Krakow - Flats, Houses, and Other Homes.
Jump on the bandwagon, have a residence in
evident boom in the residential property market in Krakow
since the end of 2004 through 2007. Prices of new flats rose
by more than seventy percent in 2006 alone. On the one hand,
Poland’s accession to the European Union has persuaded
foreigners to shop for apartments and/or houses in the city.
On the other, the country’s concurrent economic upturn has
induced a new surge in domestic demand for housing, fueled
also by easy mortgage – courtesy of low inflation, fierce
competition between banks, and until recently appreciating
Polish currency (hence popularity of credit lines in Swiss
francs). Since 2008 prices of flats have mostly remained
stagnant in Krakow but they are certain to race upwards
again sooner or later.
Yields on residential property in Krakow hovers around ten
percent and exceeds it for real estate in the city center.
Most prized are quality flats in the central Old Town
historic district or at least those advantageously located
close to it. Refurbished, more or less, apartments in old
tenement buildings of the 19th and the 20th centuries or
older outnumber modern condominiums whose prices start at an
equivalent of 3,000 euro per sq. m for new flats in the
proper city center. At the same time, several new fairly
centrally situated apartment houses and housing estates are
now in various stages of development here, some of them
coming with spacious penthouse suites and promising true
luxury for euro 4,000-plus per square meter.
The middle of Krakow’s real-estate market for residential
property consists of flats in the 20th-century downtown
tenement houses, if in good repair, and apartments in
housing estates constructed in various parts of the city in
the last 25 years.
Downmarket a prospective buyer finds apartment blocks of prefabricated
concrete from the 1960s, the 1970s, and the 1980s, notably
those in vast peripheral residential areas that resemble
housing projects in the USA and similar developments in the
Brand-new condos in Krakow.
As regards new housing, developers provided some 6,600 newly
completed flats in Krakow in 2006, around 7,000 new
apartments in 2007, and 6,000 or so in 2008 –
far short of the demand of 8,000 or so dwellings a
year. No wonder the prices of new apartments rose on
average by roughly 22.5 percent in 2005 and enormous 70
percent in 2006. By contrast, presently 3,000-plus completed
flats await buyers, courtesy of flagging demand
to tight mortgage regulations and overcautious banks. The greatest demand is for the least
expensive new apartments, those in the price range from an
equivalent of 900 euro to 1,100 euro per square meter and
not bigger that 60 square meters.
The bulk of new flats available on the Krakow property
market come in housing estates that number more than fifty
apartments, typically still in various stages of development. Their
median price hovers around an equivalent of 1,800 euro per
square meter but the brand-new dwellings are hardly ever the
Landlords, tenants, and apartments for rent
Rentals for apartments in Krakow have risen, on average, by
four percent over the last twelve months. Median rents
amount to roughly 260 euros per month for a studio, about
350 euros monthly for a one bedroom flat, some 420 euros per
month for a two-bedroom apartment, and about 590 euros for a
three-bedroom one. A luxury flat in the central Old Town
district may cost 2,000-plus euro a month.
See rental holiday apartments in Krakow
Own house in Krakow.
A detached house in a good neighborhood remains the most
sought-after place of residence for the locals in Krakow,
though many would settle for a semi-detached one as well.
The cream of the crop are real estates situated among
Krakow’s parklands in the western quarters of the city,
notably in the Wola Justowska bucolic district. Also popular
are inner suburbs to the south of Old Town central
New housing trends.
Despite the substantial housing density and protection due
to its historic character, there are still plots available
for development even in the most-cherished Old Town and its
immediate environs, the recently chic Kazimierz district in
that number, not to mention other downtown areas. Right now
developers seem keen to take fuller advantage of it and the
fact that the rich are ready to pay a considerable premium
on high-quality apartments in the historic center of
To date conversion of old industrial premises into lofts
hasn’t really caught on in Krakow. Yet it remains
potentially a big deal as there are numerous abandoned
factories and warehouses in its downtown, some of
considerable architectural value and often situated truly
At the same time the Krakow citizens keep moving to the
city’s inner and outer suburbs, the growing trend being
reinforced by developers who take advantage of cheaper land
and less red tape to build housing estates on the outskirts,
sometimes beyond the city limits. As most of the migrants
leave Krakow for the neighboring municipalities to commute
daily to the city, the affluent often move further to the
countryside in the Krakow region where grass is greener and
larger estates more readily affordable.
Guide to real property in Krakow
Krakow's Real Estate
List of Krakow's Real Estate Agents
Commercial property in Krakow
Toolkit for would-be buyers of Krakow property
How to sell real estate in Krakow
Taxes in Poland
Business in Krakow
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