Krakow Property Market Overview
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With a famous name, well educated workforce and growing economy prices in Krakow could not stay low for very long. In fact, between 2005 and 2006 property prices more than doubled in value.
After a period of little growth in 2007 property prices in Krakow have seen some falls in 2008 in some areas due to oversupply and developers overpricing their stock and this has continued into 2009.
Krakows prominence as one of Europes sought after tourist destinations given its historic beauty has meant that it also attracted its fair share of international property investors which led to not only sharp price rises but over inflated prices that are out of balance with local affordability.
Having said that, the property market still has potential, as the economy of Krakow is on a firm footing for the future. As well as an industrial base technology and media companies have been attracted to Krakow and, given the citys natural charms, it will always be a place where managers and upper executives want to live. On top of this Krakow has a large student population many of whom chose to stay and work in the city which again makes it attractive location for large companies to locate themselves here.
The adage of choosing the right property to buy is even more acute in Krakow due to oversupply and overpricing. Yet this does not mean opportunities do not exist, our view is there could be some excellent buying opportunities later in the year.
