Real Estate /
House prices in Poland to drop more or rise again? [228]
One of our cousins (we seem to have so many!). Wanted to buy a 30sq meter new build apartment. For sale at around 180,000ZL. My mother in law who is an accountant did the maths, He would end up paying 1200zl a month for 25years. The total cost of he flat plus interest amounted to 360,000zl. (sorry I cant be more precise on figures and years, but I'm remembering what I can).
1200zl a month and he doesn't earn more than 2000zl a month, would leave him with 800zl a month for bills, food etc... not much fun.
Another friend of ours has been trying to sell her flat in Poland so she can invest in the UK market when it hits rock bottom. She has had one buyer pull out because the bank agreed a loan and then changed its mind. The poor buyer lost 10,000zl deposit.
I have heard of many people having had loan terms agreed only to be then totalled, there isn't any money to loan....? very strange...
The Polish propertymarket is a bubble, which needs to burst, the sooner the better.