Plummeting Polish property prices give hope to potential expats

The news that property prices in Poland are still falling, with an oversupply of homes for sale, is encouraging news for disenchanted Brits looking for cheap property overseas.

The ongoing Eurocrisis has affected real estate prices across Poland since 2008, and there’s no sign of improvement due to an oversupply of properties for sale. In the capital, Warsaw, prices have dropped by around 13 per cent and are still falling, with the city of Lodz faring much worse with a 37 per cent drop.

With domestic demand in the doldrums, investment in decline and the Polish economy stuttering, real estate experts are suggesting prices may drop further as cash-strapped householders become even more desperate to sell. Given the continuing rise in the price of London and Home Counties properties, a move to Poland may release a good amount of capital as well as a bargain property for would-be expats.

For Polish property owners, the boom in prices which followed the country’s entry into the European Union in 2004 is now a distant memory, with estate agent Marcin Plazinski of Emmerson Real Estate reporting that the market is unlikely to rebound any time soon. For British retirees anxious to retain their pension increases by migrating within the EU, Poland is clearly the place for a bargain property.