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Buying in Poland?

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  • 09-03-2006 11:35am
    #1
    ianmc38
    Registered Users Posts: 7,754 ✭✭✭


    Has anyone bought in Poland? Myself and a friend are considering investing in Warsaw. We'd like some info from people who've already done it.

    Whats the rental market like over there? What's the average price for a 1bed/2bed/studio and the expected rent from such a property? What's easiest to rent? Good locations and bad locations? What are the current growth rates in the property market?

    Thx.


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    #2
    Sunkist
    Closed Accounts Posts: 16 ✭Sunkist


    I was in Warsaw last week checking things out. English seems to be frowned upon (post communist cultural thing) so communication is difficult. I found the place unfriendly to tourists. New construction everywhere, most people live in apartments and there are loads of vacancies. Unemployment is 17%, crime must be a problem because the amount of Security Guards and CCTV is unreal by any standards. Property prices have increased a lot in the last few years and will likely increase further (as they will in any country) but dont expect a rental income with the glut of apartments for rent. The currency is Zloty and they wont be in the € until 2009. It's very cold in the winter and warm in the summer. -30*C to +30*C lots of snow. I would say corruption is still fairy rife but I'm speculating.

    I havent checked out property taxes or stealth taxes but there are lots of property management companies that would give you the full speil. I stayed in a 5* hotel that was very modern and had all the mod cons but the walls were paper thin although the construction was a high standard. Hopes this helps, Regards, Joe


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    #3
    snowboarder
    Closed Accounts Posts: 5 ✭snowboarder


    Don't overlook the currency exposure that you would have. The zloty is likely to move a fair bit between now and whenever Poland finally adopts the euro. Not sure what direction is expected, but I'd guess that it will weaken (though you should check out Polish govt bond yields for an idea of what the market is expecting).
    Of course, by the time you might like to sell and recoup your investment, Poland will be in the eurozone, removing your currency exposure and at the same time nailing down any gains or losses you might have notionally incurred via interim ER change.


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    #4
    paddy111199
    Registered Users Posts: 122 ✭✭paddy111199


    I am seriously considering buting in warsaw in the OChota area. Does anyone from Warsaw know if this area is nice?

    I think it could be a good investment, does anyone have any advice?:)


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    #5
    naitkris
    Closed Accounts Posts: 660 ✭✭✭naitkris


    paddy111199 wrote:
    I am seriously considering buting in warsaw in the OChota area. Does anyone from Warsaw know if this area is nice?

    I think it could be a good investment, does anyone have any advice?:)

    i'd go visit there myself before even thinking of buying. having people tell you one thing is very risky (what one person says is "nice" is someone elses "bad" etc).

    on top of that it would be advisable to live there for at least a while to learn the laws, customs, language, housing market etc as many things will be done differently to Ireland and you are much better off knowing all the differences before taking the plunge as it could be quite an unpleasant one otherwise.


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    #6
    7mountpleasant
    Closed Accounts Posts: 299 ✭✭7mountpleasant


    Sunkist wrote:
    . The currency is Zloty and they wont be in the € until 2009.

    There is not a snowballs chance in hell of them getting into the Euro for at least a decade. Have reasonably good knowledge of Warsaw and personally I wouldn't be two hot on the place. Massive apartment vacancy levels and very poor public infastructure are the big turn offs for me. With regards the currency I woud be very very wary of the Eastern European markets. Look the situation in Hungary which has seen a massivr swing both bays over the past year (at one point the forint was trading at 290 to the euro, it currently hovers around the 250 mark). This effectively means that any purchase in these countries could in essence be one big currency bet.


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    #7
    william
    Registered Users Posts: 309 ✭✭william


    Check out www.askaboutproperty.com


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    #8
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    ianmc38 wrote:
    Has anyone bought in Poland? Myself and a friend are considering investing in Warsaw. We'd like some info from people who've already done it.
    Have you checked out the tax impacts? What is your liability for tax on your rental income? What will be your liability when you sell the property? What about local taxes & charges?


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