To you Pip. The prices has fallen, and they have fallen quit a lot. It not so easy to see it if you just think of a drop from 9.500 to 8.500 during a 36 month period.
yes, but I never denied they didn't. Here is the fact. After the fall of communism- developers came to Poland and started building. The first ones in made serious money- they had a corner on the market- and they were able to charge as much as they wanted. And people bought them- because there were no better options.
Fast forward to where we are now. The market is saturated. Buyers have more power than in the 90's. They are able to negotiate prices or get bonuses when purchasing property.
Because of the saturation in the market--the prices are dropping, but people are still buying. Not at the same speed as in previous years but people are still buying and developers are still building. This is not a bubble.
Someone here had the nerve to say that commercial, residential and industrial real estate are completely separate and should never be compared.
Once again, ad nauseum, they are all connected. The companies that rent commercial or industrial space in Poland effect residential because they hire locally. They pay well for Polish standards so employees are spending their money. Including buying flats to get out of their sh1thole blocks.
I think what is really frustrating about this whole post is that some know-it-all jackass keeps posting that the sky is falling when it actually isn't.
Slowdown/downturn--yes, nobody has ever denied this.
Bubble--not by a long shot.
Another thing is nobody is considering the Polish mentality of hanging on to property till death. Selling up is not done here. People buy houses and live in them for the rest of their lives.
In North America we upgrade when we have the money. Starting small until we can afford bigger.
So this is another reason why the market has slowed. People already live in their retirement home because they will not sell up.
I will never agree that there is a property bubble. Because there isn't. I also think it is fecking hil air ee ous that these links that the previous posters have put on here are actually filled with information in part written by my husband.