Real Estate /
Poland's apartment prices continue to fall [1844]
Interesting conversation about debts in CHF and apartment prices in Warsaw (my loose translation):
Take into account that big portion of people with CHF mortgage bought 50m2 for 500,000. There were many such in Warsaw and I know few who payed this much in Katowice (city 40% cheaper than Warsaw). So they borrowed 200,000CHF for 40 years at 2.5PLN for 1CHF. Assuming that they pay back 50/50 capital to interests, they payed back 20% of capital until now. 160,000CHF left = 670,000PLN to pay. But mentioned apartment is worth now 350,000PLN only.
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There was a company GANT. They were building apartments in 2010 in Wola, Warsaw. Buying price then was 9-10,000 PLN/m2. You can read about it in a forum. In 2014 I've been viewing one of the last 2 apartments - 2 storey, 94m2. The price offered to me was 6,200PLN/m2. I did not buy, because I have found much cheaper. Next example? Apartment in Minarska, 80m2. High quality finished and equipped with price 6,500/m2 (still available). Developer told me that in 2008 when apartment was being constructed selling price was 2 x higher. What people show in adds and for how much they sell is completely different thing.
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