Poland: 53 sqm 1 bed in Piatkowo, Poznan, sell or hold?

J

Joost544

Guest
Hello,

I have a 53 sqm 1 bed in Piatkowo, Poznan and am considering selling, with an asking price of region 475 000 zloty.

Do posters consider this too much / too little and what are the chances of a sale currently.

I have read that 9000zloty per sq meter is the going rate for Poznan and this is the figure Im basing my ask on.

Kind regards,

Joost544.
 
Re: Poznan Property, sell or hold?

have you tried downloading the monthly report from rednet that gives the price per sq metre?
 
Re: Poznan Property, sell or hold?

thanks, this would seem to suggest that while 9000 is being asked 8300 zloty is whats selling.

Anyone have any other opinions, experience, see where the markets going?
 
Re: Poznan Property, sell or hold?

where in Piatkowa?
is it a new build or an existing property?
when did you buy?

RedNet have an average price from the entire city of Poznan
ranging from Solacz - exclusive to
Lazarz - run down and full of nutters

the prices are tipped to fall heavily in Poznan whether they will or not is anyone's guess
 
Re: Poznan Property, sell or hold?

Hythorn,

What are your thoughts on Warsaw? Will the oversupply issue resolve, i.e. are developers finally building less?

Cheers.
 
Re: Poznan Property, sell or hold?

Hythorn
What makes you think there will be a drop in the prices in Poznan? The rental market is still strong with the colleges and factories etc.

As for an apartment in Piatkowa, i feel 9000 is way to high for this area. Most of the recent apartment just finished were bought for 6000 - 6600. add 400 to finish and 7000 is reall the price at the minute. I have been in apartments finished within the last 2 weeks and this is the what I would base my figures on.
 
Re: Poznan Property, sell or hold?

ringledman said:
Hythorn,

What are your thoughts on Warsaw? Will the oversupply issue resolve, i.e. are developers finally building less?

Cheers.
Click to expand...

developers are building less because they cannot get credit and no one wants to get caught with a big land bank in case there is a slump

the trend in Polish cities is now one of moving from the city to the suburbs though. the demand for new houses with gardens within commuting distance to the city is on the rise
 
Re: Poznan Property, sell or hold?

Emprormc said:
Hythorn
What makes you think there will be a drop in the prices in Poznan? The rental market is still strong with the colleges and factories etc.


if you read the RedNet Report they seem to think that the prices are going to fall in Poznan. I just finished a breakfast meeting with a colleague who is a developer in Poznan and he is of the opinion that the prices of new builds are not going to fall BUT who has got out of developing completely to concentrate on supplying building materials.

in short no one knows what the hell is going to happen - if prices in Poznan rose 70% last year, it is not impossible to suggest that they might take a bit of a hit if the world's economy goes into meltdown - I hope that will not be the case but I did not see the credit crunch coming so what do I know?

no one knows how big the problem is - the banks are hardly being transparent in their dealings
Click to expand...
 
Poland can be tricky. On the one hand, you have huge amount of people who want to buy their first place, on the other hand you have prices that have risen too fast, comparing to people earnings. At the moment average net salary is enough to buy 0.3-0.4sqm of the apartment in the most of the cities (exculding Warsaw and probably Wroclaw where it's even less).
Next year, economy will slow down a bit and 2010 is a mistery.
Banks aggravated their policies for new mortgages, especially the ones in CHF (which are the cheapest option if you consider the monthly repayment as a most important factor).
One, base on that, could say: "Road to the south by 30-60% very soon", but due to global crisis, most of the developers stopped starting new investments or change the intrest from home market to office market.
That means in 2 years the supply of new appartments should dry up a bit and it should hold the prices near a current level minus 10-15% maybe.

As I said it can go one way or another, pretty hard to say atm. if it chose to go south, well...I will make myself ready to buy an appartment or two when the price is good ;)

9k in Poznan...can't see it to be honest. Even Warsaw is cheaper than that atm, so I can't see where the OP came up with this number from ;)
Poznan is a good placeto invest, as the city grows nicely, but it will be hit by the recession like the rest of the country. Have to backup Emprormc that 7k is more realistic evaluation.

I have recently sold the appartment in small town in northern east (Olsztyn) 160k of people - paid 163.000PLN 2 years ago(44sq m - 3200PLN/sqm+underground parking), sold for 220.000 4 weeks ago. A year ago I would got around 240.000.

From what I can observe, prices since last year, dropped around 10-15% throughout a country. You will always bring the starting price down by that amount if you want to buy something atm.

Nevertheless, whoever bought anything in years before 2007 is a very happy man. Polish market was a fantastic place to invest in property in that time.
If only I came to Ireland 1 year earlier... ;)

Just my 2 cents on Polish market.

Sorry for any grammar and spelling mistakes. English is not my first language.
 
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