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The Warsaw Voice » Real Estate » March 18, 2009
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Prices Expected to Drop Until Mid-Year
March 18, 2009   
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Real estate prices in Poland will continue to drop at least until mid-2009, according to the latest analysis by financial advisers Money Expert.

"The prospect of a sudden improvement is not very probable in view of the symptoms of the crisis that is increasingly impacting company balance sheets and thus hitting employees' wallets," says Pawe³ Wi±k, a financial adviser with Money Expert.

"Growing unemployment will increase insecurity felt by future homeowners, which will strongly affect the demand side of the market."The majority of investors have put their planned projects on hold. Some are having problems with credit for their projects, others simply want to wait things out, says Wi±k.

Money Expert specialists say the differences in real estate prices in large cities will deepen. This trend is typical for any cooling market. Just a few years ago the difference in prices per sq m in large cities, depending on the location, was around 50-80 percent. Today, 1 sq m in the heart of Cracow costs zl.20,000 and in a dormitory district zl.7,000.
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