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Property prices seen falling 5 -10 percent in 2011

Polskie Radio
Peter Gentle 09.01.2012 12:41
Prices of residential property will continue and perhaps deepen their falling trend in 2012, after falling a weighty 5 percent in 2011.

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“In the next 12 months the average price of an apartment will fall 4 percent,” Bartosz Turek, an analyst at property agency Home Broker told the daily Puls Biznesu.

Piotr Krochmal, president of the Institute for the Analysis of Property Prices (IAMRN), meanwhile, believes the expected fall is part of a trend that has been ongoing for the last four years, predicting a fall of between 5 percent and 10 percent, with the price of large apartments seen falling most this year, although with differential rates of fall from region to region.

The bad news doesn’t stop there, however, with weak demand for residential property expected on the back of tighter credit restrictions, amongst other factors, Krochmal told the daily.

A new Financial Supervision Authority recommendation that has come force this month will further restrict banks’ lending procedures. (jh)

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