Real Estate / MNE DEVELOPMENT COMPANY , LOFTS, U SCHEIBLERA, LODZ [36]

Sorry to hear that, but nit surprised as lodz just doesn't have enough wealthy people for that development.

One lesson for the future is to withhold your final instalment until you have the ownership papers. Worked for me one time but not sure how desperate this situation is in. Lodz.

See another listed developer has also submitted bankruptcy papers, intakus.

There will be 3 or 4 more in the next few months.

Travel / How much money required for 6 days stay in Warsaw ? [6]

Actually it's getting surprisingly expensive on some things - yesterday for example I ate a lasagne and a bottle of mineral water and an espresso at a fairly modest Italian and it came to 60 zloty. Didn't surprise me but was only as a I was walking out that I thought it's more or less the same price as Paris or Frankfurt.

So 500 for a. 6 day stay would be enough to live but you wouldnt have much fun. I think double it and you will be ok.

Life / Polish word for 'queue' [18]


No, not on budget airlines.

Work / Polish minimum wage between Luxembourg and Bulgaria [13]

Actually the number of people who are on minimum wage is quite low, about 3% of the workforce. But wages in Poland are a bit high compared to the people with whom they are competiing for investment (e.g. Slovakia).

Real Estate / MNE DEVELOPMENT COMPANY , LOFTS, U SCHEIBLERA, LODZ [36]

why dont you then try and cut a deal with the new owner (probably a bank) to release your property for an extra payment e.g. 50.000 PLN - would give the bank a slightly smaller loss.

Real Estate / Poland's apartment prices continue to fall [1844]


Yes they have. Reas is showing a 22% fall in Trojmiasto since 2008. Not sure how much of Gdansk's housing stock is in the old town but it cant be more than 5%. Normal Poles have to choose somewhere with parking and access to schools and shopping than somewhere with a 17th century gable and an overpriced restaurant next door.

Real Estate / Poland's apartment prices continue to fall [1844]


No I'm not. I gave a source, a timeline and an exact figure. Of course its based on town averages - to stop the kind of pub arguments you are using.

You have no evidence apart from some anecdotal nonsense about Sea Towers. Those apartments remain unsold - I know because I'm staying in one during the Euro's. They will join their sister white elephants in Orca and Sky Tower Wroclaw and still be on the market in 2015.

Real Estate / Foreign investor, properties in Poland, walk away from mortgages? [209]

Ok as long as you never want to borrow money for anything again. If you might ever like a loan for your kids college or a car to get to work suggest you don't walk away but come to some kind of settlement

Life / Let`s compare prices of services and products in Poland [359]

One thing that is getting very expensive is parking

- from a random trip to Poznan this weekend.

- Airport 12 zloty. I was there for 35 minutes.
- Hotel Andersa - there for lunch, maybe 90 minutes 10 zloty.
- rutted and dirty piece of land near Rynek - was for 70 minutes - 8 zloty.

These prices have all doubled in recent years and the "kazdy rozpoczete godzina" thing is a rip off.

But in general I have no idea how the Poles afford their cars - it certainly seems a huge status symbol for them or their work is paying for it. Petrol proportional to wages is I think the highest in Europe (maybe Hungary is higher). Motorway costs are also a rip off - 12 or 13 zlots for less than 100km.

Work / Quitting my work, going to the next one in Poland! Help and advice needed. [2]

Answers to your questions

Yes
No - work your two weeks notice by law. In practice company A probably never want to see your face again so will let you gomthe same day.

Yes - be very sure on your work permit issues for company B. If they don't sort it you may have big problems.

Real Estate / Commission for selling apartment in Poland [5]

Put 4 percent but with a cap of 10 k. You will get agents willing to work for that as it is thin times.

Real Estate / What do you pay in rent/mortgage in Poland? [144]

delphiandomine

Its a difficult one - it has had lots of consequences on the market now but at the time it was probably the best thing to do - at least it gave people a roof over their head at the time that shock therapy was needed but obviously causing huge job losses.

If homelessness was added to hyperinflation, mass unemployment and the release of social tensions then Poland could easily have gone the way of some of the weaker states like Ukraine. Instead it stayed with the richer group like Czech and Hungary.

