property in poland Krakow

Yesterdays article in Irish Independent re: 'there are three prices - the price for locals, the price for overseas and the price for Paddies' regarding overseas investment property' appears to have emanated from this site.

I'm looking at investing in property Krakow, Poland possibly and would be interested in hearing views, opinions on this forum wrt personal experiences, advice etc

Re: property in poland

Hi Dom,

Welcome to AAM!

If you use the search facility using you will get plenty of hits.

aj

'there are three prices - the price for locals, the price for overseas and the price for Paddies' regarding overseas investment property' appears to have emanated from this site.

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Really? David McWilliams, to name just one commentator, has been using this very expression for the best part of the last 12 months.

Yes ubi, Ive traced it back to a published article in Nov 2004 . (It sounds a little like a Flann O'Brien novel).

The local estate agents say that in Budapest there are three prices – one for the locals, another for the foreigners and a third for the Irish. Although, yields have been pushed down to perilously low levels (that’s if the property can achieve decent occupancy), Paddy feels he has a bargain because relative to Dundrum, Budapest appears cheap.

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In my opinion, such generalisations such as the one quoted above, made in the McWilliams article, are not very accurate. Firstly, in all my research into property-related matters in Hungary, the existence of a price for the Irish isn't a common occurance. There are maybe one or two unscrupulous companies, who have been documented in the Irish media, but that's it as far as I can see. Also yields aren't 'perilously low' in Budapest. With a good investment, they are about 6-7%. Claiming that 'Paddy feels he has a bargain' makes Irish investors appear naive, when in reality, my experience has been that many investors from other countries have been closely watching in which countries the Irish euro is invested in.

In relation to the Polish market, I'd imagine that if estate agents over there want to keep their reputations, they will not try to rip people off either. It doesn't make economic sense to do so.