Poland is considered one of the best European countries to invest in and since it joined the European Union in 2004 citizens of member countries, plus Iceland, Norway, Liechtenstein and Switzerland, can freely purchase almost any kind of property. Its economy is growing steadily and the fastest growing property market in Poland is concentrated around the capital Warsaw. Overseas buyers focus on the capital and the city of Cracow, whilst the holiday home developers are building luxury resorts on the Gdansk coast.
Currency: Polish zloty (PLN)
Member of Schengen area: Yes
Since Poland joined the European Union in 2004, citizens of member countries, plus Iceland, Norway, Liechtenstein and Switzerland, can freely purchase almost any kind of property, although special permission is required for buying agricultural or forest real estate.
Poland is considered one of the best European countries to invest in. The Polish property market grew exponentially between 2002 and 2008, and wasn’t very strongly affected by the global economic crisis of 2008. Since then the market has continued to develop, albeit more slowly than before the crisis.
Poland has the fourth strongest economy in the European Union and it has been growing steadily for the last quarter century. It has many enthusiastic entrepreneurs and it is setting itself up as a major manufacturing economy to match South Korea and the Czech Republic. It is seen as an economic powerhouse by many and a country that is leading the post-Communist countries of the EU.
The Polish people are exceptionally hospitable and have many social rituals that they have kept alive for centuries. It is very important to them to show courtesy to older people and the less able by giving up a seat on public transport for example. When visiting their homes, remove your shoes at the entrance and make sure you are on time: lateness is considered very rude. When visiting a Polish home it is typical to bring a small gift such as flowers, chocolates, sweets or wine for the hostess, but don’t bring yellow chrysanthemums (only used for funerals) and avoid red or white lilies or carnations.
Location and price
The fastest growing property market in Poland is concentrated around the capital Warsaw. The costs of property in Warsaw are the highest in entire country and whilst its suburbs were once more competitively priced, they are also seeing a price rise. Cracow is another city that overseas buyers are interested in. Other popular areas for foreign buyers are the mountains and the seaside. The Polish coast used to be ignored, but the prices of land there are attractive to foreigners. As a result, investors and developers have started building properties aimed at the ‘holiday home’ market, with Sopot, being one of the most exclusive resorts on Gdańsk Bay, which is another stunning part of Poland.