Why Invest?

Poland remains, next to Hungary and Czech Republic, one of the largest economies in Central Europe. It has also one of the most impressive growth rates in Europe. Poland now ranks 5th in the World on the Foreign Direct Investment Confidence Index.

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Market Report

We forecast that the property prices will grow up. Poland has focused on economic liberalisation and with membership of the EU; the key economic challenge now is to support the economy to the strict economic criteria for entry into the European Single Currency zone which may be feasible from around 2010.

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Economic Overview

Poland has a large number of private farms in its agricultural sector, with the potential to become a leading producer of food in the European Union. The prospect of closer integration with the European Union has put the economy back on track, with growth of 3.7% annually in 2003, a rise from 1.4% annually in 2002. In 2004, GDP growth equaled 5.6%, in 2005 3.3% and in 2006 5.8%. For 2007, the government has set a target for GDP growth at 6.5 to 7.0%.

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Visa/Residency Issues

Passport and proof of sufficient funds required. Visa not required for tourist/business stay of up to 90 days. Visitors must register at a hotel or with local authorities within 48 hours after arrival.

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Getting to Poland

An approximate flight time to Warsaw from London is 2 hours and 25 minutes. Poland’s main airport is located ten kilometres (six miles) south of the city centre.

Fees & Taxes

• Court fees of 200 PLN - around 53 Euros.
• VAT on new flats is 7%, there is no VAT on property more than five years old (the next expected change to VAT will be the introduction of the full 22% VAT on newly-built flats on 1 January 2008).
• 2% of the transaction value is payable to the Treasury Office on purchase of property (stamp duty).

  

Poland

Basic Information

Population	38.6m
Languages	Polish
Area	312,685 sq. km
Currency	1 zloty (PLN) = 100 groszys
Dialing Code	+48
Emergency Services	112 / 999

Poland Overview

Poland officially the Republic of Poland is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine and Belarus to the east; and the Baltic Sea, Lithuania and Kaliningrad Oblast, a Russian exclave, to the north. It also shares a maritime border with Denmark and Sweden. The total area of Poland is 312,683 sq km (120,728 sq mi), making it the 69th largest country in the world. Poland's population is over 38.5 million people, concentrated mainly in large cities such as the historical capital Krakow and the present capital Warsaw.

Average Property Prices

Buying Process

• There are some restrictions geographically as to where a foreign national actually can purchase real estate in Poland. The Polish government restricts the ownership of real estate on the so-called Polish frontier.
• Approval from the Ministry of Home Affairs to purchase real estate in Poland generally is good for a period of six months. A person can apply for an extension when the initial period expires.
• Once permission to purchase real estate is obtained from the Ministry, a buyer of real estate makes an offer to a seller, which will then be memorialized in a preliminary contract or agreement for sale.
• Following the signing of this initial contract, the buyer is given a specified period of time to obtain financing. Additionally, the seller is obliged to make certain that the title to the real estate is clear and capable to being conveyed to the buyer during this time period.
• In most instances, the buyer is required to post a deposit at the time this initial agreement is executed between the parties. More often than not, the deposit is in the amount of almost 15%.
• The real estate purchasing process comes to an end when the parties execute the final agreement for sale and conveyance of the real estate. A new title is prepared, placing the real estate in the name of the buyer. The title is then filed with the government.

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