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Real Estate Market in Poland Print E-mail
Written by Lucyna Jaremczuk   
Wednesday, 05 December 2007 10:05

The Real estate market in Poland has been developing very dynamically for a few years. Prospects for the coming years are also very favourable.

Poland's accession to the European Union positively affected the market. The access to EU funds and partnership with national and local authorities  contributed to developing more and more favourable opportunities for large and individual investors.

The period of prosperity in the Polish economy, continuing since last year, has attracted numerous foreign investors. According to the Polish Information and Foreign Investment Agency, the value of capital invested in Poland grew by 44%  as compared with 2005. The value of direct investment projects in the 1st half of 2007 exceeded three times the same figure of last year. 

 At present, numerous roads in Poland are being  constructed or modernised with EU funds. Approximately 23 billion EUR are to be invested in road infrastructure by 2013; EU funds will be also used to build and expand local  airports.

According to bank analysts, numerous symptoms confirm that positive trends on the Polish real estate market will continue. Key business drivers include: demand for at least 1,5 million apartments, Euro 2012 European Soccer Championships, related demand for new or modernised infrastructure (roads, stadiums, hotels etc) and continued demand for office, service and commercial space throughout the country. Re-development of urban areas in main cities will also serve as the source of income for potential investors in the future. 

According to developers and bank analysts, the real estate market in the U.S. is stagnating now. Last year's  interest rate increase made housing mortgage loans more expensive.  More expensive loans and increased caution of banks resulted in reduced demand for houses and a considerable price decrease.

Such market environment has caused  increased interest  of American developers, mostly of Polish descent, in the real estate market in Poland. According to the National Bank of Poland, Poles residing abroad invested  here more than PLN 1.6 trillion (approx USD 600 billion) just in the 1st  quarter of 2007. Due to favourable market forecasts, further investment of U.S. capital is expected, primarily by Americans of Polish descent.

 

 

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