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Apr 24, 2012

Warsaw apartments not expensive; rental yields range from 4.89% to 6.78%


Last Updated: Apr 24, 2012
Mokotów - Apartments COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
45 sq. m. 103,725 586 6.73% 2,305 13.03
80 sq. m. 221,680 1,016 5.76% 2,646 12.70
120 sq. m. 363,720 1,631 5.38% 3,031 13.59
200 sq. m. 692,600 2,934 5.08% 3,463 14.67
Śródmieście - Apartments
45 sq. m. 132,120 638 5.79% 2,936 14.17
80 sq. m. 237,680 1,101 5.56% 2,971 13.76
120 sq. m. 399,120 1,626 4.89% 3,326 13.55
Warsaw-
Other Areas
apartments
45 sq. m. 97,830 483 5.92% 2,174 10.73
80 sq. m. 178,000 845 5.70% 2,225 10.56
120 sq. m. 296,760 1,338 5.41% 2,473 11.15
180 sq. m. 412,560 2,117 6.16% 2,292 11.76
Krakow apartments
35 sq. m. 76,860 378 5.91% 2,196 10.81
70 sq. m. 148,960 652 5.26% 2,128 9.32
120 sq. m. 408,360 1,246 3.66% 3,403 10.38
Warsaw: Śródmieście, Mokotów, Ursynów; Wilanów; Żoliborz
Krakow: Old Town (Stare Miasto), Kazimierz
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

Prices are falling in Warsaw.  Here are three takes on how much prices have fallen:

  • The highly-respected REAS reports that average prices of residential units in Warsaw fell 7.34% y-o-y to Q1 2012 (-10.94% after inflation). 
  • Ober-Haus reports, for apartments only, a lesser price decrease of 2,62% during the same period (-6.20% after inflation).   
  • The Global Property Guide finds that average price of apartments in high end districts fell 7.44% during the year to April 2012, from €2,931 in 2011, to €2,713 now.

Rents have also dropped, by an average of 3.27% according to Global Property Guide research. This means that average rental yields have increased slightly to 5.68%, up from 5.41% last year.

Apartments in Srodmiescie, which includes the historic neighborhoods of the Old Town (Stare Miasto) and the New Town (Nowe Miasto), are the most expensive in Warsaw. 

Yet they are really not expensive, compared to the prime districts of other European cities.  Srodmiescie apartment prices range from €2,936 to €3,326 per square metre (sq.m.), with gross rental yields ranging from 4.89% to 5.79%.

Mokotow, located just below Srodmiescie, houses many foreign embassies and companies. It ranks second in terms of property prices, after Srodmiescie.  Prices for apartments here range from €2,305 to €3,463 per sq. m,.   Property investors can expect higher rental returns in Mokotow than in Srodmiescie -  especially with smaller apartments, whose rental yields average 6.78%.

Meanwhile, in the other popular Warsaw areas Ursynów, Wilanów, and Żoliborz, apartments are cheaper, ranging from €2,174 to €2,473. Property owners can earn moderate to good rental returns, ranging from 5.41% to 6.16%.

In Krakow, average apartment prices decreased by 7.54%, from €2,786 to €2,576 per sq. m. But rental incomes have also fallen, but by less, so that  rental yields have increased here too. The average rental yield on apartments in Krakow is 4.94%, better than in 2011, when Krakow rental yield were at 4.26%.





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