Price negotiations still possible on housing market

2010-02-22

Potential buyers on the resale housing market can still count on discounts in certain cases. The average difference between the asking price and the transaction price is around 6.5%, according to an analysis carried out by the agency Home Broker.
The greatest elasticity when it comes to negotiating prices is possible in Lodz and Lublin – in these cases buyers can negotiate the final price down by an average of 9% and 8.5%, respectively. In cities like Warsaw and Krakow prices can be reduced by 5-6.5%, which, bearing in mind the high prices in these conurbations, translates into significant savings for the buyers.
Buyers can make the biggest savings on flats located in blocks made of prefabricated concrete or in buildings requiring renovation as well as on extremely small and extremely large flats. HB analysts reckon that it is still a buyer's market, although there has been clear change in the prevailing atmosphere – the market is slowly emerging from its slump and both property developers and owners of used flats are feeling more and more confident and less willing to negotiate.

Find more news and analyses in internet service Construction Poland Online and pdf newsletter Polish Construction Review.