Is this a bad time to buy an apartment in Poland?

Piotr123Threads: 2 Posts: 57 Joined: Sep 11, 10 ♂	Sep 11, 10, 14:26 #1
Hello, I would like to buy an apartment in Poland and I'm wondering if the real estate prices are expected to slide? I'm particularly interested in centrally located high-end apartments in Krakow.

♂

Sep 11, 10, 15:16 #2

Piotr123:

I would like to buy an apartment in Poland and I'm wondering if the real estate prices are expected to slide? I'm particularly interested in centrally located high-end apartments in Krakow.

What you are looking for, is not expected to slide any more.
Things are picking up again and prices are stable, especially for high-end apartments.

This is my opinion, I live near Krakow and have some dealings in the real estate business here.

I do not see an increase in the value of your potential purchase over the next year.

The report from the real estate market - August 2010 Open finance

SeanBMThreads: 41 Posts: 8,727 Joined: Mar 10, 08 ♂	Edited by: SeanBM Sep 11, 10, 16:21 #3
An important factor is what do you want to use the apartment as? To live, holiday place, investment, to let out, to sell on...? The more information you give the better advice we can provide.

♂

Sep 11, 10, 16:28 #4

Piotr123:

Hello,

I would like to buy an apartment in Poland and I'm wondering if the real estate prices are expected to slide? I'm particularly interested in centrally located high-end apartments in Krakow.

Hi Piotr123, I was down in Krakow for a while and there are three places I thought looked interesting.

1. http://www.gardenresidence.pl/index,en.html
2. Area around Plac na Groblach.
3. Debniki

As far as is it the right time, its all about price.

♂

Sep 11, 10, 18:43 #5

SeanBM

SeanBM:

An important factor is what do you want to use the apartment as? To live, holiday place, investment, to let out, to sell on...? The more information you give the better advice we can provide.

I hope to live there in the future. The apartment should also be a good investment for the future.

warszawski:

Hi Piotr123, I was down in Krakow for a while and there are three places I thought looked interesting.

1. [link]
2. Area around Plac na Groblach.
3. Debniki

As far as is it the right time, its all about price.

Thank you for bringing that development to my attention! I could not find any development of such a high standard. The location seems very good also.

♂

Sep 11, 10, 21:51 #6

Piotr123:

Thank you for bringing that development to my attention! I could not find any development of such a high standard. The location seems very good also.

It is very close to Kazmierz and it is Greek company behind it, so they should be a little flexible. There is a beach that has been created on the river close by, and there is talk of a marina being built, but you would have to check up on it. Good luck I hope the search goes well.

malyniebieskiThreads: 4 Posts: 11 Joined: Mar 20, 10 ♂	Sep 12, 10, 16:56 #7
But the high end units are still out of reach and way too expensive. Who can afford this? Janek

warszawskiThreads: 60 Posts: 2,389 Joined: May 21, 10 ♂	Sep 12, 10, 17:02 #8
malyniebieski: But the high end units are still out of reach and way too expensive. Who can afford this? The people that are trading up.

Piotr123Threads: 2 Posts: 57 Joined: Sep 11, 10 ♂	Sep 13, 10, 14:43 #9
malyniebieski: But the high end units are still out of reach and way too expensive. Who can afford this?Janek What are the prices? I had planned to contact the developer to inquire about the prices.

peterwegThreads: 35 Posts: 1,997 Joined: Feb 16, 07 ♂	Sep 13, 10, 15:19 #10
Piotr123: What are the prices? I had planned to contact the developer to inquire about the prices. Apparently its a secret. If you have to ask, you can't afford it. MY usual resposne is to look elsewhere, I never undertsand the logic of hiding the price of such a commodity.

warszawskiThreads: 60 Posts: 2,389 Joined: May 21, 10 ♂	Edited by: warszawski Sep 13, 10, 15:48 #11
Piotr123: What are the prices? I had planned to contact the developer to inquire about the prices. Prices of what project ?

SeanBMThreads: 41 Posts: 8,727 Joined: Mar 10, 08 ♂	Sep 13, 10, 20:34 #12
warszawski: 1. http://www.gardenresidence.pl/index,en.html Piotr123: What are the prices? That Garden residence doesn't allow you to see the prices, they want you to enter your email address, so they can get back to you. Well that's all I can find.

♂

Sep 13, 10, 20:35 #13

warszawski:

Prices of what project ?

The only project mentioned in this thread! The project that you linked to.

peterweg:

Apparently its a secret. If you have to ask, you can't afford it. MY usual resposne is to look elsewhere, I never undertsand the logic of hiding the price of such a commodity.

No matter how much money one has, it is still prudent to make a good investment. I don't think that anyone with a different attitude could ever amass any larger sum of money for themselves. I highly doubt that the price is a secret.

♂

Edited by: SeanBM Sep 13, 10, 21:18 #14

Piotr123:

I highly doubt that the price is a secret.

It's not.

