.

The worst is yet to come.

Real Estate / House prices in Poland to drop more or rise again? [228]

Have to talk about somebody!... No heard a lot about the Irish firms in Krakow, no doubt it may also have been a reference to the English companies.

Sorry, I did not want to be personal, I hope you enjoy being amonst the polish people, thats great.

Real Estate / House prices in Poland to drop more or rise again? [228]

SeanBM settle down, I don't think Poles like foreign property developers making mega dollars the same as you don't like seeing CEO's making tens of million dollars a year in income, thats the way it is old boy, lump it or leave it. I think the Irish developers are licking there wounds at the moment!!

Real Estate / House prices in Poland to drop more or rise again? [228]


If thats me your referring too, here I am, lets put the nasties behind us and move on. Been away for a while and had no access to a computor.

Let me just say I was not referring to individual investors, just the corporate ones, anyway.. Look I hope people make a good return with property investments providing it is fair and honest. I've pointed out that there are a lot of wild cards when investing in real estate in Poland, one which has surfaced is the falling zlote, changes in exchange rate of foreign currency against loans are just a few. One point which is crucial (and you have made this point) is that wages must increase before real estate prices increase.

The idea of buying cheap country property sounds great and is indeed very cheap, but how many people in the country would be in the market to buy your property, Poles tend to purchase a block of land and build themselves.

More important access to hospitals, transport, and employment, let alone cost of heating and electricity. Poles have traditionally lived in flats/apartments and buying a detached house is somewhat new, it has its positives and negatives.

Its cheaper to buy a country property in the States than getting involved in red tape and uncertainty.
Undoubtedly I will get quick responses from property investors telling me the opposite hmm

Real Estate / House prices in Poland to drop more or rise again? [228]


not always, I'd prefer to gamble on the US property market than of the Polish, the money on Polish real estate has already been made, although some pockets still exist to make money, one thing for sure people buying off the plan are set to be very disappointed. Poland is still to feel the effect of the current crisis which is getting worse by the day.

Real Estate / House prices in Poland to drop more or rise again? [228]


Ash1972, sorry my son, you just don't get it....almost all millionaries started with nothing and ended up rich by borrowng money, I quess timing has a lot to do with it.

Real Estate / House prices in Poland to drop more or rise again? [228]


How many rich poles are there that can afford to buy a house without taking a loan, a few I might suggest. the notion of buying a investment property was to take out a loan, negatively gear it to avoid taxation and as was the case some years ago sell it at a handsome profit. This is what caused the current meltdown in the US.

I believe that property investment in Poland at this particular moment is risky, however some specific pockets of real estate may be worth while.

Keep in mind that prices of homes in the US are cheaper than that in Poland.

The average gross wages in Poland is about 3200zl a month. Food, gas, water electricity is expensive. I know too well of the huge cost of heating during winter.

How much do you think a bank is going to loan these people for a house??? This means that anything over say 400,000zl will be out of the reach of most people, I don't think people from GB or the US will be flooding the gates to buy Polish Real Estate.

We live in a global economy and every country will be effected by this current crisis.

There has been a lot of talk from governments in GB and the US suggesting that jobs should be offered to US nationals in there countries I could imagine the procession of

poles returning home only to be greeted by unemployment and poverty.

Lets face it a lot of people who purchased investment properties have lost and will loose more, and that includes me.

Real Estate / House prices in Poland to drop more or rise again? [228]

Sorry ash, I didn't realise your from the higher economic level of person living in Poland, lets hope your not one of the ones to be king hit as a result the global economic crisis.

I'm just a average sh/t head trying to make ends meet. (don't bother telling me that Poland will not effected)
My experience tells me that in a economic downturn the higher end of the property market suffers the most.

Real Estate / House prices in Poland to drop more or rise again? [228]

Very true, what I was trying to say was that any fool could make a quick dollar in Poland some 10 years without trying, there is always money to be make for the smart investor, even in real estate, my advice would be to keep away from country properties and high rise developments, that is at the moment.

Real Estate / House prices in Poland to drop more or rise again? [228]


Very true, a lot of novice investors use this forum to seek reassurance in what they have done, seasoned investors just move on and don't worry about it (sorry Ash)

The truth remains that making a quick buck in Poland ceased some 10 years ago and a lot of skill is now required to invest successfully in Poland.

A lot of people who invested in flats and apartments in recent time will be reaching out for a bottle of vodka to control there anxieties.

One thing is certain the current economic crisis that we are experiencing will raise its ugly head in Poland in some form or other.

I suggest that the average Pole will find it very difficult to obtain a bank loan to fund the already overprice real estate in Poland. Lets wait and see!

Real Estate / House prices in Poland to drop more or rise again? [228]


Nothing will happen in Poland till such time as workers receive similar income to those of other EU members, where pensions have some value. It is hard to see this being realised. Take Japan and Germany, both in recession, they are both highly industrialised nations, Japan has been in recession for over 10years. What has Poland to offer??? I suggest very little, it still has to battle its huge pollution problem. It lacks good roads, hotels and common spirit amongst its own people to make it happen.

Another wild card is deflation or inflation? Its only a guessing game. Time will tell

Real Estate / House prices in Poland to drop more or rise again? [228]


Yes as the story goes a fool and his money.hmmm. annual capital appreciation of 10%?? lol, pull the other one. The world is set for the greatest downturn on record, ash1972 my friend do some hard research!

Real Estate / House prices in Poland to drop more or rise again? [228]


Happy indeed, I don't know how the future in Poland will turn out suffice to say that every country engaged in the global economy will in some way be effected by the current global crisis. Poland will be no exception, the reason why things are hanky dory so far in Poland is because a lot of people are returning back from GB and Ireland with plenty of cash and are accessing the property market and spending money,(things will change when the money runs out) my prediction is that blue chip properties will maintain current value and more, but homes on the outskirts will go down. Wages are still very low and it is a struggle to survive on average wages, let alone borrow to purchase a house. I could be wrong!

Real Estate / House prices in Poland to drop more or rise again? [228]


I agree, most of my friends struggle to live pay by pay, the likes of some of the Irish people on this forum claiming to have big wallets and high income makes me laugh.