redNet says: The market in Poland has hit the bottom!
17th February 2009
Interview with Robert Chojnacki, president of Property Secrets' Polish partner, redNet Property Group
Robert, how would you describe the current state of property markets in the main Polish cities?
As a consequence of the global crisis and tightening lending criteria by banks in Poland, property markets in the main Polish cities experienced in the second half of 2008, and especially in December, significant decreases in transaction prices and a sharp decline in sales of new apartments.
In Warsaw for example, the decline in sales was 85% and in Q4 only 700 units were sold. Developers, who were selling 150 or more apartments per month, are now selling 30-40.
Only 10% of developers in Warsaw did not reduce their prices and are not planning to offer discounts in the future.
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