Srodmiescie (Area of Warsaw)

I see in the rednet report that Srodmiescie has dropped from PLN 15,968 per sq. meter ine dec 06 to PLN 12,790 in may 2007.

This a drop of a staggering 20% !!!

Meanwhile warsaw as a whole is up 10% in the same period.
Does anyone have any idea what the story is there?

Rednet base their statistics on sales for a whole region of Warsaw.
The city centre covers a large area comprising of the really expensive downtown areas and the outskirts of the city centre near Wola for example.
Downtown areas are more expensive than the outskirts of the centre.
A lot of cheaper property on the outskirts has come onto the market
in places like Rondo Babka, Inflacka etc (out towards Zoliborz)
The market has not crashed, instead a load of cheaper priced property is
now available
This has skewed Rednet's statistics
In the same report, they were talking about the prices of Krakow shooting up again. This is simply because a large development in a good location came up

hythorn said:

The market has not crashed, instead a load of cheaper priced property is
now available
This has skewed Rednet's statistics

Click to expand...

So - you mean that not as high quality accomodation became available ?

i.e. In your opinion, had someone bought an apartment 6 months ago in Srodmiescie at market value,would their property be worth more or worth less now?

Like - how big is Srodmiescie ? it must be quite big,with very varied neighbourhoods, if property 20% cheaper is being sold 6 months later in a booming property market?

srodmiescie is a great area but i do know any developer i chatted with around there was always on something funny as the prices were usually 50% more expensive than ones 100 metres away.

surprised to see that myself anyhow.

hi Qwerty,
I cannot comment on the quality, but I can comment on the location.
The further out you get from Nowy Swiat, Plac Trzech Krzyzy, Stary Miasto etc the more the price drops.

local people are selling flats in old concrete blocks on the edge of the centre for over 10,000 PLN a metre. Don't buy one as they are riddled with cockroaches, the block will be falling in around your ears and you might have the neighbours from hell.

Prices on Nowy Swiat can cost 35,000 PLN per metre in new luxury developments.

bubble, bubble, toil & trouble

na zdrowie!