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Banks in Poland selling fewer mortgages in 2011, down 49%


pip 10 | 1,661
7 Nov 2011 #151
please, I don't need a lecture in real estate. I am more than familiar. However, Goclaw is not that bad. There are new blocks, shopping, good roads, bike paths and easy access to the rest of Warsaw. I do my grocery shopping there because I just have to cross the bridge as opposed to being stuck in traffic in Warsaw.

There is no perfect area in Warsaw. If you have been to Wilanow there are beautiful houses right next to a falling apart should be condemned house which an elderly couple live in. Konstancin is no better- gorgeous houses, over the top tacky houses and pre war falling apart houses --then of course the drunks that sit in the bus shelters all day.

Goclaw is cheaper -but most of Praga is cheaper than Warsaw. There are new construction buildings all over Goclaw.
OP peterweg 37 | 2,321
7 Nov 2011 #152
When purchasing the most expensive thing in your life, as well a place where you might end live out the rest of your days, not mentioning something you'll be paying off for decades...

Well, you could choose to live there becuase you won't have to spend the rest of your life paying a mortgage. You could live there becuase its cheap to buy.

In which case you could use it as a stepping stone - pretty common process.
pip 10 | 1,661
7 Nov 2011 #153
exactly. for a first time home buyer this is an excellent option. However, what I have noticed in Poland is that the "first time home buyer" phenom is not the same as in the rest of the world. Logically, you should start small with the hopes of selling and buying bigger- as your family grows. Here it seems that people buy one place and live in it for a very long time.

we have friends who fit out their 70 m2 apartment for the same cost as we did our house. They are now a family of four living in that space--they will never make profit on this apartment if they sell, in fact they will be lucky to break even- so they are staying put in such a small place. We started small, sold- then moved to a three bedroom house- and made a profit from the sale.
milky 13 | 1,657
8 Nov 2011 #154
We started small,

The problem is, that a person on 1500 zloty a month (as in a larger portion of Poland B for sure) are mortgage to the hilt for 40-50 years on 40m apartments. This is as big as they can go, based on the reality of their situation,' if you're a developer and you bought on the right side of the bubble, well that's a different thing.' Comparing a mouse to a bear.
OP peterweg 37 | 2,321
8 Nov 2011 #155
The problem is, that a person on 1500 zloty a month (as in a larger portion of Poland B for sure) are mortgage to the hilt for 40-50 years on 40m apartments.

People in Poland B don't earn that and live in towns, they live in the countryside where property is dirt cheap and jobs are farming.
scottie1113 7 | 898
8 Nov 2011 #156
People in Poland B don't earn that and live in towns

Unfortunately, they do. Uni grads who work in shops and some friends of mine who are teachers. The latter supplement their salaries through private lessons while the former, well, simply don't buy anything.
milky 13 | 1,657
9 Nov 2011 #157
People in Poland B don't earn that and live in towns, they live in the countryside where property is dirt cheap and jobs are farming.

Show me som links of property that is dirt cheap in the Lublin?Pulawy? counties.
pip 10 | 1,661
9 Nov 2011 #158
my carpenters brother bought a new construction apartment in Bemowo (Warsaw). He is 27 works as an electrician and has a delivery job on the side. It is a one bedroom apartment with a large living room and kitchen. He rents out the bedroom to a student and lives in the main room. He will be doing this for a few years. His place is about 50m2.

His brother fit it out for cheap but really nice.
It can be done.
Perhaps those that make only 1500 pln per month should be buying in old blocks built in the 70's or 80's. Buy what you can afford. They are available --it is just a matter of looking.
Wroclaw Boy
9 Nov 2011 #159
Show me som links of property that is dirt cheap in the Lublin?Pulawy? counties.

whats the point, you'll just say find me another 10, then it will be another 20. Its like banging your head against a brick wall with you. I guarantee i could find dirt cheap property in those areas. BTW its vovoidships not counties.
milky 13 | 1,657
9 Nov 2011 #160
Show me a house that is dirt cheap, under 100,000 zloty. That doesn't need new roof, insulation, widows...and.... 100'000 is still 5 to 8 time the salary of people here, so is not even dirt cheap to most people. And don't show me a big house in the middle of nowhere that is in complete shyte. So Lublin, Pulawy??? show me, it only takes a minute so......
rt3d 10 | 46
9 Nov 2011 #161
I'd question whether criminals can buy property for cash,

crime pays, notting is impossible
pip 10 | 1,661
9 Nov 2011 #162
oferty.net/mieszkanie-na-sprzedaz-aluzyjna-warszawa-bialoleka,918033475
oferty.net/mieszkanie-na-sprzedaz-odkryta-warszawa-bialoleka,917988894

Here are 2, I stopped looking because there are loads. All starter apartments for a single or young couple. All fully fitted out in newish buildings in Warsaw.

You could easily move into any of these and slowly do renovations.

