overseas property where are we now part i poland
News Posted On: 24 August 2010
This is the first part in a multi-part series looking at what has changed over the last few economically rocky years.
In the case of Polish property it is like the Orange telecoms network slogan; the future's bright the future's Poland. This is because Poland was in a slow patch before the credit crunch.
Poland had its heyday in the early noughties, in the run up to its EU accession in 2004. Prices grew rapidly, and it's lost its ability to compete with the next wave of EU applicants, namely Bulgaria and Cyprus.
Of course, all the emerging economies that entered the EU in 2004 can tell a similar story. Where Poland is different is in its entry into the dreaded c word, and now its rebound out of it.
As Europe succumbed to the crisis, a look at things like budget deficits, and current account balances showed that the Polish economy was looking more robust than most. Because of this, although it was unable to avoid recession as some predicted, its recovery has been among the strongest in Europe.
According to the latest Eurostat release, year on year GDP growth in the Polish economy was 0.6% in Q3 2009, 1.1% in Q4 2009, and 0.5% in the first quarter of this year. During this time quarterly growth was 1.4%, 2.8% and 2.8% respectively.
As a result of this proven economic robustness, Polish property, both commercial and residential has become the focus of investors worldwide once again. According to the latest data from Knight Frank Polish residential property prices were up 2% on a quarterly basis in the first quarter, after a 2.1% decline over the 6 month period to end the first quarter, compared to the previous 6 months.
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