Real Estate /
Do any UK banks offer mortgages for Polish properties. [37]
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Whenever Milky is asked to provide proof of his statements, he stays away from the forum for a couple of weeks and then comes back to reactivate these threads with the same old drivel as before.
One thing I am curious about. In November 2009 they held the first property auction in Warsaw, supposedly to stimulate the market, which is a common practice in both the UK and the States. The banks are able to get rid of "foreclosed" properties and get some of their money back.
The first (and last) auction in Warsaw, saw sales of 4 properties on offer out of 29 lots. Over 200 buyers/investors attended the auction but obviously, the sellers were not prepared to go below their reserved values.
I never thought that auctions would catch on in the Poland as the banks/mortgage lenders take around 2-3 months to make a decision and get the paperwork sorted. Most auctions demand a 10% deposit on the night and the balance within 30 days, this would be impossible for an average Pole to arrange. That leaves the people with cash who would be looking for a huge bargain, which, as the auction on the night proved, no sellers are going to drop their prices to that level. (So much for a buyers market)
The auctioneers predicted that these auctions would take place in all the major Polish cities but I have not heard of a single one since, which, as Milky is so convinced of a property crash, I would have expected.
It was the same with Mark Biernat, he predicted that prices would crash by 60-80 percent and that new flats would be sold for 1500PLN m2, SeanBM and I offered him a 5000PLN drink for everyone he could find for us to buy, we are still waiting to hear from him.
In conclusion, I have studied the property market in Poland for a long time and I have not seen the falls in price that Milky has predicted. What I have noticed, is the price of land escalating, especially building plots.