Real Estate / Thinking of buying an offplan Luxury Property Wroclaw [79]

Hi Sambud

In terms of return on investment I would also agree with Wroclaw Boy and his suggestion to buy a house in Wroclaw. Apartment prices have risen significantly in the last 24 months while house prices in the main haven't risen as significantly and are bound to catch up.

However I purchased a house in Tyniec Maly near Bielany Wroclaw in my own name, independently of my husband and before we were married and the permit process, timescales and assorted bureacacy is one that I wouldn't like to repeat. I kept getting conflicting advice from the various professionals I engaged in addition to conflicting information from the ministery who are almost impossible to get hold off!!!

It is worth looking into, another option is to set up a company to purchase a house, and from my understanding you don't then need to deal with the Ministery for a permit, however you would need to research this throughly. If you do decide to go down this route then I would definitely engage professionals that have experience in this space with foreign investors and research them throughly.

If you don't have any contacts in Poland then investing in an apartment is definitely easier, however purchasing a house is also possible.

Good Luck

S

Real Estate / Thinking of buying an offplan Luxury Property Wroclaw [79]

Hi Sambud

I would agree with Vndunne, the Wroclaw economy is very dynamic and the mayor has marketed Wroclaw and its location very effectively to foreign investors, compared to other polish cities it is easier to do business with a lot less bureacacy.

However I understand your concern obviously Frankfurt is the Financial Services Powerhouse of Germany so you are right it is concerning that you can find high end developments for sale at less then what they are selling for in Wroclaw. However in terms of the culture and psyche there is a huge difference between Poland and Germany. Home ownership in Germany runs at about 40% with most of the population renting for significant periods of their life, however in Poland home ownership and the desire to own property is a lot stronger with most of the population aspiring to own property and when they do there is also a stronger desire to trade up when they can afford to.

There are a number of large investors committed to the Wroclaw market. LC Corp which is run by Polish billionaire Leszek Czarnecki whose hometown is Wroclaw is investing $400 million in the Sky Tower development in Wroclaw in ul Postancow Slaskich and has also developed Arkady Wroclawskie the recently completed shopping centre and office space. Verity Developments have also got a significant number of high end developments in the pipeline for Wroclaw. In my experience MGPA Real Estate (one of the investors in Angel Wings) would not invest in Wroclaw to this extent without a significant amount of analysis and due diligence, I work for RREEF in the UK and am familiar with the extensive research that investment banks and PE firms carry out before making an investment decision.

I also think that entreprenurial spirit is significant, most of my husbands (who is polish and from Wroclaw) friends who live in Wroclaw have already started their own businesses or have business ideas in the pipeline. The profile of these individuals are well educated with degrees who have worked for large organisations etc and now want to start something up for themselves. I think this is also stronger then what you would find in Germany.

If you do decide to invest in Angel Wings or another high end development in Wroclaw I do think that it would have to be for the medium to long term (5 - 10 yrs) rather then the immediate short term.

From a personal perspective, I plan to relocate permanently at the end of the year with my husband to Wroclaw from London as I'm attracted to the dynamic environment and business opportunities within the city and region. We have invested in real estate over the last seven years in Wroclaw and the returns have been significant, however I do think it is important to research the location and developer before you make a decision.

I would suggest that you have a look at the following sites: investmap.pl (in polish) but gives you an excellent overview of the Wroclaw market and development plans and gazetainwestor.com go to the archiwum section and have a read through the recent publications, a lot of the articles are in english and will give you a good overview of the economy and investment plans for Wroclaw.

Good Luck with whatever decision you make

S

Real Estate / Thinking of buying an offplan Luxury Property Wroclaw [79]

Hi Sambud

I like this development and invested in a property close by in ul. Rakowiec just off ul Niskich Lakach and ul. Na Grobli, so know the area well. Ul Niskich Lakach is a lovely tree lined street and the area south of this development Rakowiec is quiet but very central.

In terms of new developments it's one of the premier new developments currently on the market in Wroclaw. The same company will also be involved with the Hilton Hotel Development and also Hotel Mennicza both of which will be close to Angel Wings.

The location is great, close to the centre and there are also plans to redevelop a sports facility and training grounds in ul. Niskich Lakach. From the developments location you can also walk to the Zoo and Park Szczytniki, not too well known but if you walk down ul. Na Grobli there is a pedestrian foot bridge that takes you accross the river odra to these two locations.

As well as being a short walk to the Rynek it is also very close to Pasaz Grunwaldzki the new shopping centre and not far from Ostrow Tumski.

I saw their development in Krakow and was impressed by the finish so I would recommend this development especially if you consider that Resident Tumska from Ghelamco in Bema Plaza is selling for the same price, I think it is competitive for what it is.

Regards

S

Real Estate / Thinking of buying an offplan Luxury Property Wroclaw [79]

Hi Sambud

It will depend on the developer, the finish of the development and the location. There are parts of central Wroclaw that are more attractive then others.

3000 Euros is about 10,500pln per m2 and if it is a 10 minute walk to the market square I would say that 9,000pln to 12,000pln perm2 is the current market rate depending on the apartment building size and location.

I'm very familiar with the Wroclaw market so if you give me an indication of the development you are considering I will give you my thoughts (for whatever they are worth)u.

On a positive note the rental market in Wroclaw is quite bouyant but there will always be a ceiling rental price no matter how luxurious the development so its also important to consider that.

S

Real Estate / Where to look on the internet for Poland Real Estate [112]

In addition I've found the following useful:

locumnet.pl - in polish/english for property throughout Poland. Some gems in the secondary market.

oferty.net - both primary and secondary market throughout Poland. Only in Polish but easy to navigate.

wbj.pl - Warsaw Business Journal free to access and great real estate section.

gazetainwestor.pl - excellent monthly available online focusing on Wroclaw & Poznan markets in polish and english and great level of detail and informed interviews with local developers etc.

investmap.pl - overview of all new residential developments in addition to public, infrastructure & commercial development plans throughout Wroclaw and the Dolnoslaskie region only in Polish but easy to navigate. Excellent source of public expenditure plans right down to a detailed list of the Kamenica that the council plan to renovate with public funds.

urbanity.pl - overview of all urban regeneration plans throughout Poland both private and public only in polish.

skyscrapercity.com - go to Europe and select Forum Polskich Wieżowców then choose relevant region within Poland. Again in Polish but gives a great overview of what is happening lots of photos and a great overview of what the locals think of certain regeneration/development plans.

Eurobuild.pl - overview in english of polish commercial property market. Monthly.

nieruchomosci.com.pl - internet portal that links to the magazine Rynek Dolnoslaski so primarily for Wroclaw however there are also sites for Krakow and Gdansk. Great overview of all new developments and developers in the local market as well as current offerings from a large selection of real estate agents as well as property articles. Only in Polish.

metr2.pl - rental property gives good overview of current rental market and market rates in polish but easy to nagivate.

warsawvoice.pl - english magazine with real estate section.

wroclaw-life.com - good overview of the city, accomodation, places to eat etc also available for other cities.

citywroc.info - overview on public and commercial developments only in Polish and focused on Wroclaw.

reas.pl - in english consultancy giving overview of the market although some of the articles are in need of updating.

tabelaofert.pl - rednets property portal you can search for all new developments throughout Poland. In polish and english. Always you to search by region.