Poland's apartment prices continue to fall

Yeah sure they over value by what 10% = £100k in the gamble that the seller doenst have a friggen clue about the value of his property, thats a crock of shite. Then they spend thousands on avertising on this overinflated price that they know is inflated as they only over inflated because they wanted to fool the client. Come on.


You do if its in demand, high demand. Central London (and im talking one of the best areas) is a sought after location, the types of people that buy property here are high flying stock brokers and general highly paid banking sectors parasites. Nothing is for sale there and when a good one like this becomes available the agents seem to think they will get £1.3m for it, or atleast start at £1.3m.

You two are not looking outside the box here, in any case its not really my problem as its not my apartment. Dont shoot the messenger, and the informaiton is 100% accurate.

Perhaps later i'll post a similar property.

A good mate of mine is a real estate agent in London and he informs me that prices have gone up 50% since 2007 in London in specific areas.

I think it strange but not impossible.

50% maybe. 200%, no chance.

And check the date, 2007 was peak, prices then fell 20% so a 50% climb from 2008 is a very different prospect.

They are having the same argument in Germany:-

But the real estate situation in Germany "is not comparable with the US and Spain," says Steffen Sebastian, chair of real estate finance at the University of Regensburg, in the southern German state of Bavaria.

"You can count on more turbulence in the German real estate market," says the University of Regensburg's real estate finance chair Sebastian. "We are living in uncertain times and what we are experiencing happens once a century. We have seen so much that did not seem possible five years ago."

As a note of caution for would-be investors he adds: "It's not necessarily a bubble, but under no circumstance would I still put all of my savings into real estate."

spiegel.de/international/germany/german-real-estate-market-soars-amid-euro-crisis-a-838437.html

There is a possibility that the German investors might see Poland as a safe haven for their money.

This ad with tear-off strips is stuck to a newspaper stray at a block of flats neighbouring my street. I hope it doesn't mean someone is looking to buy a flat in the block there because they're already going to buy to let landlords filling places up with noisy and selfish tenants. Area has gone down in the past year for sure.

Ad wording:
"Kupie mieszkanie w tym bloku. Zainteresowane osoby prosze o kontakt 6 .."
Google translates it to something that makes no sense in English.

"I buy apartments in this block. Interested people please call." Why so strange? Perhaps the block is in a desired location or they have family living there? I have seen many adds like this--my old osiedle used to have one.

I am not trying to be rude but if you need google translate for a simple message like that, (bloku...zaintersowane...kontakt? the clue is the words..?) finding any flat is going to be tricky.

I did say:


I don't pretend to know the Polish language at all, never have. Am sensible enough to not assume I know what something says without looking for some other way to verify it. Nothing wrong with that approach, it's how people learn things, been going on for billions of years.

Please stick to topic
are prices still going down rapidly?

4,800 to 5,500 in Miasteczko Wilanow, 7,000 in Zoliborz and 15,000 in Powisle--all districts in Warsaw. Is this a rapid decline?

No they are not, as is shown by information from the sources which you post here but you do not link to.

Latest figures from the source which Milky himself uses (when it suits him):
city m/m q/q y/y
Katowice +6.79% +13.50% +17.25%
Kraków +0.23% +2.44% +6.57%
Poznań -0.13% +3.80% +5.74%
Warszawa +0.42% +5.03% +7.50%
Wrocław -0.10% +4.17% +1.57%
Trójmiasto +0.88% +2.01% +2.98%

All the figures below are positive unless stated otherwise:
localization m/m q/q y/y median
Polska 0.24% 2.62% 3.80% 96,143 €
dolnośląskie 0.09% 4.67% 0.77% 81,909 €
kujawsko-pomorskie 1.69% 4.55% 7.14% 56,279 €
lubelskie 0.00% 5.36% 5.36% 69,176 €
lubuskie 0.00% 2.94% 0.81% 41,036 €
łódzkie 2.25% 2.51% 4.01% 59,025 €
małopolskie 0.26% 3.60% 6.69% 97,572 €
mazowieckie 0.24% 3.78% 4.42% 117,533 €
opolskie 3.60% 6.33% 10.11% 60,734 €
podkarpackie -1.11% 0.82% 2.10% 62,610 €
podlaskie 0.00% -0.50% -2.90% 63,548 €
pomorskie 1.85% 0.00% 3.69% 85,590 €
śląskie 3.54% 10.84% 15.86% 54,872 €
świętokrzyskie 4.26% 1.57% - 63,079 €
warmińsko-mazurskie 3.38% 2.17% 5.05% 53,699 €
wielkopolskie 0.23% 1.14% 1.36% 76,060 €
zachodniopomorskie 3.09% -2.86% 3.09% 72,523 €

Source: tabelaofert.pl/real-estate-prices?locale=en

thanks for that. however, it will never be believed no matter what.

