Advertising
Supported by
International real estate
In the southeastern city of Krakow, the housing market is moving away from the pandemic after years of stable growth.
19 photos
View the slideshow
By Roxana Popescu
This two-bedroom, two-bathroom space is located in the village of Kwiatonowice, in the mountainous province of Malopolska, in southeastern Poland, about 70 miles east of the provincial capital of Krakow.
The 4500-square-foot space evokes a fairytale cabin with its fir shingle roof, wooden porch and charming garden. Built with bricks and wood in the mid-19th century on 1.7 acres, it has been renovated for more than 20 years, a wing that still requires work, said Dominika Dabrowska, agent of RE/MAX Duo V, who has the list.
A curved stone path leads to a square wooden porch and a glass hallway with double doors. Beyond the lobby there is a front corridor with stairs. On the left is the kitchen, which has an original floor of spruce planks and a ceiling with exposed beams. A full bathroom with pale green walls is nearby.
To the right of the front there is a set of connected rooms and an adjacent corridor. Closer to the front, the dining room has oak flooring. The loza stove and dining table with embossed leather chairs are antiques. The living room has wood-beamed floors, a loza stove and doors that open onto a terrace. Beyond the living room there is a spacious studio and a library.
On the floor for now, the touchdown serves as an office. Two bedrooms are located under the attic on each side. One has a rest room en suite and the other has purple walls and a small balcony.
Masonry, floors, roofing farms, fir shingles and windows have been updated to evoke traditionally original designs, Dabrowska said. The East Wing has not been renovated and plans have been drawn up for several bedrooms and bathrooms. The space is furnished with antiques, some of which can be included with the purchase. Among the highlights are a set of original furniture from the early twentieth century in Poland, an Art Nouveau furniture set with fashionable replica padding woven in Austria and a set of brown plush chairs from 1908, made with Munich’s Art Nouveau taste.
“The owners are great antique enthusiasts,” Dabrowska said. “They were looking for special things to have compatibility in this house. Every internal piece of furniture is very special. They’re not here by accident.
The assets also a basement on the floor, an old forge converted into a garage and a courtyard with an Art Nouveau sculpture by Polish artist Karol Homolacs.
The village of Kwiatonowice, with a population of less than 1000, is about 10 km from the small town of Gorlice and about 90 minutes from the center of Krakow, the city and largest house in Poland to Kraków’s John Paul II International Airport. The mountainous region of Malopolska has a “beautiful nature”, with lakes, valleys and classic ancient villages, Dabrowska said.
Thanks to a strong economy and shortages of sources, Poland has noticed an increase in the value of housing since the global recession. According to the Polish central bank, Narodowy Bank Polski (NBP), the average value of existing apartments in the country’s seven largest cities (Warsaw, Gdansk, Gdynia, Krakow, Lodz, Poznan and Wroclaw) increased by 7.8% in 2019 to succeed on an average of 7,664 Polish zlotys equivalent to the square meter ($190 square foot equivalent).
Prices in Krakow, once the capital of Poland and now an economic and cultural center, its city center included in the first organization of UNESCO World Heritage sites in 1978, followed suit when investors bought apartments and used them as student rentals. staff and tourists, Dabrowska said. According to the NBP, costs in Krakow increased to 8.25% year-over-year in the fourth quarter of 2019.
Dabrowska estimated that the new apartments in the city start at around 9,000 zlotys depending on the square meter ($225 depending on the square foot). Single-family homes up to about 20 km from the city centre can range from 800,000 to 950,000 zlotys ($215,000 to $255,000), and luxury villas start at approximately 1.5 million zlotys ($405,000). In Malopolska (also known as Little Poland), in the province east of Krakow, costs vary, with more rural outposts overlooking the mountains.
During the deadlock, real estate transactions in Krakow’s general market temporarily slowed, but activity resumed, Dabrowska said. The long-term effect on the market is unclear.
