buying property in poland

ponzan

heard aib's polonia fund purchased a 40mil commercial building there apart from that unsure..

Re: Poland

Can anyone point me in the direction of where to go to get more information? There seems to be little useful info on the web. Thanks!!

Hi,

Just returned from a business trip to Poland. Warsaw and Wroclow.
Have been thinking about investing in an apartment somewhere in East Europe. While I was in Poland I had a chance to do some research by talking to Polish business people who have bought property for themselves in the past couple of years.
Example, I was shown a 74 sq meter apartment approx 15 minutes from the centre (old town) of Wroclow. Really nice apartment in a new development. Price two years ago €48,000 when this person purchased. Similar units now being built across the road are priced at €52,000. There is more availability than demand, so rent is not a lot to talk about.
Wroclow is a really nice city and just beginning to get some new direct air connections to Europe. Ryanair just starting from Stanstead and Easy Jet to start from France later this year.
Having spent a few days there I really felt I wanted to bring my family back for a few days later this year. Tremendous value for money in good quality hotels. Eating out is very cheap. Good resturaunts offering top class 4 course meals with a couple of beers at €18 to €20 per head. Hotels in the old town square at €80 per night per room for two sharing. This is for a good sized bedroom with seperate living area with TV, three piece suite, internet connection etc. Large bathroom with shower and bath. Family rooma available for 2 + 2 at €100 per night. Really really high standard.
I cannot help but think that this city will really really gain on the tourism front as direct flight connections become more and more available in the next couple of years.
Rujib

oferty.net

Hi tolka send me a PM and ill send u my number and ill chat to u about it i have no self interest..

Apartments in good areas of warsaw have risen over 30% in last year. Exchange is now 3.9 against the euro when i first was in poland it was 4.7 against the euro so the appreciation has been rampant on the currency looking back to the 90's it maxed at 3.7 -3.6 against the euro .. this was on the previous boom ..

Goto www.oferty.net is the daft.ie of poland.

Id recommend old mokotow as a good place to buy or city centre.

Re: oferty.net

hi there just on a aside

how many airports are there in warsaw?

have found a company called www.sky-europe.com that fly from Etuida terminal in warsaw to stansted, is the situation like stockholm where there is more than one airport?

Warsaw Airport

No, there is only one airport (Chopin airport) though it does have a relatively new second terminal (Etiuda)

Re: Warsaw Airport

hamilton osborne king are selling appartments in mokatow. about E88000 for a one bed with parking space. they told me you'd expect about 450 a month in rent, but the rental agency will take about 60 and theres a maintenance fee of about 50 a month for security and landscaping,
i havn't purchased in ireland, cos i was abroad for a few years and am not sure where i'll settle yet so i'm renting. i'm 27 and have a fair bit of cash and stocks and a decent income. i'd appreciate if anyone could give me a bit of advice whether this might be a good investment,

Re: Warsaw Airport

I own a 2 bed from the first phase.. 1st irish person in that block.. The second phase faces a pretty busy street...

its alright id estimate at renting mine for 520-600 for a 2 bed its been kitted out at at the moment..

I paid 80k in total with car parking and space.. 70meters

If i was buying again id probably buy also in marinamokotow..
Its beside old town mokotow and it is the elite address of warsaw..

My next stop however for my next purchase is downtown shanghai after that ill be back in poland in 2006 when the government does its cutbacks as that will create uncertainty... Its gonna do very well both shanghai and warsaw over a twenty year period.. Dont bother looking for short term gains..

Perpetual Ususfruct

Hello,

The text below if from HOK in relation to apartments discussed in previous 2 messages.

Id appreciate advice on the following:

What is perpetual usufruct?

Do you cease to own the property after 99 years?

Is this a concern purchasing property in Poland?

Thanks,
Pokerhead.

An owner of a dwelling which is located in a building situated within
a plot of land used under perpetual usufruct is obliged to pay fees
arising out of the said perpetual usufruct. Perpetual usufruct is given
for 99 years. After this term it can be extended. The majority of the
sites in Warsaw have a status of perpetual usufruct. The amount of the
above-mentioned fee is calculated in accordance with the provisions of
the real estate management act, article 72 and the subsequent articles.
In Czerska the annual fee for perpetual usufruct in 2004 is EUR1.05/m2
(e.g. for the apartment of 83 m2 with one garage space the total fee
will be approx. EUR100).

perpetual usufruct is kind of like in london where they pay a maintenance for the lease to earl of whereever lease is automatic..

his did not concern me...

check out around stary mokotow

ecstatic

I have been reading this site as I am interested in purchasing a place somewhere in Europe for investment purposes. However, I must admit all I can do is laugh at some of your posts. You are under 25, work in IT and have a property in Ireland, now one in Poland and looking to go to Shanghai next. If you consider that you were 17 when finished school, 4 year engineering/computer science degree, puts you at 21. Graduate salaries for IT staff in Ireland are not high so you could not afford an irish property mortgage based on them. Contracting rates in Ireland for IT staff are also relatively low, with 400 euro a day being as high as most project managers get, so unless you own your own company (highly unlikely as you would be investing in that and not property) or you inherited the money, the only way I can see you got it is dealing in drugs or robbing it So if what you say is true, it must be an inheritance, which I have no problem with but why did you not say that instead of claiming it was income. Enough on that topic ..

Also I did laugh at the rental income projections.. in November 2004 it was 700 euro but agent claimed he could get 900, when the zloty was 4.25 = 2975/month. In March 2005, this had been lowered by you to 520-600 euro when the zloty was say 4 even (went lower) which is 2080/month, showing a drop in rental income of around 30% ? Are my figures totally incorrect here or have I missed something ? Please explain if you case to respond ..

Best of luck in Shanghai .. and hope the rental incomes stay more stable

I have read that easy-jet plan a route to Krackow, which incidentaly is the cultural capital of Poland , and, I read, is absolutely beautiful. I believe property in the old town is relatively expensive , but cheeper in the subirbs. Dis anyone see House hunters in the sun on RTE where this city was featured, the value for money is fantastic. Do any seasoned investors recommend it?

Re: poland

Hi Ecstatic
With all the rush into Krakow I may consider looking into either:

1. Buying direct from a developer or

2. Developing myself along with a small number of investors

Whats your opinion on buying in the centre or suburbs.
Ive already seen a place 20 minutes outside Krakow (3 bed) for circa 70k that a Polish friend of mine is returning to live in, new block (nice but far out)