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5 Useful Things To Know About Property In Wroclaw & Poland

Are you at the stage where you’re keen to buy a flat or home in Wrocław? If so, it’s worth checking out our new property segment with BigDoor24.pl.

First up we’re going to look at 5 key observations about the Polish property market.

Growth

The Polish property market has been moving steadily upwards with an increase of almost 20% in the last 5 years, most of which has been in the last two years. Whilst Warsaw has led the way in increases, Wroclaw has vied with the Tri-City for 3rd place behind Krakow. Wroclaw is actually currently deemed the most affordable of the 7 largest cities.

Mortgages

In 2018, 75 % of properties were bought with cash or in other words, only 25% bought with a mortgage. This is substantially below the European average and would suggest there is plenty of room for growth in the future as salaries continue to increase and mortgages become more prevalent.

Rent

The demand for rental properties is below the European average (15 % vs. 50 % in Germany) which again is unsustainable in a growing economy like Poland. As demand increases, we would likely see higher apartment values and higher rents.

Disparity

Poles generally don’t buy second hand apartments. For now at least, this rings true as the primary market carries a premium of 15 to 25 % in price over similar apartments even just a few years old – despite the fact that both will command similar rents.

This is a touch odd as the heart seems to be driving demand rather than numbers, something that is sure to change with second hand apartments catching up with the primary market. We would add that the time cost of fitting out a new apartment is often discounted and is set to change.

Price & Yield

An average apartment in Q1 2019 Wroclaw costs around 435,000zł (approximately 100,000 euro). With an average rent of 2,500zł, the property would yield almost 7 %. With a 90 % mortgage, requiring repayments of 1,800zł per month, that leaves plenty of room for growth in the property value.


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Follow WroclawUncut & BigDoor24 now on Facebook to ensure you don’t miss future articles – we’ll be looking at the pros and cons of various districts, tips on buying, renting, selling and being a landlord, plus info on mortgages among other things. 

Disclaimer : The above article is simply a result of the best and honest research by the BigDoor24  team, who endeavor to provide as sound  advice as possible. However it should not be treated as a professional view on the future of Polish property.

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