Poland's apartment prices continue to fall

It's actually one of the reasons that prices have neither gone down as far or as fast as they should (some people are simply not selling their properties, as they believe that the market price is for some reason below the 'real' value of their property, and that limitation of supply is keeping prices artificially higher than they should be).

Harrys onto a winner there weg, obviously you cant take it 100% literally, there will be room for slight negotiation. The main thing keeping the market where its at are stubborn property owners/developers. I think Poles see it as a loss/weakness, they havent been through traditional boom bust property scenarios like we have.

The falls are, in reality, high. Prices in Poland are falling faster than many other EU countries.

Some EU countries perhaps.

On a side note: if Poles had taken the correct property hit when it should have actually happened then they would have been somewhere back to property equilibrium right now, as it is nobody really has a friggen clue. Personally I think they are just delaying the inevitable and the market will continue to slowly decrease over the next year or so.

The consistent downfall in the last 12 months, prove that this theory, that was invented in attempts to rationalise the stagnant period:is a myth.
Since the peak in places like lodz and Poznan,prices are down 32% and 25%.
The mythical Polish trait of "refusal to put down prices" is now up there with the Irish mythology of "the soft landing" in house prices. Both myths perpetuated by the seller.

The falls are, in reality, high. Prices in Poland are falling faster than many other EU countries. ( FACT)

in Krakow prices are all same what was before

ober-haus Real Estate advisors

Krakow down 13.6 % from peak

Which is rather different to the '20%+ fall' between September of last year and the September of this year which a certain somebody whose name starts with M was predicting back in September of last year.

prices down between 10 -32 % and going down at least 1 % a month overall, every month.
One thing for certain: I was right and I am right.

The one thing which is certain is that you were at best economical with the truth and you are at best economical with the truth. The reality is as follows: Katowice up year-on-year 17.25%, Kraków up 6.57%, Poznań up 5.74%, Warsaw up 7.50%, Wrocław up 1.57%, Trójmiasto up 2.98%, Poland up 3.80%.

And because I'm not you, I'll give a source to back my post:
tabelaofert.pl/real-estate-prices?locale=en

Try giving a credible source.

For instance,

residentialadvisors.eu

Doesn't seem that way here, not sure what category of property that applies to, although prices aren't tumbling fast they don't seem to be in the ascendancy at all. Not so far, anyway

Prices are falling in Krakow.

I don't know what they're asking, but there's a house and a flat on the side of Krzyki near what was the drama academy, and new church - I think they have both been for sale for 18 months. Whether the vendor has dropped the price or stubbornly refused as Harry suggests I couldn't tell you, but they're certainly not sold so far. Also quite a few with the for rent signs locally and in the Rynek, for some months. (Banners on balconies or windows is how I know.)

Whom to believe?

We have all agreed that prices between 2004 - 2008 increased by over 100% so a 13.6% fall in prices from peak is still only a correction, and not a very big one at that. It still means you are going to need one hell of a mortgage to buy one. Even with cash, I cannot see a seller knocking another 90% off but you can always live in hope.

Very very common, I'd say. There is a very weird habit of being afraid to take less money - I've seen it in other areas, too.

I reckon the problem will get worse as Babcia dies - more and more young people (without a clue) will suddenly inherit property and will demand ridiculous prices.

One can only hope that the forthcoming reforms coming in real estate agencies will change things dramatically.

Was just checking the direct (not via agents) rentals on Gumtree and seemed to me the prices were down - more were sub 1500 than last week when I last checked. I was thinking perhaps this was a blip and I wouldn't post here but then I saw one reduced from 1600 to 1200 a month and that encouraged me to post this anecdote. I would post a link but I may go view it, sorry about that!

It could be that the real estate agents are getting very afraid - and thus they're dropping prices now to make more money before the law changes.

