Development Projects Warsaw

Property Facts About

Since joining the EU Poland has become extremely desirable for foreign property investors, with EU citizens able to purchase housing in almost areas of the country, except for forest and farming land, although there is a limit of one acre for each foreign EU citizen.

The property market as a whole has seen very large increases in value over the last few years, as the now economically strong and developing state has continued to make progress, with the demand for property within the country as a whole and Warsaw in particular showing no signs of abating.

With the country enjoying one of the most stable political climates of the old Eastern block, investor confidence remains high and the market is considered by many analysts as one of the most dynamic and forward-moving in Europe. And when this factor is combined with a major increase in tourism in the area as a result of cheap flights from all over Europe, as well as the still relatively low cost of housing, the real-estate market in Warsaw remains an incredibly attrative area to invest in at the current time.

Property Buying Information

Once you have chosen the property or area of land that you wish to buy, it is necessary to apply to the Ministry of Internal Affairs in order to obtain a permit for purchasing, something that can take up to 2 months. Once you have permission from the local authority and found a local lawyer to assist you with proceedings, the process is reasonably simple. If you have chosen to invest in an already-built property, then a final contract must be drawn up and signed in the presence of a notary, and once the overall fee has been paid the property becomes yours.

If however you have choosen to invest in 'off-plan' property or a plot of land on which you intend to build, it is necessary for the developer to present plans of the proposed property and for a pre-agreement contract to be drawn up and signed by all involved parties. This contract should include building specifications and a timescale for the work that is to be carried out and how payments are to be made. Generally such payments are carried out in instalments, with penalties strictly enforced if there is a failure to meet such payments. Upon completion of the project a second, final contract is draughted and signed, and the property changes hands.