ejmarkow
19.02.06, 08:28
I was glancing at today's (Sunday) New York Times online and read an
interesting article on the world real estate market that only confirms my
beliefs about living in East/Central Europe outside of places like New York
City. The article is entitled "A World of Affordable Choices" by By Stephanie
Rosenbloom, published February 19, 2006. Some of the quotes followed by some
comments of mine:
- "Popular cities like London and New York have less-expensive areas, but the
true bargains are to be found elsewhere."
Yes, Warsaw (as many of you have previously stated), Kraków, and most of
Poland fit that category. Even in such a small city like Tarnów (population
125,000), a beautiful new flat can be had for a bargain price, and the
lifestyle there is pleasant if you enjoy being in a smaller city with a solid
infrastructure.
- "There is so much value in a lot of foreign countries," said Nigel Leck, an
international property expert on the BBC program "Uncharted Territory." "The
capital growth will be very, very good."
In Poland, this pertains to mostly the largest cities of course. What the
article fails to more frequently is the possibility to buy in a village
somewhere, to own land and forests. It does mention land once though. They
mainly focus on flats, rentals, or owning a home in a larger city.
- "Entrepreneurial types should seize the moment in Eastern Europe, where
cities like Budapest, Prague and Krakow, Poland, are in need of basic
services and programs to propel them into the future. Those who want the
privileges of home — a democratic government, a transparent market, the
protection of property rights — but want more bang for their buck, should
consider Toronto, Montreal and Quebec."
True. For example, I have travelled to Ukraine from 1999 - 2001, in cities
like Lviv (Lwów), Lutsk (Łuck), and Ternopil (Tarnopol) and the real estate
there is half of what it costs in Poland now. The only downside is the
beauracracy and ownership red tape for a foreigner. The potential is amazing
though.
- "Property experts agree, however, that the best values are really in
Eastern Europe. There are "huge swaths of land" available for "knockdown
prices," said Mr. Leck of "Uncharted Territory." "That's where the
opportunities lie," Mr. Simon said, "and that's where the young person who's
entrepreneurial could make some money." It costs about a $110 a square foot
to buy in Bucharest, Romania, he said." "I think the biggie there in Eastern
Europe is Bulgaria," said Mr. Michonski, adding that it has magnificent
beaches as well as mountains for skiing and that "you can live like a king on
$10,000 a year."
It is comments like these that are going to create an even stronger demand by
foreigners, which are going raise prices here very quickly.
Here is the link to the entire article:
www.nytimes.com/2006/02/19/realestate/19cov.html
Isn't it nice that we, foreigners living in Poland, are here already?
Regards,
Eugene