Now, what wiser now sober housing after the event, one wonders if the property is really worth in Poland. I am confident that everyone will soon have come to the conclusion that the "real estate is always becoming more expensive," there is something wrong and begin to treat them normally-ie, like any other good necessary for life or good investment (not speculation). So we go to the investment. Real estate as an investment, it is not a simple matter. It can be bought in order to hire and to achieve a profit on this. Of course, being the owner of a rental property is combined with a fairly sizeable responsibilities and risks niepłacącego / difficult to remove the tenant or the devastation of property.
So-average large city in Poland (OK-I know the issues from a local backyard - but rather it does not matter where, because everywhere the situation is probably similar) minimum market rent 2 - bedroom flat fell from 1200 zł to 700 zł. I understand that the lowest prices to be found in the notices. It is very important that these prices are for transactions outside the formal market-that is, among family, friends, etc.. while the lowest price traded in the market-ie it can be assumed that the correct, if you want to always rely on the tenants. On this basis, we can look at real investment horizon-even in the relatively safe investment falls, to have a chance to return in 5-10 years. In extreme cases-a risky escape from the money in safe assets-wydłużmy a little-maybe even to 12-14 years, but the investment of the 14 - year rate of return is already a combination of extreme desperation on the one hand, and probably a morbid optimism about the safety of this investment on the other.
That we have the basic data. We can begin to count. For a simplicity, assume that the profit from the rent we are for an average of 10 months (the remaining time may be enough to look for tenants, throwing niepłacących and finance overhaul-quite optimistic assumption).
In this way, income is seven thousand zł year. In the 10 - year rate of return we have the amount of 70 thousand. zł for 2 - bedroom apartment in a big city in Poland, in the average district. And this is a high price. Specifically-this is the absolute upper limit of sanity. On the other hand-cheap-it will be just under 35 thousand. for such housing. These considerations, of course, make sense as long as it is assumed constancy of the current market-that is, the relative stability of the purchasing power of tenants and maintenance costs of housing stability. I am convinced that this assumption is unjustified optimism, and over the next few-dozen years the purchasing power of the average tenant (ie the average, rather poor family-because who is looking for these 2 - room flats?) Approaches the cost of living (especially heating) of such property. Which simply means that the value of housing as an investment will seek to zero (it can not exaggerate-a bottle of vodka, because who will give apartment for free?).
yet written a 2-room apartments in the city-because it is the most liquid part of the market in Poland. And in fact, most of the prices of other real estate is a derivative of the price of such housing-whether by the absurd prices of building land (because the profit on the construction of housing over the past year was insane), or higher prices, or very well located residents and property prices completely worthless (as in the former state farms devastated apartment block).
With production-like properties of agricultural land, should of course perform the same calculations. Come out of them, of course, a similar comparison-though out the profitability of such an investment is impaired by the hard-payment area so as to the value of agricultural land in Poland-is nothing at all-except, of course, knows that today's prices have no connection with reality.
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