This is what a first home in Warsaw should look like if you are younger or around the age of 30.
milky 13 | 1,657
10 Nov 2011 #163
Here are 5, I stopped looking because there are loads.

We are talking about dirt cheap property in Poland B.

I guarantee i could find dirt cheap property in those areas. BTW its vovoidships not counties.

?? I'm waiting for it??

This new mortgage regulation in the banks will apparently reduce the amount of approvals by 25%, so that means there could be a 75(4)% reduction in mortgages next year,,,,,,

will post link later
Avalon 4 | 1,068
15 Nov 2011 #164
This new mortgage regulation in the banks will apparently reduce the amount of approvals by 25%, so that means there could be a 75(4)% reduction in mortgages next year,,,,,,
will post link later

It will not affect you. You prefer to rent. Double Whammy!!!!
milky 13 | 1,657
15 Nov 2011 #165
Yes, that's very true.....but it's not a good time for developers. Sales will be down drastically, and prices may have to return to 2005-6 prices.
Avalon 4 | 1,068
15 Nov 2011 #166
As long as the profit is worthwhile, then maybe the prices will go down, but, not to the level that you require. At the moment, cash is king.
wielki pan 2 | 250
15 Nov 2011 #167
This is what a first home in Warsaw should look like if you are younger or around the age of 30.

you seem easy to please, those flats are very small and in need of renovations and in fact are pretty expensive for average wages, by the time a person pays off the loan it will be time for retirement...
Avalon 4 | 1,068
15 Nov 2011 #169
A friend from the UK came to visit me this Summer for a weeks break as I have not seen him for 7 years. He is 60, has a fairly well paid job and his wife works part time. He has just finished paying off his mortgage and they went on a 2 week cruise to celebrate, they liked it so much they have already booked again for next year. What is the point of this story?, well actually there are two points, 1) is to p*ss off milky, 2) is that they are a "normal couple", two kids who have grown up and left home now and they can look forward to their retirement in 5 years time with no worries.

Milky, this is what you have to do unless you inherit a lot of money, instead of whinging about the cost for the past three years you could of gotten off your ass and found somewhere by now, this is what normal people do. Don't go on about prices and how poor people are, most seem to manage. You are not starving, you have a roof over your head and you can afford internet access, life is what you make it.
pip 10 | 1,661
15 Nov 2011 #170
pip: This is what a first home in Warsaw should look like if you are younger or around the age of 30.

you seem easy to please, those flats are very small and in need of renovations and in fact are pretty expensive for average wages, by the time a person pays off the loan it will be time for retirement...

this is reality in Poland. Actually, all of those links I have shown you do not require anything more than cosmetic renovations- a paint job and a clean. Buy what you can afford. That is the way it goes. Why should somebody who works minimum wage at Biedronka buy a 80 m2 apartment?
milky 13 | 1,657
16 Nov 2011 #171
Milky, this is what you have to do

I know, and I don't see how this is to p1ss me off??( but you are a big fan of Thatcher so maybe you think strangely)

I know lots of people like your friends; whats your point?? I also know (to many)people who bought is Eire during the bubble, and their lives are being destroyed( huge increase in suicide and breakdowns due to property bubble). Same here in Poland, with people who bought between late 2005-08,they are trembling.

Did your friends buy during a property bubble??,how much did they pay; unless you answer this question, your rant is ridiculous and pointless.
wielki pan 2 | 250
16 Nov 2011 #172
Why should somebody who works minimum wage at Biedronka buy a 80 m2 apartment?

A bit of a nasty comment, why shouldn't he, 80 m2 is not luxury living, are you telling me people on low income will never own a house...lets be honest a 40m2 plus apartment (unrenovated) for under 300,000zl is pretty expensive..lets say renovations could cost up to 50,000zl...If a persons takes home pay is 3000zl a month minus living expenses it leaves little to think about buying a property...
milky 13 | 1,657
17 Nov 2011 #173
A bit of a nasty comment,

Big time, the supremest mentality on here is quite rotten at times.
pip 10 | 1,661
17 Nov 2011 #174
A bit of a nasty comment, why shouldn't he, 80 m2 is not luxury living, are you telling me people on low income will never own a house...lets be honest a 40m2 plus apartment (unrenovated) for under 300,000zl is pretty expensive..lets say renovations could cost up to 50,000zl...If a persons takes home pay is 3000zl a month minus living expenses it leaves little to think about buying a property...

this is not what I meant. My point is that you should only buy what you can afford. Reality in Poland is that an 80 m2 flat is expensive. A person that has a take home pay of 3000 pln will not be able to afford that. However, they probably could afford a 35-40 m2 flat.

Buy what you can afford.

