About this Property
Warsaw has Poland's most expensive housing, with an average selling price of PLN 9,346 (€ 2,158) per square meter (sq. m.) in Q1 2018, according to NBP. Housing is also expensive in Kraków, with an average price of PLN 7,767 (€ 1,793) per sq. m., Gdańsk with PLN 7,712 (€ 1,780) per sq. m., and Gdynia with PLN 7,293 (€ 1,684) per sq. m.
- In Warsaw, the average price of existing houses rose by 6% (4.2% inflation-adjusted), during the year to Q1 2018.
- Gdańsk saw the highest house price rise of Poland's seven major cities, with a 17.5% y-o-y price surge in Q1 2018. It was followed by Krakow with a 13.2% y-o-y increase.
- Other Polish major cities also enjoyed high price hikes, including Poznań (9.3%), Łódź (7%), and Gdynia (6.9%).
- Among the 7 big cities, Wrocław saw the lowest price hike of 2.7% (1% inflation-adjusted) during the year to Q1 2018.
Roundtrip transaction costs, i.e., the cost of buying and selling a property, are around 5.35% to 8.10%, with all costs falling on the buyer. For residential apartments, real estate agent’s fee is typically 3%.
Putting aside any potential undervaluation, Poland has some of the best rental yields in Europe. Hovering at around 7%, you’ll be hard-pressed to find a better return in this part of the world.
In addition to strong rentals yields and prospects for capital appreciation, Poland is not a hard place to live indefinitely. Just by starting a business, one can obtain residency and eventual citizenship is also possible.
Suddenly, buying property in Poland makes sense for many different people with different goals.
However, it’s worth noting for those who aren’t citizens of the EU, houses, and land are strictly off limits. Apartment units are still available for purchase by anyone, but most people will be limited to buying property in urban areas.
Warsaw is Poland’s capital and largest city, along with its business hub. Former communist apartment blocks have given way to a glistening skyline over the past few decades, which is indeed one of Europe’s most impressive. An up and coming financial center, Warsaw is where things happen in Poland.