| Property
investing in Poland is rapidly gaining popularity and one
of the key areas of investment is the beautiful city of Krakow.
Warsaw, the country's capital, has been seeing
considerable inward investment, since Poland joined the EU
in 2004 and although there are still profits to be made, property
investors would do well to look slightly beyond the capital
city.
This is why investing in Krakow property may
be the next big thing for the property market in Poland. Krakow,
the second largest city in Poland, is also widely recognised
as the second most important city for the Polish property
market.
Property in Krakow is much cheaper than in
Warsaw and quality apartments are available for around £800
per square metre and at the lower end of the market a three
bedroomed property can be purchased for under £30,000.
Bearing this in mind, it is easy to see why
property investors are looking to this historic city for the
next wave of property price increases. Savvy investors have
been investing in Krakow, for over a decade. Back in 1989,
a new influx of young individuals swept into the city, able
to purchase some of the prettiest flats in Krakow, at the
foot of the Royal Castle.
Since 1989, prices have steadily risen, but
they still offer very good investments with huge potential
for capital gains, over the next few years. The most expensive
parts of the city are the apartments in the Old Town.
In this area, many of the aristocracy now
live in the top flat and rent out the rest of the building
and some even sell off one or more apartments in the block.
In this area, an 80 square metre apartment will set you back
around £50,000/US$95,000.
Some of these properties have yet to be reclaimed
from post war times and offer a complicated option for property
investors who want to try and take control of these properties.
Sadly, many of these unclaimed properties belonged to Jewish
inhabitants, during the war and are very unlikely ever to
be reclaimed.
Krakow was, in fact, the former capital, which
is why it has such a wealth of historic buildings to tempt
tourists and affluent inhabitants. In terms of atmosphere,
Krakow is very similar to Prague, Vienna and Budapest and
is widely recognised as one of the cultural centres of Europe;
so much so that it was the European City of Culture in 2000.
In the last few years, there has been a shift
in the popularity of certain types of property within Krakow,
thus affecting future predictions.
Currently, the most popular type of property
in Krakow are the one to two bedroom properties in the centre,
although it is predicted that three to four bedroom properties
will see nearly a two fold rise in prices. One and two bedroom
apartments are set to increase by around 70 percent with four
bedroom properties rising by 40 percent.
Krakow is arguably the next big thing for
the property investment market, in Poland. Investing in Krakow
property is the savvy move for investors who feel that Warsaw
has had its day, but nevertheless feel that Poland has so
much more to offer.
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Poland,
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Investing
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Investing
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