Poland and Polish Discussion Group and Forum

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Poland and Polish Discussion Group and Forum
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Re: Polish Property - housing slump?

"Thanks for your information, If I was living in Poland and suddenly my house was worth 2m zl, I would be thanking my lucky stars and taking the first flight to Oz and buying a most beautiful home, enjoying the best of weather and business conditions.

I think I would too!

I was visiting a friend yesterday who livss in a studio flat just by Wschodnia Station (usually considered a rough area and cheaper than the rest of the city) and he told me he bought his flat for 100000pln three years ago and is selling it now for 240000.

About houses, there are still great bargains in villages - the further from a big city the better, but the presssure on land prices in Warsaw keeps the prices artificially high.

Re: Polish Property - housing slump?

Cheaper, yes. But a village in the middle of nowhere might not be the best place to live. Does anyone remember the story posted about a longhaired British man who has his house in a Polish village robbed on a regular basis? He knows who does it and the police do nothing. I'll try and find the link.

Re: Polish Property - housing slump?

"HELP....i need some advice...I am an English guy who has bought an old farm on the edge of a small village...The farm is in need of many repairs , but until i sell a house in UK i don't have money to make these repairs....Because i don't speak Polish very well i am not able to earn very much money , just a little teaching English..Life is hard sometimes , and in order to pay bills i sometimes go days at a time without food , the longest was ten days , no eating....I have made many good friends among the people of my village despite the language problem , but the problem is that because i am English , and just happen to own a Harley motorcycle , they think i am rich...This is a bit of a joke really , as most of them don,t go without food as often as i do....Because of this belief , some people from the village have made two visits to my farm when i was out...The first time they took my mobile phone , camera,s and video camera...The second time they took all my tools that i need to repair my bike and car , and my home...I went with a friend to the Police , but on both occaisions nothing happened despite the fact i told them i knew who had done this....So Polish people please advise me...What do i do about these bandits , to punish them , and deter others from taking what little i have left....Please understand i am not saying all Polish are thieves , i have many special friends in Poland , these bandits are scum , we have such people in UK also , its just that in UK i would know what to do, in Poland i am stranger , and a bit alone...what do i do...?"

http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=197210291

Re: Polish Property - housing slump?

Hans that bloke is a British no hoper, I think he wanted a easy ride in Poland. He couldn't find work etc.

Re: Polish Property - housing slump?

I've said it before and I'll say it again - the housing market in Poland is very diverse. Gorzow and Zielona Gora are in the same Voivodeship and are not too far apart, but the same flat would be almost 100K more expensive in ZG, simply because of supply and demand. Likewise, my house would be worth 30% more in Gorzow, because there are very few houses inside the city limits.

I think the market will continue to grow, albeit at a slower rate. Just because a boom has ended it doesn't mean a recession has taken hold.

Re: Polish Property - housing slump?

"He couldn't find work etc. "

That's funny to you is it offbeat?

Re: Polish Property - housing slump?

Poles want to live in new houses and flats in cities. The same was true in the UK in the 60s and 70s. Time will change, country cottages 'dumps' are still dirt cheap, and a fantastic investment. Rich Poles will soon be brave anough to venture out of the cities to live. My summer house gets robbed on a regular basis, my storage container on my land gets vandalised but I think it pay off in the end. Looking at a couple of houses at the moment, about £8,000 each, they can't go down, the building land they sit on is worth more.
Still bargains to be had, without spending a fortune.
Be brave, head for the vilages, tolk to the inbreads
some of them are only happy to sell.

I was offered a couple of barns very cheap. Barn conversion anyone?

Re: Polish Property - housing slump?

"The first time they took my mobile phone , camera,s and video camera...The second time they took all my tools that i need to repair my bike and car , and my home...I went with a friend to the Police , but on both occaisions nothing happened despite the fact i told them i knew who had done this...., we have such people in UK also , its just that in UK i would know what to do, in Poland i am stranger , and a bit alone...what do i do...?""

Erm..what does he mean by saying he knows what to do in the UK??? I don't know of anyone who has obtained redress through the Police in the UK for house thefts or ever had their property returned. I used to work with someone who had her house broken into and ransacked and then they returned a few days later to take the stuff they couldn't carry the first time... In the UK people claim it back through contents insurance. Is he asking people to tell him how to obtain contents insurance in Poland..>???

Re: Polish Property - housing slump?

I would LOVE IT (Keegan style) if I could afford to do a barn conversion. Had the opportunity a couple of years ago when we were house hunting, but needed a place to live rather than a project.

15 grand bought a tumbledown house with barn with 3000m2 of land. Estate agent recommended getting some locals to demolish the house (free of charge - they keep the bricks) and doing up the barn. Went back about a month ago to see the place and the new owner had done exactly the opposite

Re: Polish Property - housing slump?

"He couldn't find work etc. "

That's funny to you is it offbeat?

Well its funny in the fact that this Englishman (like so many others) fail to do there homework.. The fact is that this man obviously purchased a property cheap and thought getting a job would be no problem.. Because your speak English doesn't mean that you can get a job teaching at a Polish School, Finding word in a country town is hard and in many ways is a closed shop... Poles bribe to get a job or a job is given to somebody who you know,(friend to a friend basis)

Re: Polish Property - housing slump?