Milky believes that source when it suits him. I've caught him quoting from it before, but of course only quoting the doom & gloom figures https://polishforums.com/real-estate/poland-apartment-prices-continue-fall-50431/30/#msg1271450

pip
Is this a rapid decline?

No but the prices are going up too fast compared to the Real estate situation in prosperous Germany where prices have been remaining flat for years.

Poland and especially Polish banks lending like crazy to anyone should be aware that countries in Europe which had such growth in Real estate are in a deep mess now ( Spain, Greece, Portugal, Italy) yes or no ?

Polish banks lend under strict criteria. It took us over a month to get approved for a mortgage. They investigated everything. This is not the Lehman Brothers situation in the States or the problems that the UK is having.

How many properties have you bought, then? ;o)

Rising prices is certainly not the impression I get in Wroclaw at the moment, but of course as I am no longer looking to buy in the immediate future then I could be out of touch. However, the prices for a new build near Wroclaw's Bielany does not strike me as cheap, being just over the 5100 mark per sq m2. I would have thought it would be sub 5000 by now if thing were looking slow. Of course, they might discount to that figure if a person negotiates properly.

You did not read the link I posted above.

spiegel.de/international/germany/german-real-estate-market

Prices are not flat in Germany.

prices are going an average of 1% throughout the country,,sure,prices are going up in places but the average is going down.
ober-haus.com/files/lt/files/reports/Ober-Haus%20Polish%20Cities%20Apartment%20Price%20Index%20February%202012.pdf


nobody will ever believe you . Get use to it.

Make up your mind, are prices going up or is there a 60% fall?. You are confusing people. How am I supposed to know when the right time is to buy? I have been waiting 3 years for the 1500 PLN m2 flats to appear in Krakow and there are none that I can find at that price. You assured me this would happen and I relied on your judgement.

You posted February's.

Here is May's
ober-haus.com/files/lt/files/reports/Ober-Haus%20Polish%20Cities%20Apartment%20Price%20Index%20May%202012.pdf

If I read correctly, it says drops are (month on month)

Warsaw down 1.2%
Cracow down 0.8%
Poznan down 1.0%
Gdansk down 0.9%
Lodz down 1.2%

However - I have no idea who the data providers are and how accurate they are.

Also, anyone know if I can find Wroclaw's figures there?

[b]pip
"Polish banks lend under strict criteria. It took us over a month to get approved for a mortgage. They investigated everything."[/b]

Maybe because you and your family may not be from Poland and it is more difficult for foreigners to borrow funds ? for as far as all my Polish friends are concerned and who are not particularly wealthy, they got their mortgage in no time and still say they receive calls from banks every week asking them if they need a mortgage or any credit.

In anycase there are is no shortage in building permits for sure and most people seem to be property owners , it would be interesting to see the figures but it took one of my friends 5 months to let a well located and cheap1 bedroom flat in Krakow: she told me that on Gumtree her ad was on page 63 and there was much competition, I don't know about Warsaw.

Might mean nothing, but I think it was Eurobank (red livery) that were giving leaflets out (in the street) offering loans and mortgages last week, from memory it might even have been 100% not 90% LTV

we have bought three properties, two with mortgages from the bank and one without. With the second mortgage the bank investigated our financial situation for a month.


no. my husband is Polish. And he also receives calls on a weekly basis- but to get our current mortgage it took a month.

and
During the last 12 months the price of apartments has dropped from 12.3% in £ódź to 2.1% in Warsaw. From the
highest apartment price level and until May 2012, apartment prices drop from 11.6% in Warsaw to 33.3% in £ódź.

Asking prices or sold prices? The pdf says 'transaction prices' so I assume that means what they sold for.
And what about Wroclaw, anyone advise where I can reliable figures on sold prices for Wroc?

where is the source?

well REAS have similar figures
globalpropertyguide.com/Europe/Poland


will look later


matrix.wikia.com/wiki/The_Source

Please pay attention at the back! Already posted. And are you chewing gum there missy?
ober-haus.com/files/lt/files/reports/Ober-Haus%20Polish%20Cities%20Apartment%20Price%20Index%20May%202012.pdf


LOL


From the website globalpropertyguide.com/Europe/Poland

Would still like the MoM.

wbj.pl/realestatenews-59639-residential-in-focus-holding-their-own.html

interesting, no?

wbj.pl/realestatenews-59647-growing-demand-for-investment-plots-in-poland.html

and the most interesting is the last part of the above link.

Author is a land agent, no? Doesn't that come under the category of 'barber says now is the time to get your haircut'? Just sayin'.