KRAKOW REAL ESTATE MARKET 2015 P.II
KRAKOW 2016 Partners Instytut Analiz Monitor Rynku Nieruchomości mrn.pl www.mrn.pl e-mail: zarzą[email protected]
KRN Media www.krnmedia.pl e-mail: [email protected]
Krakowski Serwis Mieszkaniowy dominium.pl www.dominium.pl e-mail: [email protected]
Graphic Design: Advert Studio Photo: Beata Dal (pages: 53) Rafał Lewandowski (pages: 23, 27, 29, 32, 35, 37, 38, 39, 45, 49, 50, 55, 56) Marcin Sigmund (cover) Translation: Centrum Szkoleniowe IDEA Group
23 PRIMARY HOUSING MARKET
29 SECONDARY HOUSING MARKET –
ASKING PRICES
32 SECONDARY HOUSING MARKET –
TRANSACTION PRICES
35 RENTAL OF APARTMENTS AND HOUSES
39 TOWNHOUSES AND HISTORICAL AREAS
42 SINGLE-FAMILY HOUSES IN KRAKOW
45 SINGLE-FAMILY HOUSES IN THE SUBURBAN ZONE
50 LAND IN KRAKOW
53 LAND IN THE SUBURBAN ZONE PRIMARY According to data from the Office of Statistics Furthermore, 4 public apartments were com- HOUSING in Krakow, during the 12 months of 2015, missioned for use, whereas other forms of MARKET 6,521 completed apartments were ready for construction (cooperative, capital, tenement occupancy in the capital of the Małopolska housing) included not a single apartment Region, i.e. 11% less than in the previous being commissioned for use. year and more than 7% less than two years before. A total of over 32.5 thousand Distribution of investments apartments have been commissioned for use According to the Dominium.pl portal, at over the past five years in Krakow. During the end of December 2015, the majority the same period, the construction of more of investments were offered within the than 47.3 thousand apartments was started. Podgórze region. They accounted In 2015 alone, construction of 10,942 apart- for 41% of all of the investment projects ments was started, i.e. over 18% more than in Krakow. About 10% less was the share a year before and more than 26% more than of investments in the region of Krowodrza. in 2013. (Chart 1) An even smaller number of investments were offered in Śródmieście (16%) and the In 2015, there was also a significant increase percentage was also lower, 12% – in Nowa in the number of apartments for which either Huta. (Chart 2) building permits were issued or applications were filed with the construction design. The In comparison to the previous year, Krakow’s number of such apartments totalled 8,259, portfolio recorded an increase in the share nearly 48% more than in 2014 and more than of Krowodrza and a decrease in the share of 9.5% more than two years previously. Śródmieście. The shares of Podgórze and Almost 86% of all of the apartments com- Nowa Huta remained at a similar level. pleted in 2015 were apartments for sale or rent. Slightly more than 14% of apartments completed were private constructions.
23 Distribution of flats 90% of all new apartments were offered in 10 districts, and just over 10% in the remaining At the end of 2015, the Dominium.pl base 8 districts. Districts with a relatively large selection of apartments also include Prądnik included over 7,860 developer apartment’s Czerwony (III), Podgórze Duchackie (XI), Grzegórzki (II), Czyżyny (XIV), Bieżanów-Prokocim available in Krakow. It can be estimated that (XII), Mistrzejowice (XV) and Krowodrza (V). The smallest quantity of property on offer was the total number of apartments available on located in Bieńczyce (XVI), Łagiewniki-Borek Fałęcki (IX), Wzgórza Krzesławickie (XVII), Stare the market was close to 9 thousand. In rela- Miasto (I) Zwierzyniec (VII) and Nowa Huta (XVIII). In comparison to the previous year, slight tion to 2014, a small percentage increase increases were recorded in the shares of Dębniki (VIII), Prądnik Biały (IV) and Podgórze was recorded in the number of offers on Duchackie (XI), decreases were recorded in Stare Miasto (I), Grzegórzki (II) and Czyżyny the primary market. (XIV). These changes, however, were insignificant. (Chart 4)
The largest part of the property on offer Just as was the case with the distribution of investments, the most apartments are on offer was located in three districts – Prądnik in the district within Podgórze (almost 43% of all apartments) and Krowodrza (over 25%). Biały (IV), Podgórze (XIII) and Dębniki (VIII). A smaller part of the property on offer was grouped in the districts lying in the city centre (over In total, these districts contained more than 18% of all apartments) and Nowa Huta (over 13%). In comparison to 2014, the share of apart- 41% of all apartments. Large disparities ments available in Krowodrza and Podgórze has increased, and the share in Śródmieście has in the distribution of the primary market III.1-1decreased. (Chart 3) III.1-2 may be indicated by the fact that nearly III.1-3- 4
Chart 1. 12,000 Number of completed apartments ready for 10,000 occupancy, for which permits were issued, 8,000 or for which applications were filed with the 6,000 construction design and of apartments the construction of which 4,000 was started in Krakow 2,000 Source: Based on data of the Office of Statistics in Krakow 0 2011 2012 2013 2014 2015
Apartments for which Apartments of which Apartments ready III.1-1 building permits were issued construction was started for occupancy III.1-2 or applications were filed with III.1-3- 4 the construction design
III.1-4 III.1-5 III.1-6 12 000
10 000 % 10 20 30 40 50 60
8 000 Chart 2. Podgórze 41% Distribution of offered Krowodrza 31% 6 000 housing investments in Krakow Śródmieście 16% 4 000 (XII 2015) Nowa Huta 12% III.1-1 Source: Dominium.pl 2 000 III.1-2 III.1-3- 4 0 2011 2012 2013 2014 2015
12 000
10 000
8 000 III.1-4 III.1-5 Podgórze III.1-6 42.9% Chart 3. Krowodrza 25.3% 6 000 Distribution of % 10 20 30 40 50 60 apartments on offer Śródmieście 18.3% 4 000 in Krakow (XII 2015) III.1-7 Nowa Huta 13.5% 2 000 Source: Dominium.pl % 10 20 30 40 50 60 70 80 III.1-8 0 2011 2012 2013 2014 2015
III.1-4 III.1-5 III.1-6
% 10 20 30 40 50 60
III.1-7
% 10 20 30 40 50 60 70 80 III.1-8
III.1-9
III.1-10
% 5 10 15 20 25 30 35 40 45 50
1 bedroom
2 bedroom III.1-7 3 bedroom
% 10 20 30 40 50 60 70 80 III.1-8 PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 4 bedroom
5 bedroom and more
III.1-9 Stare Miasto (I)
ZwierzyniecIII.1-10 (VII)
Krowodrza% (V) 5 10 15 20 25 30 35 40 45 50 III.1-11 Grzegórzki (II) % 5 10 15 20 25 30 35 Bronowice (VI) 1 pokój
Podgórze (XIII) 2 pokoje
Dębniki (VIII) 3 pokoje under 30 m²
PLN/m2 2 000 4 000 6 000 8 000 10 000 12 000 Prądnik Biały 4(IV) pokoje 30.1-40 m²
Prądnik Czerwony5 i więcej (III) pokoi 40.1-50 m² 50.1-60 m² Stare Miasto (I) Łagiewniki-Borek Fałęcki (IX) III.1-9 Zwierzyniec (VII) Czyżyny (XIV) 60.1-70 m²
