Polish property

  • Thread starter insomniasg1
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insomniasg1

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Planning to go to Poland in June. Will be looking at the potential for property purchase (house/apartment/etc.) Travelling to Krakow (in the south). Just wondering if anyone has any advice, recomendations, experience specific to this region.

Thanks in advance

Regards.
 
Aboveski

Mish gnytu ytui ooski ftrrnski oku uygski hhdga yuski yydjpaihe aidy oftgstri jlkas ahjgodski patdosfigods ok?

Andski thenski twilbealrightonthenightski.
 
response

I purchased a few weeks ago in warsaw not a pretty city but it is the capital and it is where lots and lots of commercial property is going up at the moment.
Be careful what builders u get some do a legger with the deposit. Finance is arrangeable over there through WBK / RheinHyp if in warsaw Praga, Mokotow, and as close to the american embassy are best places to buy.

Apart from that best of luck.
 
Ecstatic,

Thanks for the reply. Will let you know how I get on.
 
Do drop a line back when u come back with anything of interest...
 
Krakow

After seeing it I have every reason to believe that Krakow may become the "new Prague". Student and tourist city in which Polish also invest. The old historical Jewish quarter in Krakow seems to be developing into a "hip area" with excellent scope for investment.

Depending on your budget, don't rule out the Zakopane region, 2 hours south of Krakow in the mountains. One of the most beautiful regions of Europe, with winter skiing, and summer holidays. It has been the playground of the eastern bloc elite for many years, and on visiting, one can see why.
 
Re: Krakow

Hi Michael,

Are you purchasing in that area yourself ?
 
Re: Krakow

The old historical Jewish quarter in Krakow seems to be developing into a "hip area" with excellent scope for investment.
Click to expand...

Have you been there? There is a very ghostly feel about the place since it has been largely unoccupied since the Nazi evacuation of the Jewish ghetto. Dunno would many people be happy living there. I would consider it a high risk investment, especially for a foreign investor, and given the possibility of the original evacuees or their descendants demanding restitution of their property ownership rights.
 
Jewish quarter

Not purchasing myself, but would if I was looking anywhere. Spent time there last year with a Polish mate who is buying there even though he is from Warsaw.

If he had more money, Zakopane would be his choice. Properties are being rented at premium, Summer and Winter.

I personally didn't find the Jewish quarter ghostly, but quiet, with a few new galleries and cafe's popping up. Like anything it would be risky, but it appears to have potential as a "latin quarter".

I don't know the legalities of restitution, but presume that the last 10 years would've allowed what was needed to have taken place already.
 
Re: Jewish quarter

I don't know the legalities of restitution, but presume that the last 10 years would've allowed what was needed to have taken place already.
Click to expand...

In fairness, any such presumption (unless backed by diligent independent research) would be a massive risk for any prospective investor to take. Would you buy a car if it was not clear whether the vendor had proper, unimpeded title to it?
 
Restitution

It's a wonder a single property has exchanged hands in post-war, Berlin, Warsaw, Vienna, Prague, Bonn, Rotterd.............
 
Re: Restitution

I just raised the question in relation to the Kazimirez ghetto which (unlike the other places you mention) has lain largely empty and unpopulated for the past 60 years or so, which is rather odd for a large area in the middle of a major city. People can make up their minds whether it is an issue or not. I know if I were investing a large sum in buying property there, I would research all angles in advance. Others might decide otherwise.
 
restitution and other items my view

Yes there is issues as to rightful ownership of a house / apartment pre war which the jewish people are suing the polish government to retrieve there rightful homes.

Of another issue is the corruption in warsaw in particular one must scrutinize the builder they are buying off to ensure they are a reputable outfit. In particular what has happened over the last 10-15 years is that builder gets the deposits for the apartments / houses and when he has them disappears of the face of the earth not to be seen again with the deposit and no building built.

One must get a good solicitor as in any real estate deal and it is particularly relevant to get a top notch one for the accession states as corruption is rife. The solicitor should then check the land registry to see if the land is officially the builders and should also check the land rights.

In terms of restitution it is valid to be wary of whom you are buying off certain banks out there will only deal with particular building firms one can take it this is due to restitution aswell as overall build quality of a building. One of the largest builders out there has a horrific building quality in terms of material and the institution i applied to would not deal with them under no circumstances. They also urged me to re-consider. Other banks and institutions would have had no problems giving a loan to buy an apartment in that block.

What is of note is that the polish government have undertaken a scheme to pay back the jewish people with cash for losing there buildings after the war.

In short my opinion is that restitution is a MAJOR issue that must not be taken lightly however with an efficient attorney should not prove an issue.
 
Polish contact

Hi, while speaking with my polish friend this morning, I mentioned this discussion.

He has had a lot of interest from foreign colleagues about this subject and has done research for them. So much so, that he is looking into it as some sort of business on his return to Poland. This is based on his good knowledge of the property market. He has excellent spoken english, and good written.

Feel free to contact him by mail as he would also like to research the interest that is there.

brz0@poczta.onet.p
 
Krakow and title

My understanding as an investor in Krakow is as follows:

- There is a formal register of all property
- If you deal as a bona fide purchaser with the person on the register you are guaranteed good title
- Restitution claims should not therefore be an issue, but you can take out insurance with Stewart Title if you are worried
- After the war the Jewish quarter was filled by the local authority with the homeless, many of whom did little for the neighbourhood. It is now, however, indeed becoming very popular
- There are empty and derelict buildings. This is mainly where the title is not clear. For example, there are several ownerships to be assembled and not all owners can be found.

PS - be aware that some lenders require one to purchase properties other than flats through a Polish company and despite May 1st Poland is not yet a member of the Economic Community. So EU citizens cannot as yet be majority shareholders. It is OK to buy through, eg, an Irish company, but this will not satisfy many Polish banks.

Stephen
 
how's your property getting on?

estatic,

hows your property getting on in Poland? Have you any difficultiy yet in getting maintenance done etc. Finding the right agent etc, to let and look after it for you?

I am interested in doing something similar in budapest, i see the main risks as getting the right people to manage the property.

cheers
 
reply

Property still been built check out www.oferta.net for polish property. Kind of like daft.ie or else stick oferta.net into google to see what comes up..
 
Hi
Just note you went to Krakow in June, did you buy
I was there last week and whilre I went for a holiday, I get the impression that things are only starting there and a good time to get in but dont know hoe yet.
 
hi, am thinking about investing to.I priced some but they where all 7-12 bed room.I thinkHOK are doing them?
any advice, throw it at me.
cathy
 
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