Poland property news: Home sales improve in H1

Country:  Poland

21 September 2009

The volume of residential properties in Poland sold in the first half of 2008 increased by 6.5% year-on-year and by around 33.4% compared to the same period in 2007, according to fresh data.

Figures from the Central Statistical Office (GUS) show that 101,200 hoes in Poland were sold during the first and second quarters of this year.

The research further shows that between January to the end of August this year, construction work began on 94,500 new Polish housing units, an increase of 25.4% on a year ago.

The greatest number of completed new build homes in Poland was recorded in the provinces of Lower Silesia (30.2%) and Malopolskie (27%).

Editor’s comments:
"The positive data from the GUS should boost confidence in the Poland property market, which has suffered during the global economic crash.

"Residential prices, which plummeted last year, are no longer in freefall. However, there are concerns that there remains a severe oversupply of homes in Poland, particularly in Warsaw, Kraków, Lódz, Poznan, Wroclaw, Szczecin, Katowice and Tri-City. 

"Given the flood of properties across some parts of the country, it is worrying that building work has got underway on almost 95,000 new homes, up a staggering 25% year-on-year. Yet many more residential schemes have been put on hold, particularly in the Warsaw area."

See Also:   Marc Da-Silva, Overseas property investment news, Poland