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Realties in Krakow and the City's Property Market
Citizens of the European Union, Island, Norway and Liechtenstein are free to purchase and own any real estate in Poland other than farmland and forests. As regards residential property they should make a pledge that it will be their fixed abode and they do not own other domicile in Poland. With the same intent to take up residence other aliens can buy apartments or plots up to 0.4 hectare (i.e. about an acre) in urban areas. All foreigners may also inherit any property. Otherwise acquisition of real estate by an alien requires authorization from the Ministry of Internal Affairs, easily obtainable in most cases. It applies to individuals as well as companies whenever foreigners hold the controlling interest. Furthermore, non-EU aliens need similar permission to take over 50% share or more of an enterprise having real estate among its assets.
On application the Polish Ministry of Internal Affairs issues ‘permit promises’, valid six months, to aliens and foreign-controlled corporations that want to shop for a real estate in Poland. Subsequently, government officials may not deny the permit for an acquisition made under conditions set by the promise and before its expiration date.
Buying Property in Krakow
Krakow is the second most important market for real estate in Poland (after Warsaw, the country's capital city) and the most attractive city to live in.
Krakow’s quality apartments in a decent neighborhood sell at 900£ or so per sq. m, while flats in Krakow at the market’s lower end cost even a third of that. Three-bedroom houses are priced anything between 30,000–170,000£, accordingly to their quality, state of repair, location, etc. And you may have a downtown tenement house for some 200,000£ or even a centuries-old palace in the historical city center for a couple of millions pounds.
On average building lots in Krakow
sell at 20£ per sq. meter but there is a wide range:
from roughly 8£ to 50£-plus. And land prices in
the very city center may look exorbitant indeed.
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