Krowodrza (V) III.1-10 70.1-80 m² Podgórze DuchackieIII.1-11 (XI) Grzegórzki (II) 80.1-90 m² % 5 10 15 20 25 30Bieńczyce 35 (XVI)% 405 45 50 10 15 20 25 30 35 Bronowice (VI) Nowa Huta (XVIII) 90.1-100 m² Podgórze (XIII) over 100 m² 1 pokój Bieżanów-Prokocim (XII) Dębniki (VIII) do 30 m² Swoszowice (X) 2 pokoje Prądnik Biały (IV) 30,1-40 m² Mistrzejowice3 pokoje (XV) Prądnik Czerwony (III) 40,1-50 m² PLN/m2 2 000 4 000 6 000 8 000 10 000 12 000 4 pokoje Wzgórza Krzesławickie (XVII) Łagiewniki-Borek Fałęcki (IX) 50,1-60 m² 5 i więcej pokoi Czyżyny (XIV) 60,1-70 m² 70,1-80 m² Stare Miasto (I) Podgórze Duchackie (XI) 80,1-90 m² Zwierzyniec (VII) Bieńczyce (XVI)
Krowodrza (V) Nowa Huta (XVIII) 90,1-100 m² III.1-11 ponad 100 m² Grzegórzki (II) Bieżanów-Prokocim (XII) % 5 10 15 20 25 30 35 Bronowice (VI) Swoszowice (X) Podgórze (XIII) Mistrzejowice (XV)
Dębniki (VIII) Wzgórza Krzesławickie (XVII) do 30 m²
Prądnik Biały (IV) 30,1-40 m²
Prądnik Czerwony (III) 40,1-50 m²
Łagiewniki-Borek Fałęcki (IX) 50,1-60 m² Czyżyny (XIV) 60,1-70 m² % 2 4 6 8 10 12 14 16 18 Podgórze Duchackie (XI) 70,1-80 m²
Bieńczyce (XVI) 80,1-90 m²
Nowa Huta (XVIII) 90,1-100 m² Prądnik Biały (IV)
Bieżanów-Prokocim (XII) ponad 100 m² Podgórze (XIII)
Swoszowice (X) Dębniki (VIII)
Mistrzejowice (XV) Prądnik Czerwony (III)
Wzgórza Krzesławickie (XVII) % 2 4 6 8 10 12 14 16 18 Podgórze Duchackie (XI)
Grzegórzki (II)
Prądnik Biały (IV) Czyżyny (XV)
Podgórze (XIII) Bieżanów-Prokocim (XII)
Dębniki (VIII) Mistrzejowice (XV)
Prądnik Czerwony (III) Krowodrza (V) Podgórze Duchackie (XI) Bronowice (VI) Grzegórzki (II) Swoszowice (X) Czyżyny (XV) Nowa Huta (XVIII) Bieżanów-Prokocim (XII) Zwierzyniec (VII) Mistrzejowice (XV) % 2 4 6 8 10 12 14 16 18 Stare Miasto (I) Krowodrza (V)
Bronowice (VI) Wzgórza Krzesławickie (XVII)
Prądnik Biały (IV) Swoszowice (X) Łagiewniki-Borek Fałęcki (IX)
Podgórze (XIII) Nowa Huta (XVIII) Bieńczyce (XVI)
Dębniki (VIII) Zwierzyniec (VII)
Prądnik Czerwony (III) Stare Miasto (I)
Podgórze Duchackie (XI) Wzgórza Krzesławickie (XVII)
Grzegórzki (II) Łagiewniki-Borek Fałęcki (IX)
Czyżyny (XV) Bieńczyce (XVI)
Bieżanów-Prokocim (XII)
Mistrzejowice (XV)
Krowodrza (V)
Bronowice (VI)
Swoszowice (X)
Nowa Huta (XVIII)
Zwierzyniec (VII)
Stare Miasto (I)
Wzgórza Krzesławickie (XVII)
Łagiewniki-Borek Fałęcki (IX)
Bieńczyce (XVI) III.1-1 III.1-2 III.1-3- 4
12,000
10,000
8,000
6,000
4,000
2,000
0 2011 2012 2013 2014 2015
III.1-4 III.1-5 III.1-6
% 10 20 30 40 50 60
III.1-7
% 10 20 30 40 50 60 70 80 III.1-8
III.1-9
III.1-10
% 5 10 15 20 25 30 35 40 45 50
1 bedroom
2 bedroom
3 bedroom
PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 4 bedroom
5 bedroom and more
Stare Miasto (I)
Zwierzyniec (VII)
Krowodrza (V) III.1-11 Grzegórzki (II) % 5 10 15 20 25 30 35 Bronowice (VI) Podgórze (XIII)
Dębniki (VIII) under 30 m²
Prądnik Biały (IV) 30.1-40 m²
Prądnik Czerwony (III) 40.1-50 m²
Łagiewniki-Borek Fałęcki (IX) 50.1-60 m²
Czyżyny (XIV) 60.1-70 m²
Podgórze Duchackie (XI) 70.1-80 m²
Bieńczyce (XVI) 80.1-90 m²
Nowa Huta (XVIII) 90.1-100 m²
Bieżanów-Prokocim (XII) over 100 m²
Swoszowice (X)
Mistrzejowice (XV)
Wzgórza Krzesławickie (XVII)
% 2 4 6 8 10 12 14 16 18
Prądnik Biały (IV)
Podgórze (XIII)
Dębniki (VIII)
Prądnik Czerwony (III)
Podgórze Duchackie (XI)
Grzegórzki (II)
Czyżyny (XV)
Bieżanów-Prokocim (XII)
Mistrzejowice (XV)
Krowodrza (V)
Bronowice (VI)
Swoszowice (X)
Nowa Huta (XVIII)
Zwierzyniec (VII) Chart 4. Stare Miasto (I) Distribution of apartments Wzgórza Krzesławickie (XVII) on offer in the Krakow administrative districts Łagiewniki-Borek Fałęcki (IX) (XII 2015) Bieńczyce (XVI) Source: Dominium.pl
At the end of 2015, approximately 28% of all of the available property had the status of The largest group was that of the districts completed and a similar number was envisaged for completion in 2017 and later. Most of where average housing prices fluctuated them, approx. 45%, were scheduled for 2016. A year earlier, the percentage of completed between PLN 5 and 6 thousand/m2. apartments was approx. 4% higher. (Chart 5) In December 2015, in proportion, the greatest This group included the districts within number of completed apartments could be found in Podgórze and Nowa Huta, and a smaller Nowa Huta and Podgórze: Czyżyny (XIV), number in Śródmieście and Krowodrza. The latter two areas were characterized by a high Podgórze Duchackie (XI), Bieńczyce (XVI), (over 50%) percentage of apartments planned for completion in 2016. As compared to 2014, Nowa Huta (XVIII), Prokocim-Bieżanów (XII), the percentage of completed apartments increased only in Nowa Huta. In other areas of the Swoszowice (X) and Mistrzejowice (XV). Only city, the percentage of apartments available for immediate occupancy was lower than in the in the Wzgórza Krzesławickie district (XVII) previous year. (Chart 7) did the average prices of new apartments not exceed PLN 5 thousand/m2. (Chart 8) Price structure According to data from Dominium.pl, determined on the basis of housing advertisements which As mentioned above, in the lowest-priced included prices, in December 2015, the largest share, in the price structure of apartments, 73%, areas of the city, could also be found belonged to those within the price range of PLN 5 to 7 thousand/m2. There were fewer (approx. apartments which matched the parameters 16%) apartments for which one needed to pay from PLN 7 to 9 thousand/m2 and the cheapest for making use of subsidies under the apartments, whose prices did not exceed PLN 5 thousand/m2 (approx. 9%). The smallest, Apartments for Young People program. about 2-percent share of the pricing structure of Krakow’s apartments were those costing more The average price for Krakow, calculated on than PLN 9 thousand/m2. It should however be noted that, in the case of some more expensive the basis of the average prices in the districts, apartments, advertisements do not include prices, so their actual share in the price structure can was PLN 6,547/m2 in December 2015. in reality be slightly greater. (Chart 6) The price was less than 0.5% lower than in the previous year. In relation to December At the end of 2015, the highest average asking prices were traditionally recorded in the 2014, price changes in individual districts Stare Miasto district (I). It was the only district where the average price was higher than did not exceed +/- 5%. PLN 10 thousand/m2. The average range of prices between PLN 7 and 9 thousand/m2 was to be found in three districts, starting with the most expensive, they were: Zwierzyniec (VII), Krowodrza (V) and Grzegórzki (II).
