International Property News

Flat prices falling in Poland's largest cities

10th June 2009

Flat prices have continued their downward slide on the housing markets of all Poland's biggest urban centres. Starting prices have returned to levels noted at the beginning of 2007 and transaction prices are even lower, declining to where they were three years ago, according to a report compiled by the web service oferty.net and the company Open Finance.

In the opinion of the authors of the report, the difference between asking prices and transaction prices is currently between a few and a dozen or so percent. The biggest year-on-year fall in property prices in April 2009 was noted in Poznan. They they have dropped by 10.1% in the city and prospective buyers must now pay on average PLN 5,673 (�1,250) per square metre. Sharp falls were also reported in Rzeszow (-9.6%, PLN 4,596/m� or �1,012/m�), Krakow and Katowice (-9.4% each, down to PLN 7,270/m� or �1,601/m� and PLN 4,146/m� or �913/m�, respectively). On the other hand, prices inched up only in Bialystok and Lublin, where buyers must now pay PLN 4,461 or �983 (up 0.2%) and PLN 4,963 or �1,093 (0.5%) per square metre, respectively.

Source: Polish Market