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Advice Needed Second-hand Apartment Prices Warsaw (Praga) - Asking Price v Sale Price


Atch 17 | 2,742
1 Apr 2015  #1
Hi all. Am looking at Praga Poludnie, older pre-war places. Prices seem very high. I appreciate that Praga is part of 'old' Warsaw and has romantic associations but I don't think that really means much to locals, to be honest, so I can't imagine them paying a premium for a pre-war building. The price per square metres at the Plac Szembeka end of Praga seems to be around 7,500 per square metres. Are apartments really fetching that kind of price or going for a lot less?
Harry
3 Apr 2015  #2
Prices seem very high.

7,500 isn't that high really. It's not so far from the centre and with better transport links that distance will get, in effect, shorter.

I appreciate that Praga is part of 'old' Warsaw and has romantic associations

It's painfully fashionable, or so I'm told.

Are apartments really fetching that kind of price or going for a lot less?

I'd imagine a good offer would be 6,600 or 6,700. But a lot of Poles don't understand that property is only worth what somebody will pay for it, so they hold properties (or leave them empty) rather than accepting less than what they think the property is really worth, that's why you see properties which are very literally on the market for years (or even worse vacant for years).
Looker - | 1,008
3 Apr 2015  #3
As far I can see, the price 7.500 per square meter in pre-war building in Warsaw is not exceptional high. I would say the price is average. Really huge prices are on Warsaw Starowka - even more than 20 thousend per sq. meter. Every pre-war building in a decent condition do not come cheap - ultimately just a few old houses in Warsaw survived the war.

Check this part of the article about the housing in Warsaw's buildings:

Prices? The discrepancies are huge. - In the last year, the lowest rate we recorded in the case of the post-war building at Grochowska Street, where the price per sq m. in a 58-meter flat was 5450 zł. Equally attractive price we saw in the case of an apartment in a prewar building at Siewierska in the Ochota district - 6 thousand. zł per sq. m (62 sq. m). We had a few prices less than 7 thousand per sq m. (eg in Praga Północ, Praga Południe, Ochota and Włochy district). And the most expensive were eg. Stara Street (a tenement from 1956 for a little more than 13 thousand zł per sq m.), and Słowackiego (pre-war tenement for 12 thousand zł per sq m.). When it comes to bid prices the highest value reached houses in Old Town (even more than 20 thousand per sq m.), and the apartment buildings - says Marcin Jańczuk from Metrohouse & Partners.

Average? Praga Północ housing prices in pre-war buildings generally fluctuate less than 8 thousand zł per sq m of residential premises (higher prices, up to approx. 10 thousand zł relate to representative locations on Praga Północ - eg. at. Floriańska, Targowa). In the city center, Mokotów, Zoliborz - they can go up to 20 thousand zł per sq m. Starówka - from 20 to 30 thousand, Saska Kepa - to approx. 18 thousand. zł per sq m.

porady.domiporta
Harry
3 Apr 2015  #4
As far I can see, the price 7.500 per square meter in pre-war building in Warsaw is not exceptional high.

It's hardly even 'high' for Praga.

Really huge prices are on Warsaw Starowka - even more than 20 thousend per sq. meter.

Sadly one cannot comment on that in a thread titled "Advice Needed Second-hand Apartment Prices Warsaw (Praga)".
OP Atch 17 | 2,742
3 Apr 2015  #5
Thanks very much guys. Very interesting. I personally love Praga, and am sad to see that over the years since I was first there, there have been many changes, not for the better. Beautiful old trees cut down, gardens removed to make paved parking spaces, even some lovely old houses knocked to build very bog standard new developments. The impression I get from Polish people that I've spoken to is that they prefer to buy something new and they like to see the neighbourhood looking more modern. Upwardly mobile younger Poles seem to associate the older buildings with communism, poverty etc.

Long term I think the older housing stock is a great investment because at some point in the future, Poles will start to value what they have in the few parts of the old city that remain.
Harry
3 Apr 2015  #6
Which obviously has an impact on the prices in Praga.

Long term I think the older housing stock is a great investment because at some point in the future, Poles will start to value what they have in the few parts of the old city that remain.

I'd love to comment on that but the topic is "Advice Needed Second-hand Apartment Prices Warsaw (Praga) - Asking Price v Sale Price".


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