The average cost of real estate in Poland decreased by 30%

23.11.2012 00:30
Articles about real estate | The average cost of real estate in Poland decreased by 30% The average actual prices for real estate in Poland, taking into account inflation, declined by 30% from its peak (September 2007). by November this year and continue to decline because of supply exceeding demand.
About this informed the analyst of the largest Polish real estate portal Marcin Дрогомирецкий.

The analyst said that a similar drop in prices was recorded for the largest market in the country of the Metropolitan of Warsaw, noting that the data they relate to the bid prices, and not the real deals.

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Staying in a significant minority buyers can usually bargain for a sellers another 5-10%, and in some cases (for a long time sold apartments) discount is even 30%.

«It's like the «Mercedes», bought for 100 thousand. If you can't sell it for that amount, will have to reduce the price up to 80 thousand. if you also won't be the buyer, and the seller will need the money, then he will sell for half the price»,- the analyst said. The interlocutor of the Agency difficult to predict when the prices on the Polish real estate may start to grow, noting that «on the horizon» is not visible factors that could change the current trend.

«Demand remains much smaller than the offer, and as long as this situation persists, we will not see growth of prices», - said the expert.

М.Дрогомирецкий reported that the average price of a meter square in Warsaw in October, according to the portal, amounted to 8.5 thousand PLN in comparison with the maximum in 9,8 thousand PLN five years ago (-13% in nominal terms).

At the current exchange rate of the dollar square meter of Moscow real estate worth about $2,65 thousand in comparison with $3.6 thousand in September 2007, at the then exchange rate. The analyst added that half of the poles wishing to buy a home, search for apartments costing up to $60 thousand. noticing that in the databases of objects sold such proposals constitute only about a quarter of all. Among the analyzed company of the real estate markets of the ten largest cities in Poland, most of the cheaper apartments, situated in 100 km from Warsaw - Lodz: nominally by 18%; and least of all in the South of the country in the industrial center - the city of Katowice (less than 2%).

According to the domy.plin October sellers exhibited minimal price for which are ready to part with their accommodation in Warsaw, at the level of $1.8 million to a maximum of almost $4,4 thousand. (at the current exchange rate 1USD=3,2PLN).

At the end of last year, analysts of the largest Polish Bank and the player in the market of housing loans PKO BP did not rule out the possibility of falling property prices in Poland in the next two years, and in case of worsening of the economic situation in the European Union - even by one third.

The Polish real estate market for the past twelve years on the background of growing income of poles and lending before the crisis of 2008, prices increased in several times, after which gradually declining.
Content tags: Overseas property
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