Buying A Property In Poland

Bordered by the Baltic Sea, Germany, Czech Republic, Slovakia, Ukraine, Belarus, Lithuania and Russia, Poland is a vast and varied country. Should you buy there?

By Gordon Miller

Overview

Poland is not the first (or let's face it second, third or fourth) choice destination for Britons looking to buy a second home abroad. The former Communist nation, which joined the EU in 2004, has a climate more extreme than Britain's, and despite some charming city centres - notably Gdansk and Krakow - you won't be flocking to its shores in search of a holiday pad. But don't dismiss it outright. It has a largely undeveloped North Sea coast with some find sandy beaches - the short summer means grab it while you can - as well as some decent skiing in the Tatras Mountains, especially at Zakopane. Wroclaw is a charming Baroque city, with a large student population.

What's Happening With House Prices?

House prices have tumbled lately in Poland, in keeping with many Eastern European nations. After strong increases from 2004 to 2007, property prices in Poland have declined markedly since 2008. The fall continued in 2009 and prices are expected to keep on falling during 2010, and possibly into 2011. REAS, the country's premier housing consulting firm, notes the average price of exposed units plunged by 25% in Wroclaw, 16.8% in the Tri-City (Gdansk, Sopot and Gdynia), 15.7% in Poznan and 8.9% in Lodz from a year earlier. In Krakow and Katowice, average prices fell 3.4% and 1.9%, respectively, over the same period.