polish property searches up 60pc as eu debt crisis worsens
News Posted On: 04 October 2011
Property in Poland is proving increasingly popular as more and more investors seek to avoid the Eurozone and its worsening sovereign debt troubles. The latest report into overseas property searches and interest from Rightmove and Moneycorp shows searches for property in Poland up 60% in August, as people look away from traditional markets such as Portugal, Spain and Italy.
Poland had previously been intending to adopt the euro, but has backed away from this lately. This is hardly surprising with a Greek default on the horizon and the Polish economy growing 4.3% in the second quarter of 2011.
Residential property sales have increased this year, and projects which had been put on hold before the global crisis have now been resumed. But the property market is still not seeing the same levels of activity from several years ago.
It's thought the increased activity in the residential property market is largely due to the growing economy, stable labour market and increasing incomes. Interest rates are still exceptionally low as well, and the number of mortgage loans granted by banks is currently at a high but stable level.
The supply of new homes in the six largest markets in Poland has increased for the seventh consecutive quarter, and is now 29% higher than a year earlier. During the last 12 months there has been an 8% increase in the number of homes being sold, and the figure is 17% higher than in 2008. Developers are also choosing to build more projects in central and downtown locations, having concentrated on affordable housing schemes since the onset of the financial crisis.
View property for sale in Poland
Written by Liam Bailey
Back to news articles for this country
Latest Related News Articles in Poland
Poland Property Market Still Has Strong Domestic Demand
2012-03-01
Poland is Europe's sixth largest economy and is still benefiting from strong demand. Because it has .....
Polish Property Searches up 60pc as EU Debt Crisis Worsens
2011-10-04
Property in Poland is proving increasingly popular as more and more investors seek to avoid the Euro.....
Polish Economy Shining Bright in a Confidence Deprived Europe
2010-09-14
Polish GDP growth is among the highest in Europe, but its retail performance is particularly impress.....
Overseas Property Where are We Now Part I Poland
2010-08-24
Polish property is benefiting from the now proven economic robustness of Poland.....
Poland Property Prices Take Turn for the Worse
2010-04-23
The latest release of the Knight Frank index tells us that Polish property prices took a turn for th.....
Polish Property Market Leading the Recovery Charge
2010-02-15
The Polish property market continues to bounce back strongly on increased investor confidence in the.....
2010 Will See Increase In Polish Property Investments
2010-01-21
Poland managed to avoid recession and is now a proven market, commercial investors are already heavi.....
MGPA Sees Polish Economy Outperforming Europe in 2010
2010-01-12
On Monday it was reported that MGPA, the private equity investor linked to Australia's Macquarie Gro.....
Future Looking Bright for Polish Economy and Property Market
2010-01-04
Polish paper Puls Biznesu has found some bright predictions for the Polish economy and real estate s.....
Poland Construction to Grow Fastest in Europe in Coming Decade
2009-11-16
A new report by Global Construction Perspectives and Oxford Economics has said that Poland will be t.....