(the law will change soon - and the profession will become deregulated)

What will the reforms and deregulation mean for consumers? What will agents do/not do differently? Deregulation usually means a relaxing of rules, does this mean there will be more people setting up a business as an estate agent/real estate agentrealtor?

The word's meaning depends on the user.

Thats complete and utter rubbish. The rise in prices was 258%

Go back to school and learn how to multiply - it is not the same as addition.

I explained compound interest to you here

Polish apartment prices continue to fall

Read it and understand it. How on earth did you survive in the building industry without learning maths?

We have all agreed that prices between 2004 - 2008 increased by over 100%.


So, is 258% not more than 100%?


I survived by thinking first and then making a comment, I also did not pretend to know everything about everything.

Keep going, you are making yourself look a bigger prcik with every post.

This is correct, by saying at least/by over 100% Avalon is hiding the fact that there is a bubble.
Peterweg is correct to point this out.

When I'm reading "over 100%", I am thinking of something between 100% and 150%, typically 100-120%, but definitely not of 250%! A very curious logic behind this statement. Yes, 258% is more than 100%, but that is also more than 10%, so why not tell 10% rather than 100% to compare it to 258%? Any explanation for that?

He wants people to avoid the big picture.

what did property secrets used to call it? the 200% club....

Another one that cannot read.
Where did I say "at least". If I had said 145%, 176%, 258%, people on this forum would argue as to the exact definition of how these figures were reached as all the available sources, contradict each other. I made a statement and it does not matter whether the figure is 200%, 300%, 900%. Your figure of 13.6%, taken from any of the percentages over 100% is small, certainly not a crash in prices. Even if your figure is correct, prices would still have to fall another 46.4% to be in line with your prediction of 2009.

This would then be 40% above the 2004 figures, which, you would still pretend is a bubble. Do any of the posters on here, really believe that prices will fall another 46%? Has anyone seen any evidence of the Polish economy tanking to such an extent?

I sold a large 120 m2 flat last month (completion on July 1st) for 290,000 (developers standard, built 2 years ago) I let the young couple (both work in Norway) have it for 290,000 although the asking price was 299,000. No agency was involved so I basically knocked off the agency fee for them. It cost me next to nothing.

The flat was cheap at that price and I was not prepared to negotiate any further discount, I would rather give it to one of my wife's family than drop 50%.


Being good at what I do and making lots of money? What have you ever done, besides living off your Polish girlfriend?


Yes, see my post above. The important figure is the "13.6%", not the percentage rises of different types of property as these can vary enormously.

Milky's prediction of a 50-60% prediction of falls in prices have not happened. I am not saying that the luxury end of the market has not seen substantial price reductions but his has not occurred at the lower end.

He's no good at maths.


And a very loose interpretation of numbers and logic.


Hmm, living off a student nurse with a 500pln a month grant or my 20k per month wage. With your maths skills, I guess you would think thats possible.

There is nothing wrong with my maths skills. But, if you really want to get personal, would you like me to dig out your posts and maybe we can try and understand how somebody who boasts about going to university, can barely put a sentence together without leaving out ''articals" and as WB puts it, "waffles" on, inanely.


You stated previously that the flat in Krakow is owned by your girlfriend and the farm is owned by her parents. Does that leave you with a mortgage? or are you paying rent? For someone that does not own property in Poland, you know a lot about it, probably as much as Milky from the sound of it.

which is probably something that helps push down apartment prices in Poland (just trying to stay on topic here).

those old commie blocks and 100 year old houses in "the village" are breaking down and people aren't filling them like they used to (not to mention the country's youth is moving to the cities to find jobs) and now, people have to actually PAY for their homes. I swear, half the posters on this forum seem to be living in their grandparents' home or their girlfriend's/wife's parents' home or something to that nature and skating by rent/mortgage free.

at some point, poland will realize that life on their salaries simply isn't sustainable when everyone has a mortgage/rent payment. then they'll also realize that 27 is too late to be getting your first job.

foreign developers are going to make gagillions in Poland in the future.