Offbeat is right - this guy obviously did no homework whatsoever. Who in their right mind would buy a rundown farm in a foreign country where you don't speak the language. Have no money and no real hope of earning money? Not eating for 10 days, his belongings being systematically stolen by local villagers. It's all very sad

Did anybody see that TV prog on Channel 4 about a working class Essex couple who buy a rundown palace or chateau in Eastern Europe?

Re: Polish Property - housing slump?

Perhaps we should invite him to join the forum?

Re: Polish Property - housing slump?

On a more serious point and getting back to the topic, In my neck of the woods its seems the property market has peaked and a downturn is predicted.
This is being linked to the sub prime mortgage collapse in the US. (keep in mind that we have less than 4% unemployment and the average wage is 56,000A$)

It seems to me that if things get worse Poland will follow if it hasn't already. The prices of homes in Poland are on par with that of prices in Australia ( I know you can buy a cheap place in the back of no where)
It seems the ones hardest hit will be those who have pre paid for a apartment or purchased property just recently.
Lets not kid ourselves the US economy is finished, its like blowing up a balloon with a hole in it!

Re: Polish Property - housing slump?

“the US economy is finished”

Most people just can’t comprehend how complex the U.S. economy is: perhaps this graphic will assist.
http://strangemaps.files.wordpress.com/2007/06/350816052_0a392a0d28_o1.jpg

Re: Polish Property - housing slump?

"The US economy is finished"



Thank you for that witticism - I needed cheering up and this rather bizarre remark did the trick!

Re: Polish Property - housing slump?

Thank you for that witticism - I needed cheering up and this rather bizarre remark did the trick!

You will need more than cheering up when reality finally hits the economic scene. The ones hardest hit will be those who have been brainwashed by US propaganda.
You don't have to be boy genius to see that a major downturn is about to take place, Poland may to a certain extent be buffered but who knows.
Speculators and Real Estate Agents will undoubtedly will still be flying the flag of boom.

Re: Polish Property - housing slump?

“You will need more than cheering up when reality finally hits the economic scene. The ones hardest hit will be those who have been brainwashed by US propaganda.”

Do you actually know anyone who lives and makes money in the US that agrees with these statements? Or are you repeating what you overheard on the news?

The reality is that those who had no business buying homes became homeowners because of cheap $$$ (low interest rates). Mortgage defaults in the US are still under 5%...how is that disastrous?

It is most amusing to see America haters get sooo excited over the current housing slump taking place in the States.

There are many areas that have been hit hard, like Ohio. There are many areas that are still booming, like parts of Florida, California, North Carolina, Tennessee, Colorado... The truth is that it’s far from doom and gloom. Recession is a normal part of the economic cycle.

A lot of this is reminiscent of the .com bubble bursting 7 years ago. Same doomsayers prophesized disaster.

There is no cure for malcontents. Their glass is always half empty.

Re: Polish Property - housing slump?

There is no cure for malcontents. Their glass is always half empty.

Nice to see you are in a good mood, undoubtedly still holding your hand on heart and whistling dixie.
Lets wait and see what happens, you may care to read what the previous Governor of the Reserve Bank says about America's economic climate, you may do yourself a favour and stop listening to your pin up boy G.W Bush.
If you think that homes will increase in leaps and bounds well you must believe that pigs fly.
(on a lighter note Nice to have you back on the forum Mike C)

Re: Polish Property - housing slump?

on a lighter note Nice to have you back on the forum Mike C

Seconded. It's good to have an informed Polish American perspective on subjects discussed and in the news.

I have to admit that I don't know much about problems with the US property market, except what I read here and other places, but, for me and many others property will always be a sound long-term investment.

Polish prices are though still comparatively good value for Europe.

Re: Polish Property - housing slump?

Thanks fellas. I’ve been traveling a lot lately and haven’t had time to read the blogs.

“Nice to see you are in a good mood, undoubtedly still holding your hand on heart and whistling dixie.”

Now that’s funny You forgot about Jack Daniels

Look here, in general property market in the US is not that bad. Again, this is the result of very low interest rates and financially illiterate people buying homes on credit. It had to happen. Last real estate slump took place in the late 80’s/early 90’s. It bounced back…just as this will.

As far as the former Fed Chairman – I’m assuming you are referring to Greenspan – many on Wall Street feel he is to blame for the current crisis…he micromanaged the economy for 20 years. There are many who even claim that he is a central planner.

BTW, I read his latest book, The Age of Turbulence. There is nothing really new in there. In the US, the greatest transfer of wealth is about to take place (since JP Morgan brought in British capital in the early 20th century) caused by retiring baby boomers. It will be anything but stable, but at the same time it will create many opportunities.

Ironically, Poland is in good shape because the zloty will continue to rise and as Neil said, you still get far more value than you would in Western Europe. Keep in mind that Poland has never had a real estate bull market (nor a free market economy)in its modern history. It will be interesting to see what happens in the next 5 years.

Re: Polish Property - housing slump?

The Warsaw suburbs are already outrageously expensive and it's going to get even better.

Slight downturn in 2011 on the cards, apparently. It's the cycle.