poland property prices take turn for the worse
News Posted On: 23 April 2010
According to the Knight Frank index for the final quarter of last year, Polish property prices fell 1.2% between the third and fourth quarters. This is strange given the strong growth recorded in previous quarters, which triggered increased demand in the country.
In the Knight Frank index for the second quarter of last year, the firm said that Polish property prices grew 4.4% in the fourth quarter of the previous year, 7.3% in the first quarter of last year, and that this growth slowed to 0.7% in the second quarter of last year. No data was available in the third quarter, and now we have a 1.2% fall in the final quarter of last year.
This turnaround has left Polish property prices at exactly the same level at the end of the year as they were at the start of the year, according to the index.
This is of course an index of the residential property sector. All the data coming in on the commercial sector points to that area of the Polish property market being resilient against the worst effects of the downturn, with several major (multi-billion dollar) purchases in the retail sector over the last several months.
In fact, recent data suggests that commercial property in Poland faired much better last year than the year before, when according to IPD commercial property values declined 2.4% on average, with a 6.2% drop in industrial property prices, a 3.5% drop in retail property prices, and a 0.4% growth in the price of office space.
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