Flats still too expensive

2010-02-07

Four out of every 10 potential buyers in 2009 had to abandon plans to purchase a flat because it was out of their price range, according to an analysis prepared by the research institute Nowy Adres in collaboration with GfK Polonia.
The survey, carried out in Warsaw, Krakow, Poznan, Wroclaw and the Tri-City area, shows that apart from price other barriers facing buyers were exorbitant interest rates on mortgages (23%), and a poor credit standing (19%). The lack of job security caused by the economic crisis was another deterrent – this fear was expressed by around 14% of the respondents. Owing to difficulties in obtaining mortgages as well as the steep costs of credit, buyers have decided to dig into their savings – 57% of those who bought a flat last year paid for it out of their own pocket.

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