The Warsaw Property Market

  • 15 years ago
  • Uncategorized
For the past few years, the housing market throughout Poland, and in Warsaw in particular, was growing steadily with many buyers and a good bit of interest from abroad. In 2001 the average price of an existing home for sale in Warsaw was 3,200 zlotys per square meter, or approximately US$94 per square foot, and slightly higher for new construction at 3,500 zlotys per square meter or $10 per square foot.
Prices were rising slowly until the country joined the European Union in 2004, when they took off. Mid 2008 saw the peak of the market, with prices averaging over 9,000 zlotys per square meter, or $267 per square foot. New construction prices were similar at 9,500 zlotys per square meter, or $280 per square foot in 2008.
With the onset of the global economic crisis in late 2008, prices have fallen across Poland. In Warsaw, listing prices in the first quarter of 2009 were $8,989 zlotys per square meter ($265 sf) for existing homes and 9,250 zlotys ($273 sf) for new construction. However, selling prices are typically much lower than the listing price. International interest in Warsaw real estate has taken a big hit over the past year.
With prices as low as they are, businesspeople and expats looking for a Warsaw apartment can find some great deals right now.
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