Real Estate in Krakow - my private opinion about the market: Angel City

wtorek, 8 czerwca 2010

Angel City - general information

Angel City - high standard development of 400 apartments located in the city centre just close to Railway Station and one of the biggest shopping centre in Krakow - Galeria Krakowska
The construction works were finished in 2009

The developer: ANGEL Poland Holdings and LEHMAN BROTHERS

Official developer's website: Angel City

The complex consists of two sets of buildings: set one: buildings A1 and A2 and set two: buildings B1, B2 and B3.

Location: Krakow, Szlak Street no 77 (to say precisely it is the crossroad of Szak and Pawia street.

See the location map:

Wyświetl większą mapę

- apartments ranging from studio to two bedrooms units

- 24 hour security front desks

- two level underground parking

- just close to underground tram stop

Angel City - this is definitely a bigger project of Angel Development but not necessarily better, I think, than a previous one - Angel Plaza.

The location of the buildings is OK, they are centrally located but they are surrounded by streets and it is the biggest disadvantage. There is no spectacular view of Wawel Castle or even a green area as park. There is no common area like sauna or gym and the biggest disadvantage I think is that there is no air conditioning in the apartments. However it is better located as you take into consideration a connection to bus line, tram line or even train. That is why I think it is a perfect place for living for white collars, high executives, managers (easy to get train from Main Railway Station to Zabierzow or even 2,5 hour to Warsaw) and some foreign students who come to Krakow for ERASMUS program and study at University of Economics and Technical University (Politechnika) just opposite Angel City.

The second thing is that there is not any common area like gym or sauna in the building. It makes it not so comfortable like Angel Plaza. But on the other hand if you are keen on shopping or your wife or girlfriend loves it - there is no better place to live in Krakow - there are around 270 shops just round the corner.

Brak komentarzy:

Prześlij komentarz

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