Examining Housing Affordability in Poland’s Largest Cities
In the realm of housing demand and affordability, Poland mirrors global concerns. A recent study by RynekPierwotny.pl delved into the housing markets of the ten largest Polish cities, gauging how many square meters of real estate an average salary can secure. The findings, listed in ascending order of affordability, are as follows:
Source information – Click here.
Katowice—0.87 square meters.
Bydgoszcz—0.77 square meters.
Poznan—0.72 square meters.
Gdańsk—0.72 square meters.
Łódź—0.69 square meters.
Lublin—0.68 square meters.
Kraków—0.66 square meters.
Wrocław—0.66 square meters.
Szczecin—0.63 square meters.
Warsaw—0.59 square meters.
A stark disparity emerges, with Warsaw standing as the least accessible city to purchase a home. Here, only 0.59 square meters of residential real estate can be acquired for an average salary.
Interestingly, high earnings don’t always align with elevated housing prices. Katowice serves as an example, where earnings are relatively high, yet housing costs remain modest. Conversely, Szczecin presents the inverse scenario, with lower wages but real estate options tailored towards wealthier clientele.
Of note are Gdańsk and Bydgoszcz, shining in terms of housing affordability, boasting 23 properties per thousand inhabitants. In contrast, Szczecin faces a less favorable situation, offering only 12 properties per thousand residents.
Keeping an eye on the housing market reveals intriguing shifts. Over the past year, Katowice, Lublin, and Łódź saw a notable surge in real estate options, with increases of 34%, 17%, and 5%, respectively. Conversely, cities like Warsaw, Kraków, Gdańsk, and Poznań witnessed a decline in available housing opportunities.
Real Estate And Construction Law
Our experience in real estate and construction law matters includes:
- Representing investors with the purchase and sale of real estate;
- Representing landlords and tenants in lease and sale-and-lease back real estate transactions;
- Representing developers in commercial and residential projects;
- Organizing and conducting due diligence reviews;
- Representing clients in proceedings to obtain permits and administrative decisions in the construction process;
- Advising in connection with the development of structure and finance documents under various investment projects;
- Advising on and defending against restitution claims;
- Advising on corporate aspects of all transactions;
- Advising on construction issues (contentious and non-contentious), land use, planning, permitting and environmental issues;
- Drafting and negotiating agreements and other documentation required in the investment or construction process.
As it is very important that every transaction, investment project or any other decision we make is tax efficient and tax secure we also advise our clients on taxation of numerous real estate transactions (e.g. purchase / sale of land real estate & building real estate).