On average, apartments in the range of PLN 6 to 7 thousand/m2 are waiting for buyers in Bronowice (VI), Podgórze (XIII), Dębniki (VIII) Prądnik Biały (IV), Prądnik Czerwony (III) and Łagiewniki (IX). 25 The largest, double-digit percent positive Compared to 2014, it is possible to see a 5-percent increase in the proportion changes were recorded in Nowa Huta (XVIII) of 2-bedroom apartments and a comparable decline in the proportion of 3-bedroom and the largest minus in Zwierzyniec (VII). In apartments. In terms of apartments with the smallest and the largest number of bedrooms, III.1-1 these districts there are, however, relatively there wasn’tIII.1-2 much change. (Chart 9) III.1-3- 4 few apartments and even a small change in supply can significantly affect the average An analysis of the breakdown of apartments according to the criterion of size shows that, cost in the district. at the end of 2015, Krakow’s property on offer included the greatest number of flats from 40 to 60 m2. These apartments accounted for over 55% of all those on sale. A significant 12 000 III.1-1 Distribution of apartments by number percentage of apartments (in excess of 10%) was also recorded in the range of 30 to 40 m2 10 000 III.1-2 of rooms and fromIII.1-3- 60 to4 70 m2. The smallest apartments (30 m2) accounted for over 4%. Apartments 2 8 000 The property on offer on the primary with a size greater than 70 m accounted for less than 12% of the total available. residential market in Krakow is dominated In comparison with the results from the previous year, an increase of several percent was 6 000 by 2-bedroom apartments. At the end of reported in the total of apartments in the range of 40-50 m2 with a comparable decrease 12 000 4 000 December 2015, such apartments in the proportion of apartments in the range from 60 to 80 m2. (Chart 10) accounted for over 48% of the total of 10 000 2 000 available apartments. Apartments with 3 Summary 0 8 000 2011 2012 2013 bedrooms2014 ranked 2015second, accounting for According to the consistent evaluation of analysts, 2015 can be described as very good year for
6 000 almost 32%. 1-bedroom apartments ranked the new housing market. A large supply of housing on offer (especially in the first three quarters third, with a total of 12%. The remaining of the year) was offset by a large demand. Such a balance in the market caused price stability. 4 000 10% were mostly 4-bedroom apartments Demand was stimulated by low interest rates (increasing the availability of credit) and the 2 000 and those with even more bedrooms. Apartments for Young People program. 0 III.1-4 2011 2012 2013III.1-5 2014 2015 III.1-6
% 10 20 30 40 50 60
III.1-4 III.1-5 III.1-6
% 10 20 30 40 50 60
Chart 5. Completed 28% Deadlines for apartments in Krakow (XII 2015) 2016 45% Source: Dominium.pl 2017 and 27% following years
III.1-7
% 10 20 30 40 50 60 70 80 III.1-8
III.1-7
% 10 20 30 40 50 60 70 80 III.1-8 Chart 6. 4-5 thousand PLN/m2 9% Price structure 5-7 thousand PLN/m2 73% of apartments in Krakow 2 (XII 2015) 7-9 thousand PLN/m 16% 2 Source: Dominium.pl over 9 thousand PLN/m 2%
III.1-9
III.1-10
% 5 10 15 20 25 30 35 40 45 50
III.1-9 1 pokój 2 pokoje III.1-10 3 pokoje
PLN/m2 2 000 4 000 6 000 8 000 %10 5 000 10 12 000 15 20 25 304 pokoje 35 40 45 50
5 i więcej pokoi
Stare Miasto (I) 1 pokój
Zwierzyniec (VII) 2 pokoje
Krowodrza (V) 3 pokoje III.1-11 PLN/m2 2 000 4 000 6 000 Grzegórzki8 000 (II) 10 000 12 000 4 pokoje % 5 10 15 20 25 30 35 Bronowice (VI) 5 i więcej pokoi Podgórze (XIII) Stare Miasto (I) Dębniki (VIII) do 30 m² Zwierzyniec (VII) Prądnik Biały (IV) 30,1-40 m² Krowodrza (V) Prądnik Czerwony (III) III.1-11 40,1-50 m² Grzegórzki (II) Łagiewniki-Borek Fałęcki (IX) % 5 10 15 20 25 30 35 50,1-60 m² Bronowice (VI) Czyżyny (XIV) 60,1-70 m² Podgórze (XIII) Podgórze Duchackie (XI) 70,1-80 m² Dębniki (VIII) do 30 m² Bieńczyce (XVI) 80,1-90 m² Prądnik Biały (IV) 30,1-40 m² Nowa Huta (XVIII) 90,1-100 m² Prądnik Czerwony (III) 40,1-50 m² Bieżanów-Prokocim (XII) ponad 100 m² Łagiewniki-Borek Fałęcki (IX) 50,1-60 m² Swoszowice (X) Czyżyny (XIV) 60,1-70 m² Mistrzejowice (XV) Podgórze Duchackie (XI) 70,1-80 m² Wzgórza Krzesławickie (XVII) Bieńczyce (XVI) 80,1-90 m²
Nowa Huta (XVIII) 90,1-100 m²
Bieżanów-Prokocim (XII) ponad 100 m²
Swoszowice (X)
Mistrzejowice (XV)
Wzgórza Krzesławickie (XVII)
% 2 4 6 8 10 12 14 16 18
Prądnik Biały (IV)
Podgórze (XIII)
Dębniki (VIII)
% 2 4 6 8Prądnik 10 Czerwony 12 (III) 14 16 18
Podgórze Duchackie (XI)
Grzegórzki (II) Prądnik Biały (IV) Czyżyny (XV) Podgórze (XIII) Bieżanów-Prokocim (XII) Dębniki (VIII) Mistrzejowice (XV) Prądnik Czerwony (III) Krowodrza (V) Podgórze Duchackie (XI) Bronowice (VI) Grzegórzki (II) Swoszowice (X) Czyżyny (XV) Nowa Huta (XVIII) Bieżanów-Prokocim (XII) Zwierzyniec (VII) Mistrzejowice (XV) Stare Miasto (I) Krowodrza (V) Wzgórza Krzesławickie (XVII) Bronowice (VI) Łagiewniki-Borek Fałęcki (IX) Swoszowice (X) Bieńczyce (XVI) Nowa Huta (XVIII)
Zwierzyniec (VII)
Stare Miasto (I)
Wzgórza Krzesławickie (XVII)
Łagiewniki-Borek Fałęcki (IX)
Bieńczyce (XVI) III.1-1 III.1-2 III.1-3- 4
12,000
10,000
8,000
6,000
4,000
2,000
0 2011 2012 2013 2014 2015
III.1-4 III.1-5 III.1-6
% 10 20 30 40 50 60
III.1-1 III.1-2 III.1-3- 4
12 000
10 000
8 000
6 000
III.1-7 4 000
% 10 20 30 40 50 60 70 80 III.1-8 2 000
0 2011 2012 2013 2014 2015
III.1-4 III.1-5 III.1-6
% 10 20 30 40 50 60
Krowodrza
III.1-9 Nowa Huta
III.1-10 Podgórze Chart 7. Distribution of housing % 5 10 15 20 25 30 35 40 45 50 in the areas of Krakow Śródmieście in terms of their realization (XII 2015) 1 bedroom Completed 2016 2017 and following years Source: Dominium.pl 2 bedroom
3 bedroom
PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 4 bedroom
5 bedroom and more III.1-7 Stare Miasto (I) % 10 20 30 40 50 60 70 80 Zwierzyniec (VII) III.1-8
Krowodrza (V) III.1-11 Grzegórzki (II) % 5 10 15 20 25 30 35 Bronowice (VI) Podgórze (XIII)
Dębniki (VIII) under 30 m²
Prądnik Biały (IV) 30.1-40 m²
Prądnik Czerwony (III) 40.1-50 m²
Łagiewniki-Borek Fałęcki (IX) 50.1-60 m²
Czyżyny (XIV) 60.1-70 m²
Podgórze Duchackie (XI) 70.1-80 m²
Bieńczyce (XVI) 80.1-90 m²
Nowa Huta (XVIII) 90.1-100 m² Chart 8. over 100 m² Bieżanów-ProkocimIII.1-9 (XII) Average asking prices Swoszowice (X) of new apartments in the districts of III.1-10 Mistrzejowice (XV) Krakow (XII 2015) Wzgórza Krzesławickie (XVII) Source: Dominium.pl 27% 5 10 15 20 25 30 35 40 45 50 1 pokój
2 pokoje
3 pokoje
PLN/m2 2 000 4 000 6 000 8 000 10 000 12 000 4 pokoje
5 i więcej pokoi
Stare Miasto (I)
Zwierzyniec (VII)
Krowodrza (V) III.1-11 Grzegórzki (II) % 2 4 6 8 10 12 14 16 18 % 5 10 15 20 25 30 35 Bronowice (VI) Podgórze (XIII) Prądnik Biały (IV) Dębniki (VIII) do 30 m² Podgórze (XIII) Prądnik Biały (IV) 30,1-40 m² Dębniki (VIII) Prądnik Czerwony (III) 40,1-50 m² Prądnik Czerwony (III) Łagiewniki-Borek Fałęcki (IX) 50,1-60 m² Podgórze Duchackie (XI) Czyżyny (XIV) 60,1-70 m² Grzegórzki (II) Podgórze Duchackie (XI) 70,1-80 m² Czyżyny (XV) Bieńczyce (XVI) 80,1-90 m² Bieżanów-Prokocim (XII) Nowa Huta (XVIII) 90,1-100 m² Mistrzejowice (XV) Bieżanów-Prokocim (XII) ponad 100 m² Krowodrza (V) Swoszowice (X) Bronowice (VI) Mistrzejowice (XV) Swoszowice (X) Wzgórza Krzesławickie (XVII) Nowa Huta (XVIII)
Zwierzyniec (VII)
Stare Miasto (I)
Wzgórza Krzesławickie (XVII)
Łagiewniki-Borek Fałęcki (IX)
Bieńczyce (XVI)
% 2 4 6 8 10 12 14 16 18
Prądnik Biały (IV)
Podgórze (XIII)
Dębniki (VIII)
Prądnik Czerwony (III)
Podgórze Duchackie (XI)
Grzegórzki (II)
Czyżyny (XV)
Bieżanów-Prokocim (XII)
Mistrzejowice (XV)
Krowodrza (V)
Bronowice (VI)
Swoszowice (X)
Nowa Huta (XVIII)
Zwierzyniec (VII)
Stare Miasto (I)
Wzgórza Krzesławickie (XVII)
Łagiewniki-Borek Fałęcki (IX)
Bieńczyce (XVI) III.1-1 III.1-2 III.1-1 III.1-3- 4 III.1-2 III.1-3- 4
12,000
12,00010,000
10,0008,000
8,0006,000
6,000 4,000
4,0002,000
2,000 0 2011 2012 2013 2014 2015 0 2011 2012 2013 2014 2015
