The answer right now is "no", but I'd estimate my 'loss' to be no more than 5%. Which is fine.
I agree, and you should nt since you only have to think about absolute prices.
The reason why this thing is a rather important factor is:
1) Local investor that wanted to lower there capital cost by taking the loan in Euro, or CHF, has had a very big cost by doing this. As long as they don't sell they don't see this (this also show how bad and inexperienced the Polish bank system are).
Local investors that have not done this and have taken there loan in local currency have had a much higher capital cost then average investors in other countries. The capital cost I would estimate has been on a average of 7-8% during the last five years for them. (very rough estimate, please correct me if I am wrong)
So what i point out here is that investors in polish reel estate market since 2006, must either: Lost a lot of money by the currency change, or have had a very high cost on its capital. (its called alternative cost if you don't need to take a credit, and it doesn't matter for the conclusion)
2) The international investors are not a very big part of the polish market. But that is actually not so important. The important thing here is that they invest in these project that is getting media. And when these investors is "fighting" for the best objects the liquids in the market goes up, and prices of a very small part of the market also goes up.
This result again to a change in expectations in the "normal polish investor" and also for the developers. Many (to many) projects will get started on false hopes since this is speculation and not based on real economic factors.
So again. The international investor dos not play a big part in the polish market, but back in the days in changed more of the market then its relatively small proportion of the market should let them do.
And as a last point:
28.06.2008: you got 1,97 zloty per CHF
20.05.2013: You got 3,30 zloty per CHF.
If you took a loan in CHF on the first date, for let say 100.000 CHF, you could buy a apartment with a value of 197.000 pln.
Let say you have to sell this apartment to day, with a 25% discount and then you want to pay back your loan?
You will sell it for 147.750 zloty.
I don't think the bank man will be very happy when you are coming with this 147.750 pln (equal 44.772 CHF to day) and you want to get rid of your loan that is twice as big as the amount of money you bring!!!
If you have lost only 5%, that is very good. But there are some other that has lost more!