I would put high end apartments in Krakow anything from 9000 - 11000 PLN per M2.
You can get higher priced but it is uncommon and must be for a super exclusive and unique apartment or just a lie.

Vistula Terraces are nicely located beside Kazemirz and the river, there is a really nice "tram boat" that leaves from outside it and they give prices on their site. I like this one.

There is also: http://www.przybulwarze.pl/

Both of them are high end and between 9-10,000 PLN per M2.

Property Krakow Group are a real estate company that have many offers all over Krakow.

High end can mean different things to different people, what is it you expect?

♂

Sep 14, 10, 00:18 #15

Piotr123:

The only project mentioned in this thread! The project that you linked to.

The prices were in the region of 8,500 PLN per Sq Mtr,that was 3 months ago , I do not know what the pries are now,it could be more it could be less. Garage spaces normally go for 35-45,000 PLN per unit and balconies are normally priced at 25% per cent of 1 Sq Mtr. I sent you the link if you are interested give them a call and get the details first hand.

warszawskiThreads: 60 Posts: 2,389 Joined: May 21, 10 ♂	Sep 14, 10, 11:38 #16
Here is a link for new build apartments in Krakow. http://wbj.tabelaofert.com/offers,,type,flat,market,primary,country,po land,city,krakow

♂

Edited by: Piotr123 Sep 14, 10, 22:02 #17

SeanBM:

High end can mean different things to different people, what is it you expect?

I'm looking to buy an apartment in a building of the same standard as the Garden Residence. The other projects you linked to seem interesting also. I will visit Krakow next week to try to see a selection of apartments. Do you have any other suggestions? It is important though that the apartment is centrally located.

warszawski:

Here is a link for new build apartments in Krakow.http://wbj.tabelaofert.com/offers,,type,flat,market,primary,cou ntry,po land,city,krakow

Most of the projects are far from being completed, and I want the apartment to be ready by the end of this year.

warszawski:

The prices were in the region of 8,500 PLN per Sq Mtr,that was 3 months ago , I do not know what the pries are now,it could be more it could be less. Garage spaces normally go for 35-45,000 PLN per unit and balconies are normally priced at 25% per cent of 1 Sq Mtr. I sent you the link if you are interested give them a call and get the details first hand.

I know it is common for garage spaces to be sold in countries such as India, but I have never heard of it being done in Europe before. Is it possible to receive a passive income from the garage space? In India the property management company can rent out the garage space.

I find it hard to believe that the demand for garage space in Krakow is so high. In Stockholm it is usually not a problem to find a parking space in the city centre during peak hours. Now Tokyo, that is a different story! You cannot even own a car there without first having your own parking space.

♂

Edited by: warszawski Sep 14, 10, 23:00 #18

Piotr123:

I know it is common for garage spaces to be sold in countries such as India, but I have never heard of it being done in Europe before. Is it possible to receive a passive income from the garage space? In India the property management company can rent out the garage space.

Yes you can rent it out, but remember the first day you become a buyer,you become a seller and the person that buys from you in the future will want a garage space.

Piotr123:

I find it hard to believe that the demand for garage space in Krakow is so high. In Stockholm it is usually not a problem to find a parking space in the city centre during peak hours. Now Tokyo, that is a different story! You cannot even own a car there without first having your own parking space.

Krakow is not Stockholm or Tokyo, it is Krakow. Why a garage space- car theft- extreme weather in the winter, do you really want to get up and leave to go to the office and have to dig half a meter of snow from your car. The list goes on but it is so obvious why you would want to buy a garage space.

Piotr123:

I'm looking to buy an apartment in a building of the same standard as the Garden Residence. The other projects you linked to seem interesting also. I will visit Krakow next week to try to see a selection of apartments. Do you have any other suggestions? It is important though that the apartment is centrally located.

Piotr123, we are not real estate agents, you are going to find out in Poland that knowledge has a very high price in the country. We have given you a good leg up, now it is time for you to pick up the phone and do some research buddy.

Piotr123Threads: 2 Posts: 57 Joined: Sep 11, 10 ♂	Sep 15, 10, 15:05 #19
I will give a report after my visit for the benefit of anyone else who might be interested in buying an apartment in Krakow. Also, I want to thank everyone for the advice you have provided me!

♂

Sep 15, 10, 17:25 #20

Piotr123:

I know it is common for garage spaces to be sold in countries such as India, but I have never heard of it being done in Europe before.

It is normal to buy garage spaces in ex-commie countries, I don't think they are that easy to let out but as warszawski says, the next buyer will want one and they are very handy especially during winter.

Are you aware that when you buy a new build apartment in Poland (or any other ex-commie country) that it is not finished.
There are no kitchens, toilets, sinks, flooring, no paint on the walls or ceiling, sometimes no internal doors in the apartment?

dtaylor5632Threads: 49 Posts: 4,459 Joined: May 2, 09 ♂	Sep 15, 10, 17:26 #21
SeanBM: There are no kitchens, toilets, sinks, flooring, no paint on the walls or ceiling, sometimes no internal doors in the apartment? Also no windows, no gas, no heating, even no external walls! It's all made up ;)

♂

Edited by: SeanBM Sep 15, 10, 17:30 #22

dtaylor5632:

Also no windows, no gas, no heating, even no external walls! It's all made up ;)

I have seen two story houses for sale with no stairs.

