Interesting article quoting Budimex in the Warsaw Business Journal. They say prices didn't rise in any of their developments except one (in Poznan) last year and this year will be flat with a buyers market. Article here:

Buyer's market?

From Lokale Immobilia

by Agnieszka Le Nart

Budimex Nieruchomości's sales forecast aims for 1,000 apartments sold in 2008

This year will bring stabilization rather than a drop in prices, according to Budimex's Urbański

As part of its 2008 strategy, real estate developer Budimex Nieruchomości has announced that it plans to secure some 1,000 advance sales agreements for residential units in new development projects. Currently, Budimex has 13 such projects underway, including its Chełmska, Korsaka, Kocjana, Murano, Olbrachta II, Mołdawska, Łagiewniki and Wilczak developments in Warsaw and Poznań.

The company's projections include 60,000 sqm in total area for apartments covered by pre-sale agreements. In addition, Budimex will deliver the keys to 650 completed apartments this year to buyers in Warsaw and Kraków.

With regard to its upscale Apartamenty Murano development in Warsaw, it expects to deliver 262 units by September 2009, half of which have already been sold at prices starting at zł.10,700 per sqm.

In 2007, Budimex finalized pre-sale agreements for 714 residential units covering a total area of 43,000 sqm. It delivered 871 units in five developments in Warsaw and Poznań.

According to Budimex executives, prices for apartments in the company's developments did not rise last year, with the exception of the Osiedle Wilczak in Poznań, which saw a 30 percent rise in price per sqm. The overall rise in prices throughout Poznań was estimated by Rednet Consulting at 72.88 percent for the year.

"In 2008, we are expecting a stabilization of prices as opposed to a drop in prices," said Henryk Urbański, president of the board at Budimex. "In our opinion, the first half of the year will be a good period for buyers with regard to an increased supply of units on the property market."

According to Urbański, features such as location, standard of construction and finishing will determine price positioning for developments in Poland's client-driven market. However, growing pressures from the market in terms of high costs of construction materials and plot acquisitions may have an impact on future supply from developers.

Hi Huw

I don't think there's any doubt Poland has cooled. We talked about this back in December and considered the best options

http: / /www .propertysecrets .net /article /taking _a _break _p2 _as _polish _property _price _growth _eases _whats _the _strategy _for _success /1879 .html

To me, to the interesting question is when it will hit a period of serious second wave growth. To me, the fact that it will seems inevitable.

Maybe the run up to 2012 could be the spark?

http: / /www .propertysecrets .net /blogs /max _growth /second _phase _of _property _price _growth _in _poland _around _the _corner _38 _billion _to _be _spent _on _euro _2012 _ /post -132 .html

Or a wave of returnees?

http: / /www .propertysecrets .net /forum /boost _on _the _way _for _polish _property _market /9694 /31379 .html

cheers