“Those who have gone into confinement with young people in apartments that are too small are for apartments or larger areas that have more area and their own garden,” he wrote in an email. “The coming months will show whether the stage will remain solid or whether there will be a drop in prices in the area.”
(As of August 21, Poland had reported 62310 cases of Covid-19 and 1,960 deaths, according to the New York Times coronavirus map, rates consistent with the capita well below those of the highest countries in Western Europe).
Krzysztof Joachimczak, CEO of Lepidus Property Poland, a luxury agency based in Warsaw, said Poland’s high-end market is solid because costs “are not subject to short-term fluctuations in the economic climate like other real estate.” However, he added that luxury homes have taken longer to sell since the start of the pandemic.
Joachimczak said the main luxury housing centres are located in the Polish capital of Warsaw and close to the spa of the town of Konstancin, as well as in the coastal region of the 3 cities of Sopot, Gdansk and Gdynia on the Baltic Sea. Krakow (to the south), Wroclaw (to the west) and Zakopane, which he described as Aspen in Poland, have smaller markets.
Krakow’s highest-known districts are Krowodrza, Zwierzyniec and the old town, where the tallest are, Mr. Joachimczak said.
“In the central district of Krakow, there is little free area for new construction,” he said. “The costs of the land are terrible and that’s why developers are building small but exclusive apartment constructions there.” He cited the renovated interwar-era buildings near the market square and Wawel Castle, which attract affluent foreigners. Krowodrza, in the west of the city, where several universities are concentrated, sees new constructions, he added. People are attracted to their green areas.
The market for new condominiums has also grown in Poland’s largest cities in recent years, with emerging costs and transactions. It was “very hot” in 2019, said Robert Chojnacki, CEO of RedNet Property, which specializes in new condos. Low unemployment, the largest source of disposable income and emerging wages have helped attract many Polish buyers to market for the first time in the last 3 years.
Prices for new condos in Warsaw reached 10367 zlotys consistent with the square meter ($260 consistent with the square foot) in the last quarter of this year, with 8,000 zlotys consistent with the square meter ($200 consistent with square footage) in the first quarter of 2018, according to RedNet’s real estate report released on July 27. The new developments were consistent with structure costs, consistent with upfront costs and consistent with demand.
Sales in Poland began from the effects of Covid-19 restrictions in July, Chojnacki said. Low bank savings rates have made asset ownership attractive, while government assistance to small and medium-sized enterprises has helped keep staff jobs, he said.
Buyers need more rooms, but necessarily more area, to create home offices without spending more cash on square footage, he said. They also purchase high-end condominiums in isolated and under-visited coastal regions that, before the pandemic, were less in demand.
Dabrowska estimated that around 25 percent of its buyers are foreigners living and painting in Krakow. “MostArray are pairs, one of which is Polish and the other abroad (most of France, Italy, Ukraine or other European countries),” he wrote in an email.
In Krakow, as in the rest of Poland, the new condos are almost all Polish, Chojnacki said.
Foreign buyers from outside the European Union must download a permit issued through the Minister of Interior and Administration to buy assets in Poland, said Michal Dudkowiak, spouse of Dudkowiak Kopec Putyra, a law firm with offices in several Polish cities. , adding Krakow. The authorization process takes about 3 months and comes with a payment of 1570 zloty ($420).
“In general, the acquisition of an apartment in Poland would be exempt at most from the requirement to download a permit. Buying a space or land would sometimes require a permit,” he said.
Visit Malopolska: visitmalopolska.pl
Krakow English portal: krakow.pl
Poland Tourism: poland.travel
Polish: Polish zloty (1 zloty – 0.27 USD)
These assets are tax-exempt from assets, Dabrowska said.
Dominika Dabrowska, RE / MAX Duo V, 011-48-510-146-918; remax-polska.pl
To get weekly email updates on residential real estate news, sign up for Us on Twitter: @nytgenuineestate.
Advertising