III.1-4 III.1-5 III.1-6 III.1-4 III.1-5 III.1-6 % 10 20 30 40 50 60
% 10 20 30 40 50 60
A significant proportion of apartments was The offer of new investments and housing was largely concentrated in the area of Podgórze and also bought in the form of investments (as an Krowodrza (over 70% of the offered investments). Fewer offers could be found in Śródmieście alternative to a bank deposit), for cash. and Nowa Huta. At the end of 2015, apartments scheduled for 2016 prevailed and those ready for occupancy accounted for approx. 28%. The percentage of the fewest ready for occupancy Despite the fact that fewer apartments were was available in Krowodrza and Śródmieście. commissioned in 2015 than in previous years, there were, however, more apartments, the The property on offer was dominated by apartments within the price range of construction of which had been started and PLN 5-7 thousand/m2. The most expensive districts in Krakow were: Śródmieście (I), for which permits were issued, which will Zwierzyniec (VII), Krowodrza (V) and Grzegórzki (II), and the cheapest included: Wzgórza certainly increase the statistics of housing Krzesławickie (XVII), Mistrzejowice (XV), Swoszowice (X) and Prokocim-Bieżanów (XII ). At the
III.1-7 completions in subsequent periods. end of the year, most of the apartments available had two or three bedrooms (together they accounted for approx. 80% of the offer) and a size of between 40 and 60 m2 (over 55% of the III.1-7 % 10 20 30 40 50 60 70 80 total onIII.1-8 offer). % 10 20 30 40 50 60 70 80 III.1-8
III.1-9
III.1-9 III.1-10
III.1-10% 5 10 15 20 25 30 35 40 45 50
% 5 10 15 20 25 30 35 40 45 50
1 bedroom Chart 9. Distribution 1 bedroom 2 bedroom of apartments by 3 bedroom 2 bedroom number of bedrooms PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000(XII 2015) 4 bedroom 3 bedroom
PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 Source: Dominium.pl 45 bedroombedroom and more
5 bedroom and more Stare Miasto (I)
StareZwierzyniec Miasto (I) (VII) Krowodrza (V) Zwierzyniec (VII) III.1-11 KrowodrzaGrzegórzki (V) (II) %III.1-11 5 10 15 20 25 30 35 GrzegórzkiBronowice (II) (VI) % 5 10 15 20 25 30 35 BronowicePodgórze (VI)(XIII) under 30 m² PodgórzeDębniki (VIII)(XIII) 30.1-40 m² DębnikiPrądnik (VIII) Biały (IV) under 30 m² 40.1-50 m² PrądnikPrądnik Biały Czerwony (IV) (III) 30.1-40 m² 50.1-60 m² PrądnikŁagiewniki-Borek Czerwony (III) Fałęcki (IX) 40.1-50 m² 60.1-70 m² Łagiewniki-BorekCzyżyny (XIV) Fałęcki (IX) 50.1-60 m² Podgórze Duchackie (XI) 70.1-80 m² 60.1-70 m² Czyżyny (XIV) Chart 10. 80.1-90 m² PodgórzeBieńczyce Duchackie (XVI) (XI) Distribution 70.1-80 m² of apartments Nowa Huta (XVIII) 90.1-10080.1-90 m²m² Bieńczyce (XVI) according to size over 100 m² NowaBieżanów-Prokocim Huta (XVIII) (XII) (XII 2015) 90.1-100 m²
Bieżanów-ProkocimSwoszowice (X) (XII) Source: Dominium.pl over 100 m²
SwoszowiceMistrzejowice (X) (XV)
MistrzejowiceWzgórza Krzesławickie (XV) (XVII)
Wzgórza Krzesławickie (XVII)
% 2 4 6 8 10 12 14 16 18
% 2 4 6 8 10 12 14 16 18
Prądnik Biały (IV)
PrądnikPodgórze Biały (IV) (XIII)
PodgórzeDębniki (XIII) (VIII)
Prądnik DębnikiCzerwony (VIII) (III)
PodgórzePrądnik Czerwony Duchackie (III) (XI)
Podgórze DuchackieGrzegórzki (XI) (II)
GrzegórzkiCzyżyny (II)(XV)
Bieżanów-ProkocimCzyżyny (XV) (XII)
Bieżanów-ProkocimMistrzejowice (XII) (XV)
MistrzejowiceKrowodrza (XV) (V)
KrowodrzaBronowice (V) (VI)
BronowiceSwoszowice (VI) (X)
SwoszowiceNowa Huta (XVIII) (X)
NowaZwierzyniec Huta (XVIII) (VII)
ZwierzyniecStare Miasto (VII) (I)
Wzgórza KrzesławickieStare Miasto (XVII) (I)
WzgórzaŁagiewniki-Borek Krzesławickie Fałęcki (XVII) (IX)
Łagiewniki-BorekBieńczyce Fałęcki (IX)(XVI)
Bieńczyce (XVI) SECONDARY An analysis of the asking prices of housing market, among others, showed that price HOUSING on the secondary market in Krakow in formation was not affected by the fact that MARKET – 2015 confirmed the stable price trend the government programme Apartments in the capital of the Małopolska Region. for Young People last year covered the ASKING PRICES When offer prices of apartments on the so-called second-hand properties. This is secondary market are compared (year on mainly due to the fact that the price limits year), it appears that the average asking set out in the programme differ substantially price in 2015 remained at a level very from the prices on the Krakow market. close to that of 2014 and amounted to The result of this is the fact that the number PLN 6,965/m2. The stability of the so-called of apartments on the secondary market Krakow second-hand real estate market which are eligible for the programme in the is also confirmed by the analysis of housing city is negligible: according to data from prices in each quarter of last year. In the the KRN.pl portal, since the coming into first quarter, the average asking price of force of the amendment to the Act, it has apartments on the secondary market been approx. 2-3% of the total offer of in Krakow, according to the KRN.pl portal, apartments on the secondary market. It is amounted to PLN 7,011/m2. It was the only no surprise therefore that the government’s quarter of 2015 when the average asking support including also second-hand price of apartments on the secondary apartments did not play a significant role in market exceeded the limit of PLN 7,000. the price formation of this type of property In the fourth quarter of the past year, asking in Krakow. While the Apartments for Young prices of apartments amounted to PLN People programme had no significant 6,995/m2, which means that they reached effect on the prices of apartments on the a level close to the average asking price secondary market, it did visibly influence for the whole of 2015. (Chart 1) the attitude of buyers who are aware that the funds envisaged by the legislature for The stable price level over the past year the implementation of the government confirmed that the market in Krakow is programme of subsidies are limited, they resistant to external factors. An analysis speeded up their purchasing decisions. of asking prices from the secondary 29 2015 also brought no major changes and Dębniki (VIII), in-demands among customers. Prices of properties located in these parts in terms of the formation of housing prices of the city have consistently been for several years at a high level, over PLN 7,000/m2. Data on the secondary market in the different from the KRN.pl portal shows that the purchase of apartments on the secondary market in districts of Krakow. The most expensive these parts of Krakow in 2015 was at a cost of, respectively PLN 7,692/m2, PLN 7,582/m2, areas of the city are still: Stare Miasto PLN 7,045/m2. (I), Zwierzyniec (VII) and Krowodrza (V). The specifics of the Śródmieście district are The cheapest districts with the lowest prices for apartments on the secondary market are also worth remembering – properties for sale invariably the eastern and the southern districts: Nowa Huta (XVIII), Wzgórza Krzesławickie in this part of Krakow are often apartments (XVII), Bieńczyce (XVI) and Swoszowice (X). (Chart 2) in historic buildings in the immediate vicinity of the Main Market Square, belonging to Housing supply the so-called higher-end housing. Hence The highest number of apartments for sale on the secondary market was recorded in 2015 the large disparity in average asking prices in the districts: Krowodrza (V) – 11.3%, Prądnik Biały (IV) – 11.1% and Stare Miasto (I) – located in the district, as compared to 11%. It is worth noting that these districts have, for several years, been among the areas apartments in other areas of the city. Prestige of Krakow where housing supply on the secondary market has been relatively high. It is also is a factor that is also very important in worth noting that Krowodrza (V) and Stare Miasto (I), being at the forefront, are the districts the case of properties located in the heart popular among buyers, being at the same time regions within which relatively few new of Zwierzyniec, occupying second position residential projects are carried out. in the ranking of average asking prices in different districts of Krakow. The areas with the lowest housing supply on the secondary market still include: Swoszowice (X), Bieńczyce (XVI) and Wzgórza Krzesławickie (XVII). Their relatively low III.2.1-2 The relatively high prices in 2015 remained III.2.1-1housing supply on the secondary market is due to the fact that these are areas with a lower the same in Bronowice (VI), Grzegórzki (II) intensity of multifamily housing, with a predominance of single-family housing. (Chart 3)
PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 14,000 PLN/m2 6,700 6,750 6,800 6,850 6,900 6,950 7,000 7,050
Chart 1. Average asking Swoszowice (X) prices of apartments Q I Wzgórza Krzesławickie (XVII) on the secondary Q II market in Krakow Nowa Huta (XVIII) by quarters in 2015 Q III Bieńczyce (XVI) III.2.1-2 Source: KRN.pl portal Q IV Mistrzejowice (XV) III.2.1-1 Czyżyny (XIV) Bieżanów-Prokocim (XII) Podgórze Duchackie (XI) Łagiewniki-Borek Fałęcki (IX) PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Prądnik Biały (IV) PLN/m2 6,700 6,750 6,800 6,850 6,900 6,950 7,000 7,050 Prądnik Czerwony (III)
Podgórze (XIII) Swoszowice (X) Q I Dębniki (VIII) Wzgórza Krzesławickie (XVII) Grzegórzki (II) Q II Nowa Huta (XVIII) Bronowice (VI) Q III Bieńczyce (XVI) Krowodrza (V) Q IV Mistrzejowice (XV) Zwierzyniec (VII) Czyżyny (XIV) Stare Miasto (I) Stare Miasto (I) Bieżanów-Prokocim (XII) Dębniki (VIII)
Podgórze Duchackie (XI) Prądnik Biały (IV) Łagiewniki-Borek Fałęcki (IX) Krowodrza (V) Prądnik Biały (IV) Podgórze Duchackie (XI) Prądnik Czerwony (III) Prądnik Czerwony (III) Podgórze (XIII) Podgórze (XIII) Dębniki (VIII) Grzegórzki (II) Chart 2. Grzegórzki (II) Bieżanów-Prokocim (XII) Average asking Bronowice (VI) Mistrzejowice (XV) prices of apartments III.2.1-4 Krowodrza (V) on the secondary market Nowa Huta (XVIII) in Krakow in 2015 Zwierzyniec (VII) Zwierzyniec (VII) StareSource: Miasto KRN.pl (I) portal Stare Miasto (I) Czyżyny (XV) Dębniki (VIII) Bieńczyce (XVI) Prądnik Biały (IV) Bronowice (VI) % 2 4 6 8 10 12 Krowodrza (V) Swoszowice (X) Podgórze Duchackie (XI) Łagiewniki-Borek Fałęcki (IX) Prądnik Czerwony (III) Wzgórza Krzesławickie (XVII) Krowodrza (V) 11.3% Podgórze (XIII) III.2.1-3 Prądnik Biały (IV) 11.1% Grzegórzki (II) Stare Miasto (I) 11% Bieżanów-Prokocim (XII) Dębniki (VIII) 9.7% Mistrzejowice (XV) III.2.1-4 Podgórze (XIII) 6.9% Nowa Huta (XVIII) PLN/m2 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Prądnik Czerwony (III) 6.6% Zwierzyniec (VII) Podgórze Duchackie (XI) 6.3% Czyżyny (XV) 6.1% przed 1960 Grzegórzki (II) Bieńczyce (XVI) Bieżanów-Prokocim (XII) 6.1% Bronowice (VI) 1961-1989 % 2 4 6 8 10 12 Bronowice (VI) 4% Swoszowice (X) 1990-2010 Zwierzyniec (VII) 3.9% Łagiewniki-Borek Fałęcki (IX) Czyżyny (XIV) 3.7% Wzgórza Krzesławickie (XVII) Krowodrza (V) 11.3% III.2.1-3 Łagiewniki-Borek Fałęcki (XIV) 2.8% Prądnik Biały (IV) 11.1% Nowa Huta (XVIII) 2.6% Stare Miasto (I) 11% Mistrzejowice (XV) 2.5% Dębniki (VIII) 9.7% Swoszowice (X) 2.0% Podgórze (XIII) 6.9% 2 PLN/m 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Bieńczyce (XVI) 1.8% Prądnik Czerwony (III) 6.6% Wzgórza Krzesławickie (XVII) 1.6% Podgórze Duchackie (XI) 6.3% 6.1% przed 1960 Grzegórzki (II) Bieżanów-Prokocim (XII) 6.1% 1961-1989 Bronowice (VI) 4% 1990-2010 Zwierzyniec (VII) 3.9%
Czyżyny (XIV) 3.7%
Łagiewniki-Borek Fałęcki (XIV) 2.8%
NowaIII.2.1-5 Huta (XVIII) 2.6%
Mistrzejowice (XV) 2.5%
Swoszowice (X) 2.0%
Bieńczyce (XVI) 1.8% Wzgórza Krzesławickie (XVII) 1.6%
III.2.1-5 III.2.1-2 III.2.1-1
PLN/m2 2 000 4 000 6 000 8 000 10 000 12 000 14 000 PLN/m2 6 700 6 750 6 800 6 850 6 900 6 950 7 000 7 050
III.2.1-2 Swoszowice (X) III.2.1-1 I kwartał Wzgórza Krzesławickie (XVII) II kwartał Nowa Huta (XVIII) III kwartał Bieńczyce (XVI) IV kwartał Mistrzejowice (XV) PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 14,000 PLN/m2 6,700 6,750 6,800 6,850 6,900 6,950 7,000 7,050 Czyżyny (XIV) Bieżanów-Prokocim (XII) Podgórze Duchackie (XI) Swoszowice (X) Q I Łagiewniki-Borek Fałęcki (IX) Wzgórza Krzesławickie (XVII) Q II Prądnik Biały (IV) Nowa Huta (XVIII) Prądnik Czerwony (III) Q III Bieńczyce (XVI) Q IV Mistrzejowice (XV) Podgórze (XIII) Czyżyny (XIV) Dębniki (VIII) Bieżanów-Prokocim (XII) Grzegórzki (II) Podgórze Duchackie (XI) Bronowice (VI) Łagiewniki-Borek Fałęcki (IX) Krowodrza (V) Prądnik Biały (IV) Zwierzyniec (VII) Stare Miasto (I) Prądnik Czerwony (III) Stare Miasto (I) Dębniki (VIII) Podgórze (XIII) Prądnik Biały (IV) Dębniki (VIII) Krowodrza (V) Grzegórzki (II) Podgórze Duchackie (XI) Bronowice (VI) Prądnik Czerwony (III) Krowodrza (V) Podgórze (XIII) Zwierzyniec (VII) Grzegórzki (II) Stare Miasto (I) Stare Miasto (I) Dębniki (VIII) Bieżanów-Prokocim (XII) Mistrzejowice (XV) Prądnik Biały (IV) III.2.1-4 Krowodrza (V) Nowa Huta (XVIII)
Podgórze Duchackie (XI) Zwierzyniec (VII)
Prądnik Czerwony (III) Czyżyny (XV)
Podgórze (XIII) Bieńczyce (XVI)
Grzegórzki (II) Bronowice (VI) % 2 4 6 8 10 12
Bieżanów-Prokocim (XII) Swoszowice (X)
Mistrzejowice (XV) Łagiewniki-Borek Fałęcki (IX) III.2.1-4 Wzgórza Krzesławickie (XVII) Krowodrza (V) 11,3% Nowa Huta (XVIII) III.2.1-3 Prądnik Biały (IV) 11,1% Zwierzyniec (VII) Stare Miasto (I) 11% Czyżyny (XV) Dębniki (VIII) 9,7% Bieńczyce (XVI) Podgórze (XIII) 6,9% Bronowice (VI) % 2 4 6 8 10 12 PLN/m2 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Prądnik Czerwony (III) 6,6% Swoszowice (X) Podgórze Duchackie (XI) 6,3% Łagiewniki-Borek Fałęcki (IX) Grzegórzki (II) 6,1% Wzgórza Krzesławickie (XVII) Krowodrza (V) 11.3%przed 1960 III.2.1-3 Prądnik Biały (IV) 11.1% Bieżanów-Prokocim (XII) 6,1% 1961-1989 11% Bronowice (VI) 4% Stare Miasto (I) 1990-2010 Dębniki (VIII) 9.7% Zwierzyniec (VII) 3,9%
Podgórze (XIII) 6.9% Czyżyny (XIV) 3,7% PLN/m2 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Prądnik Czerwony (III) 6.6% Łagiewniki-Borek Fałęcki (XIV) 2,8%
Podgórze Duchackie (XI) 6.3% Nowa Huta (XVIII) 2,6% 6.1% Mistrzejowice (XV) 2,5% przed 1960 Grzegórzki (II) Bieżanów-Prokocim (XII) 6.1% Swoszowice (X) 2,0% 1961-1989 Bronowice (VI) 4% Bieńczyce (XVI) 1,8% 1990-2010 Zwierzyniec (VII) 3.9% Wzgórza Krzesławickie (XVII) 1,6%
Czyżyny (XIV) 3.7%
Łagiewniki-Borek Fałęcki (XIV) 2.8%
Nowa Huta (XVIII) 2.6%
Mistrzejowice (XV) 2.5% Chart 3. III.2.1-2 Size of the housing supply Swoszowice (X) 2.0% III.2.1-1 on the secondary market 1.8% Bieńczyce (XVI) in Krakow in 2015 Wzgórza Krzesławickie (XVII) 1.6% Source:III.2.1-5 KRN.pl portal
PLN/m2 2,000 4,000 6,000 8,000 10,000 12,000 14,000 PLN/m2 6,700 6,750 6,800 6,850 6,900 6,950 7,000 7,050
Announcements regarding the sale of the secondary market continue to be dominated by Swoszowice (X) Q I 2-bedroom apartments. Their supply in 2015 accounted for 39% of the total property on Wzgórzaoffer Krzesławickiein Krakow. Slightly(XVII) fewer announcements – 33% – related to 3-bedroom apartments. Q II III.2.1-5 NowaThe Huta smallest (XVIII) choice, in turn, was recorded for those who decided to buy 1-bedroom flats Q III Bieńczyceor 4-bedroom (XVI) or larger apartments in 2015. These offers were the least numerous in Krakow, Q IV Mistrzejowicerespectively (XV) 15 and 13%. (Chart 4) Czyżyny (XIV) Bieżanów-ProkocimKrakow is the (XII)second city, after Warsaw, as regards the total of housing stock. This data Podgórzeis confirmed Duchackie (XI)by the varied range of housing, both in the primary and secondary markets. Łagiewniki-BorekThe factors thatFałęcki permanently (IX) affect high interest in the real estate offered in the capital of the PrądnikMałopolska Biały (IV) Region include good career prospects associated with the developing of services Prądnik Czerwony (III) for business. The purchase of an apartment in Krakow is also induced by a big recognition 1-bedroom 15% Podgórze (XIII) of the city and its consistently formed image as a tourist and cultural business card of our 2-bedroom 39% Dębniki (VIII) country. Property buyers, for the large part, perceive the capital of the Małopolska Region 3-bedroom 33% Grzegórzkinot only (II) as a means of meeting their own housing needs, but also as investment potential. 4-bedroom and more 13% Bronowice (VI) KrowodrzaThose (V)buying apartments for rental, e.g. to students or tourists, mostly believe that it will Chart 4. Zwierzyniecbe a better (VII) solution to buy a so-called second-hand apartment, as this type of property Housing supply on the secondary market Stare Miasto (I) Stare Miasto (I) requires a smaller financial outlay for arrangement and finishing. It also needs to be remem- according to the number Dębniki (VIII) bered, however, that the specifics of the Krakow real estate market result in the fact that of bedrooms in 2015 Prądnik Biały (IV) the prices of used apartments do not differ significantly from those offered in new investments. Source: KRN.pl portal Krowodrza (V)
