This year’s biggest transaction so far was made in Warsaw, where a 480 square metre apartment in the Złota 44 tower in the city centre fetched around PLN 23 million (EUR 4.9 million), the Rzeczpospolita newspaper reported on its website on Thursday.
Meanwhile, a still more spacious, 700 square metre high-end apartment in the Angel Wawel apartment building, in the historic southern city of Kraków, was sold for over PLN 15 million (EUR 3.2 million), Rzeczpospolita added.
While these are this year’s record deals, 2022 is not over yet and so they may be beaten between now and December 31, the newspaper noted.
Cash transactions
Upmarket apartments are often bought by famous athletes, celebrities and artists, as well as top businessmen and executives, all wealthy people who pay in cash, Rzeczpospolita wrote.
This makes the luxury segment impervious to such shocks as the war in Ukraine, surging inflation, interest rate hikes and growing mortgage costs, according to rp.pl.
And so while the above factors have hit most Poles hard, leading to a crisis on the real estate market, the demand for high-end apartments remains and prices are on the rise, next.gazeta.pl reported.
These luxury dwellings are usually situated in apartment buildings in the prestigious districts of Poland’s biggest cities, from Warsaw’s Mokotów to Kazimierz in Kraków and Wrocław’s Nadodrze, Rzeczpospolita wrote.
The buildings are usually architecturally unique, finely crafted, with vast lobbies as well as other perks and amenities, the newspaper noted.
Real estate prices may fall further
Meanwhile, with mortgage costs remaining high for the Polish public, the overall demand for real estate, and therefore its prices, may eventually fall further, next.gazeta.pl wrote.
This is already happening in the likes of Australia, Canada and New Zealand, as well as in Sweden, where real estate prices have recently fallen by 15 percent, the website added.
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Source: PAP, rp.pl, next.gazeta.pl