There's a lot of anecdotal evidence appearing on the forum about people seriously considering and in some cases actually defaulting on new developments where the final payment is due soon. Erik wrote a very good summary of the issues on this thread:

http: / /www .propertysecrets .net /forum /romanian _mortgage _lending _to _nonresidents _resumes /10260 /34768 .html

Erik makes a very pertinent point which is with lots of distressed sales about it may actually pay to forfeit a 25% deposit and look for another deal rather than put another 75% in plus all the other costs and with no guarantee of rental income following. PS, are you aware of any of your deals where hand on heart this may be the best option?

I've asked the question on a couple of other threads what PS's experience is of the numbers defaulting currently but no response so maybe they were missed. So PS, what is your current experience and what do you think is likely to happen? How many people are trying to sell existing properties through your re-sale operation? I'd be very interested and I'm sure the feedback will help those of us with completions in the near future to decide what to do.

My own experience of existing properties is that having had a few rental periods expire recently (in Warsaw, Bratislava and Krakow), I've managed to get new tenants quite quickly so no disaster there. No doubt prices have decreased but I'm relaxed as long as they are rented. As for soon to be completed properties in Future City II and III Towers, who knows? I suspect they will rent at the right prices.
Huw

If it is any consolation to people, renting in Wrcolaw remains good. Recently rented several 2 bed 62 sq m flats in Wroclaw for 2,500 zl + bills of 150 zl per month , paying 13% all-in letting and management fees and service charges of less than 400 zl per month.

So if people can complete, then the renting situation is OK and has probably gotten better since the credit crunch.

Hi DJ

May I ask what agency you have been using?

Regards

Sanj

I used Iglica and another agent, both did the job,

DJ

PS, do you really have no comment on this? Neil I note you were quick top post when suspecting a competitor infiltrating!