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POLAND'S PHOENIX RISING FAST
Undervalued property market won't last long
BY SHANE McGINLEY
Its name is synonymous with the Cold War, but the property market in the Polish capital is heating up. The only obstacle may be finding enough workers to actually build the houses in time.
Where is it? Located on the Vistula River, 370 kilometres from the Baltic Sea, Warsaw is Poland's capital and largest city.
What's so special about it? Warsaw is not as impressive as some of the classic European cities, but its selling point is its economic rejuvenation. Nick-named "the Phoenix," it has risen literally from the ruins of the Second World War.
Since joining the European Union i 2004 $10.6-billion has been spent to modernize the city and another $14.5-billion will be spent on infrastructure. This city is a magnet and the number of Polish professionals migrating to the city is expected to double in the next decade.
Best-kept secrets Locals comment that the city has changed a lot in the past 10 years and would be unrecognizable in another 10. Although it is a UNESCO World Heritage site, the city's quaint Old Town is actually only about 60 years old as 90% of it was destroyed in the Second World War, with replicas constructed afterward. A controversial symbol in Warsaw is the Palace of Culture and Science. The tallest building in Poland, the fourth largest in the EU, the impressive building was originally named after Stalin as it was gift from the Soviet leader to the people of Poland. With 3,288 rooms and 42 floors, it took only three years to build - a sign of true Soviet construction ingenuity. That same feat would not be possible today. Nearly 800,000 Poles have left since 2004, and there is such demand for new homes that there is serious shortage of construction workers. Labour charges went up by 25% last year.
Who's who Warsaw doesn't have a rich roll call of celebrity residents, but it does claim to be the birthplace of physicist Marie Curie and home to famous writer Boleslaw Prus and composer Fryderyk Chopin. In 2006, Warsaw was the location for the Miss World competition.
What's the property market like? The property market in Warsaw remains highly undervalued. This means there is enormous potential for price growth; forecasts are that average growth over the next 10 yeas will be 13%. However, in some areas of the city centre, growth has been as high as 30%. In January, 2008, VAT will increase from 7% to 22%, so it is expected there will be a rush of projects in 2007.
Buyers guide While the Polish Real Estate Federation (PREF) can supply you with reputable agents in Poland, it is more common to deal directly with the buyer. The same notary can be used for the buyer and seller but it is traditional for the buyer to pay the seller's costs. It is advisable to get an English-speaking lawyer, which can be sourced through the Property Lawyers Abroad Network. For financing, banks such as Bank Zachodni offer 70% mortgages.
Where are the best places to live/buy? Warsaw is divided into 18 boroughs, which are then subdivided into neighbourhoods. The best-known neighbourhoods are the Old Town and city centre, home to many of the municipal buildings and top apartment blocks. Mokotow is the most densely populated and is home to embassies and large companies.
What's the rental market like? With more than 100,000 people moving to the city each year, rental accommodation is in high demand. There is also demand among Warsaw's wealthy to move from old Soviet buildings into modern top-of-the-range apartment blocks. Poland also has relatively low maintenance costs. The Global Property Guide reports Warsaw rental yields are about 5.4% and a 50-square-metre apartment will rent for about $1,000 a month.
What type of property is available? A survey by The Economist reports that small apartments in new building are in high demand. Large multi-bedroom apartments, new or old, are difficult to rent and sell as they are too costly. Houses are not a good investment as prices are high.
Average property prices? Prices are up to eight times lower than in London but are rising. One-bedroom apartments in good locations range from $85,000 upwards. Older resale properties are cheaper. The Economist reports that in the best districts, prices range from $6,500 to $11,000 per sq.m.
Taxes & costs Foreigners do not pay capital gains tax if a property is held for five years or more.
Financial Post
FAST FACTS
Area 516.9 sq. km
Population 1,697,596
Currency Zloty ($1=2.7 PLN)
Weather Average is 8C and ranges from -2C in January to 18C in July
Transport It suffers from traffic jams and bad road systems.
There are over 200 bus routes and 30 tram lines and one of Europe's newest metros.
Going out The majority of bars and restaurants are located near the Old Town, and clubs stay open all night. Casinos are popular, but come with a strict dress code. The Palace of Culture is the centre for cultural events, but Warsaw is also home to more than 30 major theatres.
Eating out Eating out is inexpensive; even in the Old Town a good meal can be had for under $14. Milk bars are small cafes where you can get cheap food, while many vendors sell zapiekanka, a filling baguette topped with cheese, mushrooms and ketchup. Vietnamese and Turkish food is especially popular.
Shopping The Zlote Tarasy is the largest mall in Warsaw.
Warsaw agents
* Warsaw Properties Sp: http://www.warsaw-properties.com/
* Delpha Investments Group Sp: http://www.delpha.pl/
* Aquarius Properties: http://www.aquariusproperties.com/
* Christies Estates: http://www.christiesestates.com/
Contacts
* Canadian Embassy in Warsaw: tel +48 22 584 3100; wsaw@international.gc.ca
* Polish Embassy in Ottawa: tel 613-789-0468; http://www.polishembassy.ca/
* Polish National Tourist Office: http://www.polandtour.org/
* Property Lawyers Abroad Network: http://www.plani.net/
* Polish Real Estate Federation: http://www.pfrn.pl/
* Association of International Property Professionals: http://www.aipp.org.uk/ (NATIONAL POST, Saturday, Oct. 13, 2007).
Glosy nowej polskiej emigracji moga byc jezyczkiem u wagi 21 pazdziernika. W tyle glowy powinni to miec przede wszystkim kandydaci na poslow i senatorow z listy warszawskiej, bo to na nich beda oddawac glosy Polacy za granica ("Wyjechali z kraju, ale beda glosowac", THE POLONIA PORTAL - http://expatpol.com/index.php?stsid=31447&kid=305).
SZLACHCIC MAREK BORKOWSKI
Tadeusz Gajl w "Herby Szlacheckie Rzeczypospolitej Obojga Narodow", zacne szlacheckie rodziny BORKOWSKI przypisuje do klanow: Belina, Ciolek, Doliwa, Dolega, Grzymala, Junosza, Krzywda, Lubicz, Labedz, Nalecz, Nowina, Sas, Samson, Sulima, Strzemie, Topor, Borkowski.
21:40 Hrs. "Glizda" Giertych pluje na polskich zolnierzy w Iraku i Afganistanie. Podaje w dzienniku Radio ABC (http://www.abcradio.ca/).
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