Poland - 3Q Real Estate Market Commentary
Residential Market
Residential prices fell 1.5% in Poland in the third quarter vs the previous quarter, with the biggest fall recorded in Katowice where prices were down 2.3%.
Price fell due to three factors. First is still the price limits of the Rodzina Na Swoim – governmental program which refunds interests of the mortgage loans. The other two are financing obstacles and wide range of choice of new flats.
Polish GDP is projected to grow 1.0% in 2009. This is quite weak, but it makes Poland the best performing economy in Europe. Poland’s neighbours, such as the Czech Republic (GDP -3%) and Lithuania (GDP –16%) are fairing much worse. (...)
Click here to read the whole 3Q Polish Residential Market Commentary
Office space market
Office rents fell as much as 15% in Warsaw, and 8-10% in other cities, and vacancy jumped to 6%, as tenants downsized and even sublet their own space.
Building owners offer many incentives to the prospective tenants, such as 3-12 month rent-free periods, landlord sponsored fit-out, and other rebates lowering effective rents.
Today is the best time for tenants who are renegotiating leases or are searching for space for rent. (...)
Click here to read the whole 3Q Polish Commercial Market Commentary