Real Estate in Krakow - my private opinion about the market

piątek, 13 sierpnia 2010

Kupa 12

Kupa 12 - a high standard development of only 8 apartments and 1 commercial in the centre of Jewish District (2 apartments located on top floors can be treated as penthouses with magnificant view form their winodws across the city). The constrution works were finished in the middle of 2005.

The developer: GD&K Group

Official developer's website: GD&K Group

The building has one entrance.

Location: Krakow, Kupa 12

See the location map:

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There were a lot of "mixed emotions" in Krakow in 2005 when building was finished. Some people liked it very much and admired. But there were a lot of opponents as well. The building was nominated to Archi-Szopa prize – the worst building in Krakow. More info in Polish can be found here: gazeta.pl.
However it has to be said that the building is very modern – the big windows (French windows) make it modern. Moreover a similar building (architectural style) was constructed in 2008 by GD&K Group on Kupa 6 Street (Off White Apartments).

The biggest advantage are:

-    Location (Kazimierz - Jewish District has become very popular place recently). But Kupa Street is one of quieter street. It is 2 minutes from Plac Wolnica (heart of Kazimierz) and Szeroka Street – actually it is almost in the middle of those mentioned locations.
-    Small size of the building: around 900 square meters, 8 apartments – it is a guarantee of privacy
-    Parking in the building
-    Winter gardens or terraces
-    Lift

The biggest disadvantage is that the dimensions of the building are not huge so you cannot access the parking driving bigger car. There is no 24 hour security however as the building was constructed the architect prepared the place close to the entrance where a concierge can be arranged.

So as you like to live in Kazimierz and you do not accept old buildings there is probably in my opinion a really number one to choose for your home.

If you need more information please contact me.

Kremerowska Residence

Kremerowska Residence - A high standard development of 27 apartments and 5 commercials in the centre of the city, constructed from 2007 till 2009.

The developer: IMMOKRAK

Official developer's website: Kremerowska Residence

The building has two entrances: staircases numbered A and B.

Location: Krakow, Kremerowska 11 (corner of Feldmana street).

See the location map:

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- Almost all apartments include balcony or terrace - the biggest terrace is 105 m²total.
- City centre location near to Main Market Square - 15 minutes walking distance (two tram stops).
- Underground parking and storage room in the basement for every apartment.

Modern style building located on the quiet corner of Feldmana and Kremerowska street (one way street) is a good example of luxury building. It is not huge so it is main advantage.

The most characteristic part of the building is round part of it facing the crossroad. Every apartment has one parking space so it is uncommon in Krakow (as you compare this building with Sobieski Residence – the smallest apartments in Sobieski do not have parking spaces).

The biggest disadvantage is that there is no air-conditioning in apartments and almost no room for a concierge.

If you need more information please contact me.

Wielopole Residence

Wielopole Residence - it used to be an office building but now it is an aparment buidling. The works of rebuilding were finished in 2008 and beginning of 2009. There are 35 apartments now.
The developer: General City Center

Official developer's website: General City Center

Location: Kraków, Wielopole 17

See the location map:

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- 35 apartments ranging in size from 34 m² to 91 m²
- underground parking for 12 cars
- air-conditioning
- short distance to Main Market: only around 600 m.

In my opinion this building has a lot of advantages but also some disadvantages. First of all the biggest advantage is a really short walking distance to Main Market Square. It is one of few buildings located so close to the Square. It is really 5 minutes believe me.

It is after renovation so everything is new here: there is a new lift, windows, installations etc. But as it used to be an office building so a you watch carefully you can still find some signs of it. First - architectural style - a lot of windows (but narrow ones) with no balconies at the front. As you enter the building you can find a long staircase - long corridor.

There are 35 apartments but only 12 underground parking spaces and some additional ones at the backyard so it must be disadvantage.

There is no concierge in the building. There are not a lot of balconies and there are no spectacular view – only the apartments on the last level can boast some view of the Castle.