Stick to this rule and Poland will not be in the crazy mess that the U.S is in with regards to forclosures and walkaways and defaulting on loans. Banks gave out loans to anybody. Should a cashier at Walmart be able to afford a 450,000 dollar house when the take home pay is low? Money is for sale in the U.S. and look what happened. The banks came out shining and the homeowners lost everything.

The dream of owning a home is possible- but buying beyond ones means is stupid and dangerous.
Avalon 4 | 1,068
17 Nov 2011 #175
The dream of owning a home is possible- but buying beyond ones means is stupid and dangerous.

I agree with you pip. You will notice how Milky "keeps on" referring to Ireland as an example. People committing suicide (no statistics), people losing their houses (no statistics) and yet he fails to metion that they borrowed sums of money, well beyond their ability to prepay or what was sensible. Did anybody force them to do this?

The example I used of my friends is a common one for my generation. No, they did not buy at the high end of the market, they bought on a large new estate which was built just on the outskirts of the city. Unlike the people of today who are having problems with repayments, they and others, like me, were buying our homes when interest rates virtually doubled to 17% overnight, we got through this. Just wait until you see how many people are going to be in trouble in the UK when interest rates start to rise

Milky:- "Same here in Poland, with people who bought between late 2005-08,they are trembling."

pip, have read of mass forclosures in Poland? , you see, with Milky, you never get any facts to back up the statements. He thinks that telling the truth which disagrees with his "theories", is having a "rant". Get used to it because it will always be the same repetative nonsense.
pip 10 | 1,661
17 Nov 2011 #176
It is actually quite sad that he keeps on going with this.

I can give myself as an example of what I am talking about.
About 10 years ago we were living in Canada, my husband, me and a 2 year old. We were broke. We were renting a place, I wasn't working and not getting any maternity pay because we had lived outside of Canada for 2 years.

I inherited some money. Enough for a good size down payment on a small row house. The house was about 135, 000 Canadian dollars.--nothing outrageous at all- a basic starter home.

Anyway, we couldn't get a mortgage from a bank. We couldn't get anybody to lend us any money without a co signer and my mother wouldn't do it.

So we resigned from the idea and lived in a rental for another year.
So then at the end of this year I went back to work and my husband was making more money. We tried again- mortgage for 135,000 --we got it this time without a co signer.

So we live in a new construction house for 11 months then my husband accepts a job offer in Poland. We sold the house at 45,000 more than we paid for it.

lesson- buy what you can afford and be patient.

There is nothing wrong with living in a 35-40 m2 flat. It is how you make it work for you.
Avalon 4 | 1,068
17 Nov 2011 #177
There is nothing wrong with living in a 35-40 m2 flat. It is how you make it work for you.

Perhaps he should have moved to the UK and learnt how to play the system.

dailymail.co.uk/news/article-1293730/Somali-asylum-seeker-family-given-2m-house--complaining-5-bed-London-home-poor-area.html
pip 10 | 1,661
17 Nov 2011 #178
that really is bizarre. And what does it say about the social services system in that area which would allow something so crazy.
Avalon 4 | 1,068
17 Nov 2011 #179
It says that the rules were laid down by a New Labour (Socialist) government. The same people that Milky extols as being the saviours of the working class, hence why the UK is in so much trouble. Actually, the present governing party is trying to cap the rate at 400 GBP a month but I do not think this has been done yet, nor do I think it will be retrospective, so, these families will be allowed to stay as long as they want, or, until the taxpayers grow a pair of cajones and send them to a council estate , where most of the English with no skills and a poor education have to live. You do not read of the indiginous English being given 2,000,000 GBP houses to live in, these are reserved for asylum seekers who manage to travel through most of Europe to get to Britain, the land of milk(y) and honey.
milky 13 | 1,657
17 Nov 2011 #180
People committing suicide (no statistics), people losing their houses (no statistics) and yet he fails to metion that they borrowed sums of money, well beyond their ability to prepay or what was sensible.

There is an endless stream of links MR Thatcher, and BTW, I hate the labour Party as much as the Tories. This is a postmodern world MR. You need your own inbuilt bullsh1t detector.

globalpropertyguide.com/North-America/Canada/Price-History

No, they did not buy at the high end of the market,

My question is, did they buy at the height of a property bubble?? what year did they buy?

It is actually quite sad that he keeps on going with this.

'This'? what? a point of view?
You keep on going with your point as well, so.....? what your point???

I inherited some money. E

fair enough, so you are better than those lazy minimum wage people, because of fluke eh!!

We sold the house at 45,000 more than we paid for it.

Ah, so you bought at a good time, pipy haha, so you advise people not to do as you did?

propertywire.com/news/north-america/average-property-prices-canada-fall-200809191670.html
globalpropertyguide.com/North-America/Canada/Price-History

buy what you can afford and be patient.

Great advice, so don't buy in Poland at the moment wait,,wait wait, don't be foolish, prices are going down.

irishtimes.com/newspaper/health/2011/0125/1224288223732.html

this link is for above


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