Gdansk/tri city Rental Market

paulkaczmarThreads: 5 Posts: 14 Joined: Jul 7, 11 ♂	Jul 7, 11, 17:02 #1
Can anybody advise me on the state of the rental market in Gdansk at the minute. Also does anybody know if there are hordes of empty apartments sat there with nobody to rent them?

paulkaczmarThreads: 5 Posts: 14 Joined: Jul 7, 11 ♂	Jul 8, 11, 16:34 #2
Merged: Empty Apartments in Poland? Hi Can anybody tell me if there is an abundance of empty apartments in Poland due to over supply. I know that this has been an issue in the UK. I am considering buying an apartment to rent out over there and essentially need to know how easy I will find it to rent an apartment to somebody. I'm particularly interested in the tri city area. Cheers PK

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Jul 8, 11, 17:16 #3

I don't know if this helps- the article is almost a year old.

http://www.globalpropertyguide.com/Europe/Poland/Price-History

maybe a better option would be to buy an apartment from an existing owner who mistakenly got their mortgage in swiss franks. ;)

I have 3 clients that have swiss frank mortgages.

If you are looking to buy in the tricity area, specifically for renting- you may want to consider something like Rumia- which has a lot of construction and big box stores. We have a vacation rental on the seaside in Puck. It is more work because people rent it for weeks at a time- but we do have a person that meets them with keys etc. There are lots of high end osiedle's being built- what is your target market? (my husband comes from Sopot- I know the area quite well)

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Jul 8, 11, 17:25 #4

Thanks.

Yeah my girlfriend and her family are from Gdansk, we live in the UK but go over once or twice a year.

Essentially we can't really get onto the housing market here due to the huge deposits required so have considered buying a property there which to us would be more affordable and renting it out on 12 month or longer term contracts if possible.

It would be a longer term investment we're not after a quick buck.

If i could successfully do this with one property though I would look at acquiring one or two more going forward.

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Jul 8, 11, 18:10 #5

well, In my humble opinion- I am not in real estate I am just an interior designer- it is the old cliche location location location.

There is a market for rentals but it has to make sense. Close to major roads, close to shopping and entertainment, depending on your clients needs, public transport, parking needs.

Most importantly is cost of rent. Poles want to buy their own place- this is why they often settle for smaller spaces -that is only what they can afford but it is at least their own.
Unless you target the expat community that is in town for a two year work stint- you are probably going to have to make your rent attractive. Another thing, smaller apartment are easier to rent. I mean like a bachelor, one bedroom. You have a larger target market- students, bachelors, retirees. (this I know from experience in Warsaw and from my work mate.)

I don't have a link or statistics on this - just local experience. I just completed a project that was done in an old communist block. We gutted the place, fit it out with rather inexpensive materials- it looked good, and it sold in four days for the asking price. (and I am not joking about that!!) we staged it to sell.
So anyway, long story short- do your homework. Is it a new block or pre war? Next to a university, next to the old town, near roads, near transit, parking, public parks, next to a forest (Polish people love to walk in the forest)- then once you pin point your location, start small- with a bachelor and offer good rent.

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Jul 8, 11, 18:27 #6

Great advice thanks.

Yes the place we've found is near to transit links, the coast, fairly close to the forest, shopping centre's, fairly close to the university, et cetera. It is a new developement

Deutsche Bank and PKO have financial offers that you can buy into and on the first round of translation they appear to be deposit free. this sounds a bit too good to be true so i need to have them properly looked over. Also the apartments can be supplied "fitted" so you literally get the finished article. I think that I am going to make a appointment to meet with the developers and probably the banks, i'm over there next month for 2 weeks.

I want to be armed with a load of info before I arrive there.

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Jul 8, 11, 19:40 #7

it will be worth the hassle. The biggest problem I went through was the notary. I wanted to die. Because you are not Polish speaking you will have to hire a translator. It is like a full day of reading the buyers document, signing and initialing- it was a bloody nightmare.
Make sure you find out what materials and brands they use for the fit out. That I can help with. I know what is good quality, high end and what is crap.
As for the money end of it. Take out your mortgage in zlots. You might want to investigate the euro also. We have our mortgage in euros and it is working out for us. My husband is an economics major and works in commercial real estate so he is confident in what he is doing. something to consider- Poland is going to adopt the Euro- what are the banks offering when the switch is made?

BzibziohThreads: 6 Posts: 3,657 Joined: Oct 15, 08 ♀ [Suspended]	Jul 8, 11, 19:49 #8
pip: Poland is going to adopt the Euro Really? Are there any negotiations about it or is it your assumption?

pipThreads: 11 Posts: 1,293 Joined: Jul 4, 11 ♀	Jul 8, 11, 20:43 #9
Bzibzioh: Really? Are there any negotiations about it or is it your assumption? I will let you google it for yourself. It should happen before 2015- or this is what the goal is, however in the terms of a home mortgage this is relatively short- especially if you take a 25 year mortgage.

MEMBER ♂

Jul 8, 11, 21:48 #10

pip:

My husband is an economics major and works in commercial real estate so he is confident in what he is doing.

No body knows which way currencies will fluctuate or how the property market is going to turn out, economics major or not.

paulkaczmar:

Can anybody advise me on the state of the rental market in Gdansk at the minute.

Hopefully you will achieve a decent tenent, ive had nightmares with Polish tenents in Poland. Not paying rent, having dogs which bit the skirting boards off, lying for months on end, one even turned an apartment into a brothel. its a risky business anyway, but in Poland even more so.

HarryThreads: 62 Posts: 8,508 Joined: May 2, 07 ♂ [Suspended]	Jul 8, 11, 22:03 #11
Wroclaw Boy: one even turned an apartment into a brothel. Did you get offered attractive payment terms?

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