Property in Poland has proven to be a fantastic investment in recent years. The Polish property market rose 28% in 2007 alone although it has cooled significantly since then. However, the country was one of the only European nations not to slip into recession and so Poland is perfectly poised to renew it’s property boom once the global economy picks up again.
Growth rates of 10%-15% are expected across the Polish property market over the next few years. Analysts believe there will be further growth in Polish real estate prices and that this will be fuelled by the Polish government’s commitment to improving the country’s infrastructure (brought about by Poland’s recent membership of the EU and also co-hosting the Euro 2012 football tournament). More recently, the Polish government has also announced it’s intention to adopt the Euro in a few years time, another move that should help property prices to continue rising.
Buying Property in Poland
Buying property in Poland is fairly straight forward but as in any foreign country there are usually a few hoops you have to jump through. Once you have found a property for sale in Poland that you can start negotiating on the price. We don’t want to suggest that EVERY house price can be negotiated but generally it’s possible to come to a compromise. As in the U.K. negotiations can be done via the Polish real estate agent or directly with the vendor themselves. Dealing with a Polish estate agent who can speak English is a massive bonus but there are also many good interpreters who could help.
Once a price has been agreed then a contract must be drafted by a Polish notary. This contract will be written in Polish so again it is advisable to employ the services of a good Polish translator or English speaking notary.
Please note that there are no exceptions to this procedure and any contract drawn up without the involvement of a Polish notary is not worth the paper it is written on.
The notary will draft a preliminary contract outlining the terms and details of the sale plus any conditions that need to be met before completion. A deposit of around 15% is then paid by the buyer and a completion date is set for your Polish property.