Podgórze Duchackie (XI)
Prądnik Czerwony (III)
Podgórze (XIII)
Grzegórzki (II)
Bieżanów-Prokocim (XII)
Mistrzejowice (XV) III.2.1-4 Nowa Huta (XVIII)
Zwierzyniec (VII)
Czyżyny (XV)
Bieńczyce (XVI)
Bronowice (VI) % 2 4 6 8 10 12
Swoszowice (X)
Łagiewniki-Borek Fałęcki (IX)
Wzgórza Krzesławickie (XVII) Krowodrza (V) 11.3% III.2.1-3 31 Prądnik Biały (IV) 11.1%
Stare Miasto (I) 11%
Dębniki (VIII) 9.7%
Podgórze (XIII) 6.9% PLN/m2 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 Prądnik Czerwony (III) 6.6%
Podgórze Duchackie (XI) 6.3% 6.1% przed 1960 Grzegórzki (II) Bieżanów-Prokocim (XII) 6.1% 1961-1989 Bronowice (VI) 4% 1990-2010 Zwierzyniec (VII) 3.9%
Czyżyny (XIV) 3.7%
Łagiewniki-Borek Fałęcki (XIV) 2.8%
Nowa Huta (XVIII) 2.6%
Mistrzejowice (XV) 2.5%
Swoszowice (X) 2.0%
Bieńczyce (XVI) 1.8% Wzgórza Krzesławickie (XVII) 1.6%
III.2.1-5 SECONDARY For years, the largest number of apartments on Krakow’s secondary market have been sold HOUSING in the largest cadastral unit – Podgórze. Nearly half of all apartments are built and they will eventually supply the secondary market, increasing the volume of transactions in this market MARKET - segment. The smallest number of apartments is sold in the following areas: Sródmieście – due TRANSACTION to high prices – and Nowa Huta, where the smallest number of apartments are built. (Chart 1) PRICES The situation in 2015 was much better than in recent years. A record number of apartments were sold on the secondary market. The reason was the low interest rates, the MdM program (Apartments for Young People), also including second-hand apartments since the middle of 2015, and investment purchases (buy to rent), a more favourable alternative to bank deposits. To a large extent, this kind of purchase was responsible for a sharp increase in transactions in the most expensive areas of the city – the former Śródmieście and Krowodrza districts. Investors are not interested in the lowest prices, but rather good locations, where people will be willing to rent and for areas in which the return period will not result in problems with rapid sales. 1 III.2.2-2
1,300 8,000
1,100 Chart 1. 7,000 Volume of transactions 900 on the secondary 6,000 housing market Source: Institute of Real Estate 700 Market Monitor Analysis - mrn.pl 5,000 * estimated on the basis 1 III.2.2-2 500 of incomplete data 2010 2011 2012 2013 2014 2015* PLN 2010 2011 2012 2013 2014 2015*
Krowodrza Nowa Huta Podgórze Śródmieście 1,300 8,000
1,100 7,000 Chart 2. 900 Average price per 1 m2 6,000 of an apartmentIII.2.2-4 on the secondary market 700 III.2.2-3 Source: Institute of Real Estate 5,000 Market Monitor Analysis - mrn.pl 500 * estimated on the basis m2 46 47 48 49 50 51 52 2010 2011 2012 2013 2014 2015* PLN of incompletemln data PLN 600 700 800 900 1,000 1,100 1,200 2010 2011 2012 2013 2014 2015*
2006 Krowodrza Nowa Huta Podgórze Śródmieście 2011
2007 2012
2008 2013 In 2015, the average asking prices for new and used apartments were similar, except 2009 that the primary market mainly included the outskirts of the city, and the turnover on the 2014 2010 secondary market is generated mainly in areas adjacent to the city centre. Meaning that 2015* 2011III.2.2-4the same price can be paid for a used apartment near the centre and a new apartment on III.2.2-3 2012 the outskirts. If we compare the same locations, adding approx. 10% to the purchase price 2013 of housing on the secondary market, buyers can enjoy a new apartment with similar size, but yet to be finished. 2 2014 m 46 47 48 49 50 51 52 mln PLN 600 700 800 900 1,000 1,100 1,200 2015* An assessment of the attractiveness of individual areas of Krakow can be seen in the average prices that are obtained for properties in the area of the four former districts. The greatest 2006 2011 interest, and consequently - the highest prices are recorded in Śródmieście and Krowodrza. 2007 2012Lower prices can be achieved in Podgórze and, traditionally, Nowa Huta is the cheapest. 2008 2013
2009 2014In 2014, there were significant increases in transaction prices. However, in 2015, these 2010 2015*increases remained only in the area of Śródmieście. In other areas, the prices generally 2011 remained at the same level as in the previous year. 2015 was the fourth year in a row when 2011 2012 the average price of property sold remained below the limit of PLN 300 thousand per property.
2013 Average prices per 1 m2 of all of the properties sold in the secondary market in 2015 2014 increased by approx. 2%, as compared to the previous year, amounting to slightly less than 2015* 2012 PLN 6 thousand/m2. Over the last two years, an upward trend has been visible only in the area of Śródmieście, where there has been a rise of over 6% in housing prices in relation to the level of 2014. However, in 2015 itself, the prices were stable and there was a small
price movement within individual districts, reflecting the stabilization of the average price 2013 for the whole city around the level of PLN 6 thousand/m2. (Chart 2) 2014 2011 2015 2012
2013 33 2014 2015 In total, for the whole city, the average area purchased on the secondary market in 2015 was, as in previous years: 49 m2. This demonstrates the high purchasing power of buyers, with continued low housing prices. (Chart 3)
On the secondary market, as in previous years, mainly small apartments were traded. Large ones are rarely traded. In 2015, transactions involving properties with an area of 65 m2 accounted for 16% of all transactions and the sale of properties larger than 100 m2 represented less than 3% of the total market. This situation has been going on for a long time and it will 1 III.2.2-2 be difficult to change it, as currently mainly small properties are being constructed which will, in time, feed the secondary market, resulting in the continuation of the current trends.
An effect1,300 of the increase in the number of transactions on the secondary market in 2015 was an increase in turnover which rose to the highest level in 9 years. (Chart 4) Despite this, 8,000
the primary1,100 market is still the beneficiary of the increased demand for apartments in Krakow, nearly 50% more apartments were sold there in 2015 than on the secondary market. 7,000
900 Summary 6,000 Once again there was a huge domestic demand for apartments in Krakow. Despite the fact that it mainly700 accumulated on the primary market, the secondary market recorded the highest turnover in 9 years. Small apartments predominated in the area of all districts, with wealthier 5,000 customers500 being the preferred primary market. The Apartments for Young People (MdM) programme established2010 in mid-20152011 by the government2012 for the 2013subsidizing of used2014 apartments2015* PLN 2010 2011 2012 2013 2014 2015* resulted in lower prices in the cheaper areas of the city.
