Because your unconscious mind is telling you something that is creating dissonance in your mind.
Milky I will try and explain to you.
You use the world ' Bubble ' Pip uses the word ' cluster-fu*k and you are both correct.
The residential real estate market in Poland is a ' cluster-fu*k and this has created a bubble in prices on the secondary market. As with any tiger economy Poland experienced a change in prices due to transition into the EU in 2004, many investors considered Poland ' high risk' before EU entry.
The bubble has been created by Polish sellers and real estate agents due to lack of transparency, the agents have created the hype which many people have bought into, not only with buyers,also with sellers, in my opinion many of these companies should be sued by foreign and local real estate buyers, thats another story.
Agents created the hype in a very simple way, when new builds are constructed in an area they inform the sellers in the adjacent buildings ( old builds) they can expect to get the same price per m2 as the new build/reno's. I will give an example check ul Flory Warsazawa, one building has been fully renovated number 3, it has been 98% sold, the real estate agents have informed the sellers in number 5 and 7 they will get the same price per m2 as number 3 ( renovation/new build) which was 15 - 18,000 m2. Not a single flat in 5 and 7 have been sold during this period, although all of 3 has just about gone. The real estate agents in Warsaw and Poland have been playing this game for years. Now we do have a bubble, the bubble is the inflated sellers prices which is a cluster-fu*k created by R.E, this is the reason there is no liquidity in Polish secondary market. Nothing is priced to sell, it is all priced to buy new builds. Thats where the high coms are for the agents.