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Warsaw homes to see up to 20% price growth a year

Tuesday, 5 June 2007 12:00 AM

Property in Poland's capital Warsaw is tipped for growth of between ten and 20 per cent a year for the next five to ten years, property experts have revealed.

Overseas property group Property Secrets says the fundamentals of the Warsaw property market are still going strong.

The recent introduction of mortgages has seen locals access 100% mortgages. This combined with low property prices and an excess of disposable income has pushed up demand for property across the country, and in Warsaw in particular.

"Poland's European Union accession in 2004 led to a large amount of government funding, a booming economy and an increase of industry to Warsaw, the country's business and political hub, generating a large number of new jobs," Property Secrets noted.

"More and more people migrated to Warsaw in search of these jobs, increasing population levels, reducing unemployment and creating an excess of disposable income."

Simon Tweddle, chief analyst at Property Secrets, added: "Although property in Warsaw is less affordable today than it was a year ago, I believe the fundamentals of the market are still strong and we will see long term sustained growth of ten to 20 per cent per annum over the next five to ten years.

"The economy is still performing well and unemployment is falling. Mortgages have become slightly more expensive recently, but rates are still low and not high enough to put any serious brakes on the housing boom."

Mr Tweddle also sees the Euro 2012 football championships, to be hosted in Poland and the Ukraine, as improving the country's infrastructure and regenerating cities, and as a result putting "upward pressure" on property prices.

"The supply and demand dynamics of the market are out of balance (in our favour) and I believe we will continue to see good (approx 15 per cent per annum on average), long term growth in the maturing Warsaw property market for very low risk," Mr Tweddle predicted.

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