Actually I am surprised the mentality hasn't changed yet. Think about it, it will always be cheaper, quicker and cleaner for the developer to buy 500 toilets and install them than for an individual buyer to buy and install one.
Apart from that there is the problem of when you do move in, your neighbours are still finishing their apartments for the next few years... Banging, drilling, etc from 6a.m. till 22p.m. and not forgetting weekends!
And what I find strangest of all, is that it is not the developer that hasn't changed, it's the majority of buyers.

♂

Sep 15, 10, 18:17 #23

SeanBM:

Apart from that there is the problem of when you do move in, your neighbours are still finishing their apartments for the next few years... Banging, drilling, etc from 6a.m. till 22p.m. and not forgetting weekends!

Thats what happened in my old place, we moved in and were one of the first in the new block...months afterwards we had to put up with being woken up at 6am to the sound of drilling ect :(

HarryThreads: 62 Posts: 8,508 Joined: May 2, 07 ♂ [Suspended]	Sep 15, 10, 18:43 #24
SeanBM: I have seen two story houses for sale with no stairs. I know somebody who bought a split level apartment which had no stairs joining the two floors.

♂

Sep 15, 10, 18:56 #25

SeanBM:

Actually I am surprised the mentality hasn't changed yet.

Why should it change? Why do you assume that the 'ex-commie countries' approach is worse?

SeanBM:

Think about it, it will always be cheaper, quicker and cleaner for the developer to buy 500 toilets and install them than for an individual buyer to buy and install one.

People prefer to have their flats finished according to their own taste or vision. It's not a matter of cheapness, quite the opposite actually.

♂

Edited by: SeanBM Sep 15, 10, 20:13 #26

recoil:

Why should it change? Why do you assume that the 'ex-commie countries' approach is worse?

I have answered this twice already.

Again, just for you recoil:

1) The cost is higher for individuals to install their own toilets etc.

2) The continuous drilling and banging from your neighbours for years after you have bought your place.

And one more for good luck, you have just bought an apartment but it is not finished, you can not live there, it is ridiculous.

recoil:

People prefer to have their flats finished according to their own taste or vision. It's not a matter of cheapness, quite the opposite actually.

This is the usual answer I get, it's nonsense. so everyone goes down to Castorama and buys there, no real choice.

♀

Sep 15, 10, 21:08 #27

SeanBM:

Actually I am surprised the mentality hasn't changed yet.

During the good old commie days, you got your apartment (if you got it at all) furnished with exactly the same fittings, toilet, toilet seat, bathtub etc., as everyone else living in the same block, or indeed street. Maybe even town. Cheap, ugly, and nothing on the market to replace them with. So people will continue to want to have a say in what their apartment ultimately looks like for a long time to come, my friend.

♂

Edited by: warszawski Sep 15, 10, 21:11 #28

Piotr123:

Most of the projects are far from being completed, and I want the apartment to
be ready by the end of this year.

If you buy directly from a developer you will not incur the 2% tax

SeanBM:

2) The continuous drilling and banging from your neighbours for years after you have bought your place.

The Polish say,once the keys have been handed over, it takes five years before the building works end.

recoil:

People prefer to have their flats finished according to their own taste or vision. It's not a matter of cheapness, quite the opposite actually.

I have never met a Polish person that does not think, the cheapest way is the best way...

BzibziohThreads: 6 Posts: 3,657 Joined: Oct 15, 08 ♀ [Suspended]	Sep 15, 10, 21:31 #29
SeanBM: This is the usual answer I get, it's nonsense. so everyone goes down to Castorama and buys there, no real choice. Not really. I saw 3 apartments in Krakow recently. All were designed by interior designer and finished with high class materials. They looked spectacular.

♂

Sep 15, 10, 21:54 #30

Bzibzioh:

Not really. I saw 3 apartments in Krakow recently. All were designed by interior designer and finished with high class materials. They looked spectacular.

The only worry with that ,is when it comes time to sell you will only get the same price as your neighbor. I visited a apartment about 10 years ago in Warsaw, the couple told me they had spent 100,000 Euro on their bathroom, it was big and very very nice, 10 years down the line, it is very dated and needs to be redone, so you could say money down the toilet. Both of the people were involved in real estate, you would have thought they had known better.

POLAND . The Unofficial Guide	Unanswered \| Archives
POLAND . The Unofficial Guide	Poland and Polish Community	Witamy, Guest \| PF Members \| Gold Members

Home \| Unanswered \| Archives \| Random \| Statistics	Time in Poland: 04:07 / May 27
About Us \| Contact Us \| Rules, Privacy \| Poland Advertising	© 2005-12 PolishForums.com