What the oversupply story tells us about the recovery of the Polish property market
12th March 2009
By Anna Grybel-Kloc
In 2008 Poland's property market could be divided into two parts - the first nine months of the year and Q4.
In the first three quarters, we saw the market slowing down as affordability and oversupply issues came into play, housing demand dropped and prices were slightly reduced. During this period we saw developers trying to attract buyers with promotion campaigns instead of direct price cuts.
In Q4, when banks significantly tightened lending criteria, the property market experienced a real downturn - higher price discounts started to become available, but also some buyers, who had already signed preliminary contracts started to pull out as they couldn't get a mortgage.
The situation in 2008 clearly showed that finance is the key driver for the Polish property market, followed by supply. Consequently, these two factors will be the most important for the market's recovery.
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