Law / Where to find a postcode map of Poland? [4]

thanks for the help - thats useful

what I was rather looking for was a map of the towns with the postcodes printed onto it. reason is to process market research data - I have a list of customers postcodes and want to put it onto a map. In e.g. Germany you can get such a map of each towns.

Real Estate / Poland's apartment prices continue to fall [1844]


Are you sure ? I havent seen that yet ! I know obviously Provident are doing good business here but I didnt know the payday loan thing has started in Poland. Bad sign if it has.

As for whether 50 sqm is big or small then try doing your marital duties in the bedroom with the kids sleeping in the lounge/kids bedroom and then all wake up to share your 10sqm kitchen and 6 sqm bathroom. Lived like this for a few months and it soon gets tiresome.

Real Estate / Poland's apartment prices continue to fall [1844]


Quite arrogant really - I own 3 properties over here, one I would say was a great investment, one OK and one awful. Nothing to do with wisdom and everything to do with luck and timing. I'm in the market for another one and after 6 months of haggling think I might get it for 30% less than the asking price.

With all the discussion about sources I'm surprized nobody else picked up the Rzeczpospolita article from Tuesday showing year on year falls in the secondary market of 10% in Poznan, 8% in Lodz and Warsaw and 6% in Wroclaw.

Real Estate / Poland's apartment prices continue to fall [1844]

5 months to go ! It's early doors ! We did have 10 percent in wroclaw though :)

Law / HELP - Polish Tax Issue! "Ryczałt"? [3]

Not sure how significant the cash is but if over 150 k euro then you have a route out as the Ryczalt rule can not apply. That would save you from a drastic step like giving up property.

Real Estate / Poland's apartment prices continue to fall [1844]

I dont think they will cut rates at the moment - would damage the zloty which is having a real shaky few months. Probably going to be autumn before any rate cut even considered.

Real Estate / Poland's apartment prices continue to fall [1844]

So a few months ago you were saying no developers were going bust but now that they start to go bust you say they were the wrong kind of developers. Let me guess, Poland is different :)

In fact PBG's housing operations are not massive, only 8 developments, but neither are they tiny.

Nobody picked up on yesterday's Gazeta Wyborcza article showing not only good data on falling asking prices and real falls compared bto inflation but also that the gap between asking prices and achieved is now getting very wide - a 9% difference for a 2 room place. In some towns then really big differences e.g a studio in Wroclaw 18%, in Warsaw 14%. (in Gdansk bizarrely its 2% higher !).

Dont worry, its just a levelling out.

Real Estate / Polish Property - should I keep renting it out? [17]

Some of the things written here are way too alarmist. You have made a bad investment, its not the same as being a rapist or a thief. I dont think the poster said anywhere he was speculating - maybe it was a family home ? In any case one lesson you should learn is never to take out loans in an unrelated currency.

Personal bankruptcy does apply in Poland and has done for about 3 years since they changed the law. Its not easy compared to UK or US since you have to make monthly reports in Polish etc but in any case if you have severed your links with Poland its not really worth doing it unless your mortgage debt is crippling.

If I were you I would find a lawyer in the town where the property is and make sure that you are dealing with the correct person in the bank. The best thing to do would be to ask if they will accept a "cesja" for an indefinite period where any money you get in rent is transferred directly to the bank. That way they will know they are getting all the income possibly from the site and they will see it as a show of good faith on your part. This tends to work in commercial properties (where I have lots of experience) and will buy you some more time at least until the zloty gains some strength.

European arrest warrants are I thought for civil matters only. I'm no lawyer but a quick glance at wikipedia states

"An EAW can only be issued for the purposes of conducting a criminal prosecution (not merely an investigation), or enforcing a custodial sentence.[1] It can only be issued for offences carrying a maximum penalty of 12 months or more."

None of the above apply, so I suggest you go about your travels without fear that you will be put in an orange jumpsuit. I know the Polish government is using these for bringing petty criminals back from the UK, but I think even the UK border authorities might baulk at chasing up mortgage defaulters, otherwise the queues at immigration when a flight arrives from Athens would be something to behold.

Real Estate / Poland's apartment prices continue to fall [1844]


Avalon has said that on many occasions somewhere in the depths of this thread.

Real Estate / Poland's apartment prices continue to fall [1844]

Well I got to 2 - 266 and 284 but there must be more, unfortunately I have work to do !

