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Buying a Property in Poland

Investment potential

Poland has been touted as the big story for property investment in Eastern Europe ever since it joined the EU in 2004, and it is easy to see why. The annual rate of growth in the GDP in Poland has been far above that of the majority of the rest of Europe for some years now, and that is set to continue as the focus of economic development switches to the ‘second-tier’ cities.

The abundance of poor-quality and depressing housing stock is one of the things that Poland is keen to change in order to leave behind the past and move into the future. The building projects happening in Warsaw and also the provincial cities is helping the country to mature and raising the expectations of the population. The development of the ‘second-tier’ cities is vital to keeping the country’s economy heading upwards, while those looking for holiday lets and tourist properties are likely to find Warsaw still holds plenty of mystique for weekend travellers from the UK.

Finally, the improving economic conditions in Poland are leading to internal migration of unprecedented levels, as people move to the cities in order to take advantage of the new job opportunities that present themselves. Allied to this is the opportunity to take part in the newly-cosmopolitan way of life afforded by the influx of investment into the cities, attracting particularly the young to the urban areas. All of this increases rental demand.

Health

The right to healthcare is provided for in the Polish constitution, and is funded by tax contributions within the state. All residents of Poland are entitled to free primary healthcare, while those visiting the country from the EU will be cared for under the same rules.

The standards of healthcare and hospitals in Poland are adequate, though many western Europeans will find standards a little below what they might expect at home, especially in rural areas, where emergency service may be a little lacking. Access to treatments is easy, with some pharmacies open 24 hours in towns.

Anyone not covered by a national insurance scheme accepted in Poland is liable at times to be charged cash on the spot for consultations and treatment.

Transport

With the proliferation of the low-cost airlines across Europe, getting to Poland from the UK is cheap and easy. The flights leave from numerous regional airports in the UK, and flights are cheap enough to make them popular with people looking for a budget weekend break and a different city destination to discover.

The public transport system inside Poland is also well-developed, with bus and rail networks between cities and an extensive road system. All of these appear to be well-maintained and have recovered from the ravages of Communism which often runs these modes of transport into the ground. Within larger cities there are often trams, and Warsaw also has a single-line metro.

And finally...

Poland has been one of the great success stories of the expansion of the EU. Economic growth means that it has been rapidly catching up with the rest of Europe, and social development has been progressing at an almost equal pace to bring Poles into the European fold. As the birthplace of one of the most impressive movements for change the world has seen, it is perhaps no surprise that the population was ready for the changes brought by European integration, and have embraced them whole-heartedly.

Some detractors have suggested that the time for investing in property in Poland has now passed, and that the smart money has moved elsewhere. While it is true that some speculators who are looking to turn a profit within months rather than years have moved to newer (and riskier) markets, there is still a good deal of investment potential in the market in Poland, and with the growth of the provincial cities now taking off, now may be the time to invest.

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More pages

Page 1: Why Poland?
Page 2: Property buying procedures in Poland
Page 3: Investment potential

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