Slight increases in used housing prices in the city centre were reported – as compared to 2014. In other parts of the city, there were no significant price movements. In 2016, 1 III.2.2-2 prices on the secondary market of apartments in Krakow should be stable. Barriers to the growth of prices are too strong to lead to a clear appreciation of the current price levels.
III.2.2-4 1,300 III.2.2-38,000
1,100 7,000 2 m 46 47 48 49 50 51 52 mln PLN 600 700 800 900 1,000 1,100 1,200 900 6,000
2006 2011 700 20075,000 2012 2008 500 2013 2010 2011 2012 2013 2014 Chart2015* 3. 2009 PLN 2014 2010 2011 2012 2013 2014 2015* Average size 2010 2015* of a residential property 2011 on the secondary market in Krakow 2012 Source: Institute of Real Estate 2013 Market Monitor Analysis - mrn.pl 2014 * estimated on the basis of incomplete data 2015*
III.2.2-4
III.2.2-3
2 m 46 47 48 49 50 51 52 mln PLN 600 700 800 900 1,000 1,100 1,200
Chart 4. 2006 Trading on the secondary 2011 2011 2007 housing market 2012
2008 Source: Institute of Real Estate 2013 Market Monitor Analysis - mrn.pl 2009 2014
* estimated on the basis 2012 2010 of incomplete data 2015* 2011
2012
2013 2013
2014
2015* 2014 2015 2011 2012 2013 2014 2015 RENTAL OF The rental market in Krakow is dependent 4-bedroom apartments: PLN 35.10/m2. APARTMENTS on the calendar of the academic year – this The most expensive, in terms of price per 2 AND HOUSES is because students are the largest group 1 m in 2015, was renting a 1-bedroom of tenants in the city. Thanks to the fact apartment. Tenants paid on average PLN that it is precisely this form of satisfying 36.6/m2 for renting such an apartment. the housing needs among scholars that is (Chart 2) becoming more and more popular, it is no surprise that the price of rented properties Due to the seasonality of the Krakow rental in Krakow are subject to seasonal varia- housing market, it would come as no tions. A decrease in rental rates can be surprise to say that the biggest decrease seen during the summer when students of in the rates for renting was recorded in Krakow universities are on holiday. In 2015, the third quarter of the past year. This was slight increases were recorded in rental the holiday period during which students rates in comparison with 2014. The ren- leave the city. For this reason, some tal cost of the most popular, 2-bedroom landlords, in order to minimize losses, opt properties in Krakow averaged approxima- for charging cheaper rent during this period. tely PLN 1,502. This amount is approx. 3% The prospect of lower revenues for about higher than that paid for the rental of such three months a year is better for them than properties in 2014. Also slightly higher were a situation in which apartments are empty the costs of renting a 3-bedroom property and their fixed costs (administrative rent, in 2015 – approx. PLN 1,708. (Chart 1) utilities etc.) are charged to the owner. After the holiday season, when demand for rental When the cost of rental per m2 of housing in properties in Krakow rises again, rental Krakow is taken into account, it turns out rates return to the same level as before that the differences in the rates for the rental the holidays, which is the best confirmation of individual apartments are small. The of seasonality. cheapest option in 2015 was renting a 3-bedroom apartment. Tenants paid approx. PLN 33.30/m2 for the rental of properties last year. It was slightly more expensive to rent 2-bedroom apartments: PLN 34.50/m2 and 35 Rental rates in Krakow are also affected by Supply of apartments for rent location – in districts which attracted the It is worth noting that certain districts of Krakow are characterized by large disparities in greatest interest from tenants, these rates the size of the supply of rental housing. In 2015, most of these types of property related to are higher than in districts at a distance from Śródmieście. As much as 16.2% of the total available apartments in Krakow were located the city centre. The highest level of rent was in this part of the city. Tenants who sought housing in Bronowice (12.8%), Dębniki (11.1%) found when renting an apartment in Stare and Prądnik Biały (10.4%) also had a fairly large choice. The four districts accounted for half Miasto (I) and Zwierzyniec (VII). The most of all apartments on offer in 2015. expensive areas also include such centrally located districts as Grzegórzki (II), Krowodrza The smallest number of apartments available to rent was to be found in the districts (V) and Bronowice (VI). The Dębniki (VIII) of Wzgórza Krzesławickie (0.5%), Swoszowice (0.4%) and Bieńczyce (0.4%). (Chart 3) district is also highly ranked. It is in fact one of the fastest growing districts of Krakow 2-bedroom apartments invariably represented the largest group of apartments for rent which has become popular among students in Krakow. More than half of the apartments (51%) which were available for rent in 2015 – the campus of the Jagiellonian University is fell into this category. The second location, with less than half as many, were 1-bedroom located in this district. apartments (23%). The property available in 2015 included far fewer 3-bedroom apartments (21%). The greatest difficulties in finding suitable accommodation were experienced by Apartments with the lowest rent in Krakow people who were looking for 4-bedroom properties. Apartments in this group accounted are to be found in Mistrzejowice (XV), for only 4% of the total on offer in Krakow. Due to the low number of advertisements, the Wzgórza Krzesławickie (XVII), Nowa Huta analysis according to the number of bedrooms does not include larger apartments – such (XVIII) and Bieńczyce (XVI). properties accounted for 1% of all advertisements.
III.3-1
PLN/month 500 1,000 1,500 2,000 2,500 PLN/m² 32 33 34 35 36 37
Chart 1. Rental cost of apartments in Krakow 1-bedroom 1-bedroom in 2015, according 2-bedroom 2-bedroom to the number of bedrooms 3-bedroom 3-bedroom Source: KRN.pl portal 4-bedroom 4-bedroom
III.3-1
PLN/month 500 1,000 1,500 2,000 2,500 PLN/m² 32 33 34 35 36 37
1-bedroom 1-bedroom Chart 2. 2-bedroom 2-bedroom Rental rates 3-bedroom in 2015 3-bedroom 4-bedroom Source: KRN.pl portal 4-bedroom
III.3-3 III.3-4
PLN/m-c 200 400 600 800 1 000 1 200 1 400 1 600 1 800 % 2 4 6 8 10 12 14 16 18
Stare Miasto (I) Stare Miasto (I) Zwierzyniec (VII) Bronowice (VI) Grzegórzki (II) Dębniki (VIII) Bronowice (VI) Prądnik Biały (IV) Krowodrza (V) Krowodrza (V) III.3-3 Dębniki (VIII) III.3-4 Grzegórzki (II) Prądnik Czerwony (III) Prądnik Czerwony (III) Podgórze (XIII) Zwierzyniec (VII) Prądnik Biały (IV) PLN/m-c 200 400 600 800 1 000 1 200 1 400 1 600 1 800 Podgórze (XIII) % 2 4 6 8 10 12 14 16 18 Czyżyny (XIV) Czyżyny (XIV) Podgórze Duchackie (XI) Podgórze Duchackie (XI) Stare Miasto (I) Bieżanów-Prokocim (XII) Stare Miasto (I) Bieżanów-Prokocim (XII) Zwierzyniec (VII) Swoszowice (X) Bronowice (VI) Mistrzejowice (XV) Grzegórzki (II) Łagiewniki-Borek Fałęcki (IX) Dębniki (VIII) Łagiewniki-Borek Fałęcki (IX) Bronowice (VI) Wzgórza Krzesławickie (XVII) Prądnik Biały (IV) Nowa Huta (XVIII) Krowodrza (V) Bieńczyce (XVI) Krowodrza (V) Wzgórza Krzesławickie (XVII) Dębniki (VIII) Nowa Huta (XVIII) Grzegórzki (II) Swoszowice (X) Prądnik Czerwony (III) Mistrzejowice (XV) Prądnik Czerwony (III) Bieńczyce (XVI) Podgórze (XIII) Zwierzyniec (VII) Prądnik Biały (IV) Podgórze (XIII) Czyżyny (XIV) Czyżyny (XIV) Podgórze Duchackie (XI) Podgórze Duchackie (XI) Bieżanów-Prokocim (XII) Bieżanów-Prokocim (XII) Swoszowice (X) Mistrzejowice (XV) Łagiewniki-Borek Fałęcki (IX) Łagiewniki-Borek Fałęcki (IX) Wzgórza Krzesławickie (XVII) Nowa Huta (XVIII) III.3-5 III.3-6 Bieńczyce (XVI) Wzgórza Krzesławickie (XVII) Nowa Huta (XVIII) Swoszowice (X) Mistrzejowice (XV) Bieńczyce (XVI)
PLN/month 2,200 2,300 2,400 2,500 2,600 2,700
Krakow
Krakow poviat
Wieliczka poviat
III.3-5 III.3-6
PLN/month 2,200 2,300 2,400 2,500 2,600 2,700
Krakow
Krakow poviat
Wieliczka poviat III.3-1
PLN/m-c 500 1 000 1 500 2 000 2 500 PLN/m² 32 33 34 35 36 37
1-pokojowe 1-pokojowe
2-pokojowe 2-pokojowe
3-pokojowe 3-pokojowe
4-pokojowe 4-pokojowe
III.3-3 III.3-4
PLN/m-c 200 400 600 800 1 000 1 200 1 400 1 600 1 800 % 2 4 6 8 10 12 14 16 18
