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

niedziela, 6 czerwca 2010

Angel Plaza Building - general information

Angel Plaza Building - A high standard development of 170 apartments in the centre of the city, constructed from November 2005 till December 2007.

The developer: ANGEL Poland Holdings and LEHMAN BROTHERS

Official developer's website: Angel Plaza

The building has got two entrances: lobby one with three staircases numbered A, B, C and lobby two with staircases D1 and D2.

Location: Krakow, Zwierzyniecka Street no 24.

See the location map:

Wyświetl większą mapę -

The building is the winner of the CEE (Central & Eastern Europe) Residential Development of the year 2007.
- Apartments ranging in size from 34m2 to 284m2.
- All apartments include air-conditioning, as well as a balcony or terrace.
- City centre location near to Wawel Castle and the Wisła (Vistula) River and just 5 minutes walking distance to Main Market Square.
- Underground parking, 24 hour reception desk, meeting room.
- Fully equipped gym with sauna and jacuzzi for resident’s use.

Since the developer Angel Development had sold the last apartment - there has been still huge interest in this building among investors. Apartments are being sold by private owners or companies and there is huge interest to rent apartment there. The building is occupied by big companies like HSBC Bank, Philip Morris, Sabre etc. as tenants. I think that around 10 % of the apartments are occupied by the owners, around 80 % is occupied by tenants and 10 % is empty (the owners live there from time to time using the apartments as holiday homes. There is still some apartments in a developer's standard - I think the owners consider to sell it in the future and treat the apartments as the long time investment). Generally saying Angel Plaza is also very popular place to live among foreigners.

1 komentarz:

pjeary12 sierpnia 2010 09:14
I found this blog informative as I have interest in real estate and I bookmarked this link. Thank you for good job!

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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