Real Estate / The current property boom in Poland is a bubble [342]

Will Hutton, liberal UK finance commentator, says:

Real Estate / The current property boom in Poland is a bubble [342]

Well literally all the English-language finance websites are buzzing about this now. You may as well start with bloomberg.com

Basically, the subprime borrowers are the catalyst, but their mortgages were bought up as high-grade debt by financial entities all over the world. These bodies are finding that the mortgages they spent so much on are now worthless.

The world credit system requires all the banks to keep loaning each other money all the time. But this mess has meant that, as nobody knows who's got a subprime infection among their assets, they're refusing to loan to anyone. So the central banks have to intervene and be the emergency loan provider to prevent the banks from collapse.

Also, the price of US homes, even those owned by good borrowers, has fallen 10% in the last 3 months. This adds an extra layer of risk, which means banks have to charge more to cover it.

Real Estate / The current property boom in Poland is a bubble [342]

Well there's a global credit crunch on right now. How is it being reported in the local media.

Are people who could afford to get a mortgage in February now finding it impossible?

Real Estate / The current property boom in Poland is a bubble [342]

Normally, there is no written document.

But even when there is, unless a specific lease period is specified, then the normal situation is that the renter can be evicted after 4 weeks.

Is this the same in Poland?

I understand this is also the position in the UK. Perhaps someone can confirm?

Real Estate / The current property boom in Poland is a bubble [342]

If I may be so rude as to repeat my question: what kind of rights do tenants have in Poland? Can a private landlord evict a tenant without any warning period?

In Ireland a renting tenant can be evicted for no reason with 4 weeks' notice. This is impossible in most of Europe, and helps to explain why Irish people hate to rent.

(I won't be insulted if nobody answers, I hope I haven't offended anyone by posting this again)

Real Estate / The current property boom in Poland is a bubble [342]

Actually, Japan's house prices are still far less than they were 18 years ago. Less than half in fact.

Remember, the population of the developed world is shrinking, not growing.

Why will the trend always be positive for a commodity for which demand is guaranteed to shrink over the next 50 years?

Life / Wholesale beer prices in Poland [10]

Wow, there really is an amazing killing to be made there!

Even at the full 3PLN you can easily sell it for that price in Ireland. We're not moderate drinkers of beer here, and we have no objections to paying 60% below the going rate.

Real Estate / The current property boom in Poland is a bubble [342]

So what's happening in Poland? Are companies building new houses and apartment buildings like crazy to get in on the boom?

As said, in Ireland 15% of the workforce (including hundreds of thousands of Poles) are directly building houses and apartments. A further 10 to 20% of employees are indirectly dependent on the building trade.

Also, are apartments far more expensive than houses, like they are in Ireland?

Here in Dublin, a small one-bed apartment is the same price as a three-bedroom house on the same street.

Life / Winter in Poland? [161]

3 months, eh?

November to January?

Basically, what month does it normally begin to thaw?

Also, which parts of Poland have the harshest and longest cold periods of the winter?

Life / Winter in Poland? [161]

Topic attached on merging:
Winter in Poland

How cold does it get? How long does it usually last?

Real Estate / The current property boom in Poland is a bubble [342]

is it fair to compare the Polish and Irish property markets?

Maybe.

The real issue, as I see it, is the price of houses compared to an ordinary adult yearly wage.

In Ireland, a house or apartment now costs 14 × an ordinary adult yearly wage to own

What is the multiple in Poland?

Also, what kind of rights do tenants have in Poland? Can a private landlord evict a tenant without any warning period?

In Ireland a renting tenant can be evicted for no reason with 4 weeks' notice. This is impossible in most of Europe, and helps to explain why Irish people hate to rent.

Real Estate / The current property boom in Poland is a bubble [342]

Ireland currently has a loony house price boom, which is wrecking our economy.

People think the Irish economy is strong, but it's only American businesses and house builders who are doing well