Real Estate / Poland's apartment prices continue to fall [1844]

Here's another gazeta wyborcza article from today. Seems like there is a daily feed from them at the moment, and also good links to prices on their own websites.

Poles not in my head now buying apartments. Those who depend on a quick sale , so they are forced to lower their prices - Inevitably approaching holidays, which are not the best time to sell the property. In addition, all intentional or slightly less enthusiastic, we are involved in Euro 2012.

Plus another big builder with big cash flow problems, Polimex - they are again really a civil engineering firm but they have tried their hand at residential estates near Warsaw too


Nothing stupid about my comment - 8 developments x say 30 apartments x 60 sqm. If its impossible to build for less than 4000 per sqm then thats PLN 57m on their balance sheet to deal with. Thats more than just a case of keeping your architects busy for a few months.

Travel / OLT Jetair (flight to Wroclaw) [38]

I think the worst that could happen is that they may go bust between you booking and getting on the plane, but if its only a case of losing a few hundred zloty then may as well go for it. Same happened with Air Polonia a few years back.

I booked a few weeks ago but missed my flight so still havent tested them.

But I'm very nervous about safety - its not really a credible pricing structure !

Still it will hopefully make the trains and lot think about their pricing - the train is getting really expensive (or rather poor value for money). Of the last 20 intercity I have been on 14 have been late - up until recently train was much more reliable. And the stations are just horrible.

Life / Is it McPoland? [63]

No they don't but if they did I actually think it would come in as one of the healthier quick eating options in polish towns. Choice is limited to vile kebabs, poor quality pizza and very greasy polish food. coffee shops cost huge amounts here - more than 5 euro for a weak coffee and a half filled sandwich.

Things are changing - more and more sandwich bars, salad bars etc but never close to offices.

Life / Is it McPoland? [63]

you are 100% right about the weight but I think its partly down to more cars, longer work days. Not just food.

I dont think its easier to get buns and cheese from a corner shop - you need a knife, you dont get any plate and napkins, no hot drinks, nowhere to sit (and sitting on benches outside in Poland in a suit tends to make you the target of every beggar in a 1km radius), nowhere to go to the bathroom. Add to that the fact that you will have to queue behind a bunch of people buying lottery tix, that the guy will not have any change for your 20 zloty note and the buns are normally hard by late morning.

I honestly think that in most Polish towns then the golden arches is the most reliable place to get something quick to eat. As someone else said, just make sure its once a week, dont supersize your fries and you will probably not die.

Law / Accounting in Poland, business venture [44]

I think I answered this a few months ago - well done for pressing on with your case. If you can dig out what I wrote before it still applies with a few changes - mostly in your favour

- rates are going down for accounting clerks. In my experience they have fallen 5-10% over the past year and you would get people starting at around 2.700 (though with limited language skills). Reason is that shared service centres now recognized as being boring work and also less entry of shared service centres in past year or so.

- unemployment among young people is going up quite rapidly in most big towns and you would be surprized at the rates in some big towns. In Gdansk and Wroclaw overall unemployment now at 7%+ (I havent bothered to check the exact figures in case some pedant finds its 6,5%).

You would probably be better off with India or South Africa though - less language problems, lower wages, better accounting traditions and in the case of India you can shorten your deadlines by them working during the European night.

Law / Accounting in Poland, business venture [44]

You dont need masters staff to do that work -

my own accounting team is

- 3 qualified - all paid PLN 10k plus
- 4 others with degrees - mostly doing treasury/forex type things - paid 4-8k
- 5 interns (paid about 2000 per month but you could get them for a bit less)
- 7 with only secondary education but most who have been on a bookkeepers course (which I think is a few months). These are the people that do most of the actual booking and those are the people I think you can get for less than 3k

15 women. Occasionally some of them get pregnant but thats life and no babies eventually means no customers for anyone. Of the others I would say that if you can provide flexible time for people with kids and are understandng when their kids are sick you would probably get people willing to work for a few hundred zlots left.

szczecin would be cheapest place of the ones you mentioned also for office space etc. I think you might find it more difficult to find people at the higher competency level however.

anyway, thats enough free advice ! good luck with your venture

Law / Accounting in Poland, business venture [44]

Actually no idea - one is definitely way over 40 but the rest between 20 and 40. I would put their average age around 30.