There are no Jacuzzi or other facility in the building. Generally saying it is fine apartment building, fine place for investment to buy an apartment for future rent but it is not a premier league of apartment buildings in Krakow.

If you need more information please contact me.

czwartek, 1 lipca 2010

Dom Pod Basztą

Dom pod Basztą - it is a nice apartment building located in a nice location. The construction works were finished in 2001.

The developer: Dom Bud

Official developer's website: Dom Pod Basztą

Location: Kraków, Skawińska 27

See the location map:

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The biggest advantage is definitely location – close to river’s bank. It is almost the end of Skawinska Street so there is not much traffic here. There is just 5 minutes to center of Kazimierz and 10 minutes to Wawel Castle.

Even though the building was constructed in 2001 it still can be placed among the most luxuries developments in Krakow There is:

- 24 hour security

- Underground parking plus additional parking spaces at the front of the building

- A lift installed in the building

First steps

HOW TO BUY PROPERTY IN POLAND

The ownership of property in Poland is secured, by a state authority called simply Registry of mortgages. In Krakow it is Regional Court for Krakow Podgórze Land and Mortgage Register Department (Sąd Wieczystoksięgowy dla Krakowa Podgórza) Titles to property i.e. Lend Registers (Ksiegi Wieczyste) are kept there, where all encumbrances on properties are registered. Property is filed under the names of the owners and every Lend Register has got its individual or number. A title search is performed in order to find out if there are any claims, liens and encumbrances on the property. A title search also shows if the property was properly transferred. This is always done during the contracts process.

The only way to buy a property in Poland is to sign a property purchase agreement in the presence of public notary. A public notary must be appointed since any property purchase agreement, in order to be valid, must be done in the presence of a public notary. The public notary does not represent the interests of the Buyer or Seller. (S)he is a public official in the presence of whom the contract is read, understood by both parties and signed. The notary drafts the contract and is responsible for the verification and registration of the transaction in the public records, so that the buyer acquires the official title of the property.

The contract is drawn up only in Polish language in one original that always remains at the notary’s file, an official copy which is registered at the register office and the purchaser receives as many copies as he/she wants paying the proportional fee. If the purchaser is the foreigner and does not speak Polish, he/she has to name a translator who takes an oath and translates orally word by word the contract from Polish to the foreigner language. At the end of the contract the translator declares that he/she translated rightly and comprehended completely quoted in the contract the foreigner purchaser and signs for this at the contract.

The parties sign only the prototype contract.

CONTRACTS STRUCTURE AND CONTENT

Each contract has a concrete number given by the Notary and a composition date.

Report of the detail elements of the contracting parties, full names, father names, mother names, I. D. numbers, tax registration numbers, addresses.

The real estate is described in details (extent, limits, borders) and reports the Topographer of Engineers elements mentioned at the topographic diagram. At this point all the previous acts, titles of property, contract numbers and registration numbers at the register office are mentioned.

Afterwards, is reported the vendors statement, that sells the real estate and is described the price, the terms and the conditions of settlement of price in case it is not paid off immediately during the signature of contracts.

The vendor guarantees that the sold of real estate has no debts.

Thereupon, the buyer undertakes the vendor’s real estate and the vendor resigns from any rescission right.

Finally the notary certifies that the transaction takes place according the law, and reports in brief the relative laws and the certain formal statements of the contracting parties. There are also mentioned fees and tax connected with buying the property.

PURCHASERS EXPENSES

The purchaser must pay for the following expenses:

1. The transfer tax (civil tax) is 2% on the objective price mentioned in the contract.

2. The notary’s fee is about calculated on the deed of purchase mentioned price.

3. The estate agent’s fee depends on the agreement among the estate agent and the purchaser

4. The registration at the register office is 200 Polish zloty.

Totally the final cost could range from 5 to 7 % of the value of the property