property in Lodz - anyone any experience

Thanks very much - very interesting

My advice is to stay out of it. Property speculation distorts the market and ruins local communities.

Sorry don't agree. I was actually interested in what was happening with the new offices in that area, and the 1200 or so jobs it is expected to bring. I have already invested in apartments. I'm not going to argue with people about weather or not it is a good investment, I have put my money where my mouth is and I am happy with that. However, the area is run down, the old textile buildings are empty, the area looks really crap, it's hard to see how rejuvenating the area will hurt the locals. Breeding new life to a run down area with new offices, restaurants, sport facilities, shops, park areas and of course work must be good. I accept that in the immediate area newly built property may be too expensive for many people but this is progress and every city in every country that has experienced progress has gone through this transition. Investment and development on balance will be a good thing.

andy


email me for more details

neil

I totally agree with you
I have invested in 52 properties on lodz

I rented 12 properties in 23 days without any problems
we are awaiting 40 off the plan properties handover then fix it as you know you get the newbuilds as a shell.

Take a look at MANUFACTURA SHOPPING CENTRE (AWARD WINNING)
its an amaizing development and belongs to 21st century,if its a dump then why spend that kind of money
check my website .eurodomltd.com

I may contact you in the new year regarding mortgages for property in Lodz.

Of course it's a wonderful thing when everyone has money and the economy's thriving but Poland simply isn't ready for get rich quick property speculation schemes from Western carpetbaggers. There is already a huge disparity between the lower and higher earners in Lodz, far more so than most other parts of Poland (and Eastern Europe in general) and distorting the property market will only serve to increase commercial pressures on low earning blue collar workers,

I've bought property in Lodz but I'm living here and I'm hoping to keep the property until well into my retirement rather than flogging it off in 5 years' time. I sure as Hell don't want the other flats in my area bought up and filled with foreign workers who contribute nothing other than (some) money to the local community.

Look at what property speculation has done to the UK market. Property is so overpriced now that the main groups investing buy to let are French and Russian entrepreneurs. I can't wait until the market crashes in the UK. A really big one. I'll be laughing my head off when it happens.

bubbles were not all out to make a profit.....my gf is from lodz and i would like to buy an apartment there.

Read the post Deano - I'm complaining about short term property speculation. I've got nothing against people buying a flat to live in (with their other half) and perhaps sell sometime in the future when they move. Good luck to them.

I am well aware of the situation in Lodz, my girlfriend lives there, we all know what the level of earnings are. I have bought these properties partly because I need somewhere to live because I am there for one week in every four, and partly for long term investment - but I don't have to justify that to anyone.

Regarding the property market in the UK. You are wrong. The market is driven by supply and demand, we have greater demand than supply, driven by more people living by themselves, people living longer, divorces and net influx of people to this country. Mass property acquisitions by French is unheard of and the Russian's - will yes there are some high profile billionaires that have bought here but really I don't think that will effect me. Oh - I do have 30,000 Polish people living in my town - that may have any effect - but good luck to them

Spot on Niel63

Hello! I'm hoping to invest in a property in Lodz soon. I would really like to hear your views. Poland seems to be a good place to make a profit for minimum risk. I know that sounds harsh, especially in view of the comments above, but investment breeds growth and regeneration, and both are good for a country's long term prospects. A spin on the story is that I'm only doing this so that I can afford the extortionate mortgage I've just had to take on for a property in my own country. Plus, my daughter has just started a family and can't afford to get on the property ladder. I'd like to help her. So we all have our reasons.

I heard that I may have missed the boat with Lodz. Does anyone know if this is true?

It might be worth your while to look for a property near a new business development... shoping centre, office block etc.
Things are changing fast in many cities. I notice more money coming into my neighbourhood, in Wroclaw, simply because we have a new office/home development opening soon.

I don't think you have missed the boat in Lodz, just think carefully exactly where you want to buy in the city. If you are looking at Poland overall this is very good:
buyingpropertyinpoland.mamdom.com

It suggests Lodz to Warsaw is like Birmingham to London and we all know what happened to prices in Birmingham when London became really pricey. In the next few years Lodz and Warsaw will be connected by motorway and they are only 100km apart. Add to this Lodz is half the price of Warsaw property-wise and away you go. But, but, but ... be careful of the Lodz fashion for lofts. The average price per square meter of property in Lodz is about 4,500 PLN - lofts are often being punted for twice that!!

This page shows what a bad investment they are:
primepropertypoland.com
Now click on the link for Scheibler Lofts. Here it offers a studio apartment for 242,000 PLN (7,800 PLN per square meter) and estimates the rental income of the property would be 1,000 PLN per month. An 80% mortgage at 5% interest would mean monthly repayment of 1,400 PLN. From day one you are loosing 400 PLN per month and you haven't even started paying the service charges, management fees, etc. Not sure why this site thinks they are such a good investment - perhaps because they are being paid a commission........?

Eleanor,
Using your interest rate of 5%,an interest only mortgage would mean a monthly repayment of 806pln assuming you met the fit out costs directly.

Good for you. So why are you telling me this?



So you're saying that the property market is responding naturally to free market rules? Why is it then that most potential housebuyers in England cannot afford a starter home? My brother and his girlfriend both earn a little over minimum wage but they cannot put a deposit down an anything more than a 1- bedroom studio in Hull. Shouldn't the free hand of the market move to allow equal access to the market?

Yes. But in this case the government artificially inflated the market by keeping interest rates low for far too long to encourage property speculation and boost the economy. The laws of supply and demand no longer apply.

And then the ethics of applying the free market to an essential commodity such as housing should be considered...



Well, a property speculator from Saudi told me that so let's agree to disagree ;)

Good luck to your and your woman by the way! Drop me a line if you're around

Hello,

there is an u Scheiblera appartment /loft for sale. 78m2
more details: picasaweb.google.pl/spaceda/UScheiblera?authkey=6iuEgoTku3U

regs
zbyszek@litwin.fm

I'd swap property in Edinburgh for one in Lodz.

knee hawk and polanglik
i have inherited my grandmothers house(through my father) and also land in Zarnow... and Opoczno
want to modernise house in lodz ,it also has land to build on..
can you contact me for advice / help / guidance etc, live near coventry england , can fly from birmingham or east midlands to poland or ireland

Zeslaw,
I can probably help you in Lodz.Send me an email,c.kaciniel@ntlworld.com