3 December 2009
A growing number of investors are reportedly targeting the Poland property market, as residential prices look set to grow in the run-up to the UEFA football championship in 2012.
Residential values in Poland, which plummeted in 2008, are no longer in freefall. The number of homes in Poland sold during the first half of 2008 increased by 6.5% year-on-year and by around 33.4% compared to the same period in 2007, according to figures from the Central Statistical Office.
Although the data shows that 101,200 homes were sold in the first half of 2009, there is still a grave oversupply of homes in areas such as Warsaw, Kraków, Lódz, Poznan, Wroclaw, Szczecin, Katowice and Tri-City.
Nevertheless, despite the recent economic turmoil, Poland could potentially emerge as the only country in Europe to have positive GDP growth during 2009, which should benefit the country’s economy and help the property market grow next year.
“Poland is the only European Union (EU) country out of the twenty seven member nations, which has achieved positive economic growth in the second quarter of the year, with Gross Domestic Product (GDP) rising to 1.4% year-on-year in quarter two”, Louise Reynolds, the director Property Venture estate agents, said.
She added: “Polish GDP growth should be up to 2% in 2010, according to central bank's Monetary Policy Council, compared with minus 4% for the UK, Czech Republic, Spain and Germany [Source: IMF].”
See Also: Poland (4), property investment news (12), Marc Da-Silva (269), Property Venture (1)
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