Stare Miasto (I) Stare Miasto (I) Zwierzyniec (VII) Bronowice (VI) Grzegórzki (II) Dębniki (VIII) Bronowice (VI) Prądnik Biały (IV) Krowodrza (V) Krowodrza (V) Dębniki (VIII) Grzegórzki (II) Prądnik Czerwony (III) Prądnik Czerwony (III) Podgórze (XIII) Zwierzyniec (VII) Prądnik Biały (IV) Podgórze (XIII) Czyżyny (XIV) Czyżyny (XIV) Podgórze Duchackie (XI) Podgórze Duchackie (XI) Bieżanów-Prokocim (XII) Bieżanów-Prokocim (XII) Swoszowice (X) Mistrzejowice (XV) Łagiewniki-Borek Fałęcki (IX) Łagiewniki-Borek Fałęcki (IX) Wzgórza Krzesławickie (XVII) Nowa Huta (XVIII) Bieńczyce (XVI) Chart 3. Wzgórza Krzesławickie (XVII) Nowa Huta (XVIII) Supply of apartments Swoszowice (X) for rent in 2015 Mistrzejowice (XV) Bieńczyce (XVI) Source: KRN.pl portal
III.3-5 III.3-6 37
PLN/m-c 2 200 2 300 2 400 2 500 2 600 2 700
Kraków
powiat krakowski
powiat wielicki III.3-1
PLN/month 500 1,000 1,500 2,000 2,500 PLN/m² 32 33 34 35 36 37
1-bedroom 1-bedroom
2-bedroom 2-bedroom
3-bedroom 3-bedroom
4-bedroom 4-bedroom
III.3-3 III.3-4
PLN/m-c 200 400 600 800 1 000 1 200 1 400 1 600 1 800 % 2 4 6 8 10 12 14 16 18
Stare Miasto (I) Stare Miasto (I) Zwierzyniec (VII) Bronowice (VI) Grzegórzki (II) Dębniki (VIII) Bronowice (VI) Prądnik Biały (IV) Krowodrza (V) Krowodrza (V) Dębniki (VIII) Grzegórzki (II) Prądnik Czerwony (III) Prądnik Czerwony (III) Podgórze (XIII) Zwierzyniec (VII) Prądnik Biały (IV) Podgórze (XIII) Czyżyny (XIV) Czyżyny (XIV) Podgórze Duchackie (XI) Podgórze Duchackie (XI) Bieżanów-Prokocim (XII) Bieżanów-Prokocim (XII) Swoszowice (X) Mistrzejowice (XV) Łagiewniki-Borek Fałęcki (IX) Łagiewniki-Borek Fałęcki (IX) Wzgórza Krzesławickie (XVII) Nowa Huta (XVIII) Bieńczyce (XVI) Wzgórza Krzesławickie (XVII) Nowa Huta (XVIII) Swoszowice (X) Mistrzejowice (XV) Bieńczyce (XVI) The number of houses for rent, both in Krakow and in the poviats of Krakow and Wieliczka, is small as compared with the number of apartments for rent in this area. The vast majority of houses offered for rent in 2015 were located outside the administrative capital of the Małopolska Region. An analysis of the rental prices for properties in this segment shows that they depend, to a large extent, on their location. It was a cheaper option to rent a property in the Krakow poviat – approx. PLN 2,350 was the average monthly rental price. It was slightly more expensive in 2015 to rent a house in the Wieliczka poviat – PLN 2,514 and PLN 2,654 was the cost of renting a house located in Krakow. It should also be noted III.3-5 III.3-6 that these prices were at a very similar level as compared to 2014. (Chart 4)
PLN/month 2,200 2,300 2,400 2,500 2,600 2,700
Chart 4.
Average cost Krakow of renting a house in 2015 Krakow poviat
Source: KRN.pl portal Wieliczka poviat TOWNHOUSES Tenement houses have always been reco- square and Kościuszki street, The area around AND HISTORICAL gnised as a separate market segment of real the Krakowki park and such streets as: Lea, AREAS estate investment, with its own dynamics, Królewska, Mazowiecka and Wrocławska is supply and demand. The tenement houses also attractive. Stare Podgórze primarily inc- market is most strongly correlated with the ludes such commercial streets as Kalwaryjska housing market (especially apartments) and and Limanowskiego, but areas situated higher, the market of commercial and hotel and on the Lasota Hill, are increasingly sought tourism properties, as these buildings are usu- after for residential purposes (Lasota square, ally used for such purposes. Krzemionki, Zamojskiego, Parkowa streets) as well as the beautifully situated Dębniki housing The city centre, where historical housing estate by the Vistula river. development is focused, is the area of Planty with the most expensive houses in the Main Resource and supply Square, along Floriańska, Grodzka and Szew- Krakow is the only large city in Poland in ska. Another attractive enclave is the Kazi- which a large part of the pre-war structure mierz district with such streets as Szeroka, of the housing resource has survived intact, Krakowska and Starowiślna and shopping also in terms of ownership. Almost a third streets being the continuation of the streets of the housing was built more than 60 years inside the first ring road, such streets as: Stra- ago, which means 90,000 apartments in domska, Zwierzyniecka, Karmelicka, Długa 10,000 tenement houses, of which 1,000 and Lubicz. The prices of tenement houses are in the register of historical buildings of located in the vicinity of the Wawel Castle the city of Krakow. Within Śródmieście, there are also rising, including those around the are approx. 7,000 pre-war tenement houses Na Groblach square. The prices around the preserved, 2,000 in Krowodrza and almost Central Railway Station have also been rising 1,000 within Podgórze. There are still a large rapidly for several years,. This area includes percentage of houses with unsettled legal Pawia Street, currently the most expensive status (no physical partitioning of tenement commercial street in the city. The attractive- houses and no distribution of shares). Another ness of the formerly neglected Wesoła street, trend is the permanent division and secretion from Lubicz to Beliny-Prażmowskiego and the of separate real estate properties. Oficerskie housing estate, popular locations for law firms, has been increasing from year to year. In Krowodrza, Salwator is invariably the most expensive, around the Na Stawach 39 The supply of complete tenements is there- These trends are a response to market expectations of a sales offer prepared for the investment, fore limited and the emerging new properties which provides a shorter period of investment and a faster return on capital. for sale are usually the result of the further regulation of their legal status, including the Market turnover right to the property. However, there are Every year, transactions in tenement houses are recorded throughout all three of the pre-war year-on-year declines in the stock of complete Krakow districts: Śródmieście, Krowodrza and Podgórze. In 2015, as many as 50 contracts tenement houses for sale. In contrast, the for the sale of entire tenement houses were concluded (50% annual increase y/y) and 161 tran- supply of converted tenement houses for sale sactions involving apartments in converted tenement houses (5% increase y/y). After a period is still very high. of decline, the number of transactions which have taken place since the record level of 2006 to 2009, the period of 2010-2015 saw a growing number of contracts of sale. In the past Among the dozens of tenement houses on year, the volume of transactions involving entire tenement houses rose, reflecting the ongoing offer, increasingly in recent years, can be very strong economic situation in the market. (Chart 1) In 2015, the market turnover total- found professionally prepared sales offers, led PLN 275 million, a record for the past 7 years. The 2/3 of the capital was spent by investors along with the decisions on zoning or permits on the purchase of whole tenement houses. (Chart 3) III.4-1 III.4-2 for their reconstruction and development. They enable potential buyers to precisely The increasing volume and turnover indicate the persistent high level of interest in investing in prepare a business plan regarding their Krakow’s0 historic properties,50 maintained by100 the bullish confidence150 in the market200 of apartments.250 mln PLN 50 100 150 200 250 300 350 400 investment, and hence – to more accurately The specificity of this market segment is the flexible, variable demand adapted to the situation, estimate the risk factor of their investments. in contrast to the relatively limited supply of historic buildings. Just as in the housing market, in A characteristic feature of these offers and the2005 commercial and hotel markets, there has been observed a good deal of investor optimism 2003 transactions is the price calculation based since mid-2013, as exemplified by the public auctions of municipal tenement houses, where the 2006 on the target (projected) usable floor space, number of bidders regularly exceeded 20 persons or companies. 2004 as in the case of a sale of investment land. 2007 2005 III.4-1 III.4-2 2008 2006
2009 0 50 100 150 200 250 2007 mln PLN 50 100 150 200 250 300 350 400 2010 2008
20112005 20092003
20122006 20102004
Chart 1. 20132007 20112005 Number of transactions on the tenement 20142008 20122006 house market Source: Institute of Real 2015*2009 20132007 Estate Market Monitor Analysis - mrn.pl 2010 20142008 * estimated on the basis of incomplete data 2011 2015*2009
2012 The number of trans- 2010 actions involving entire tenement houses 2013 2011 The number of trans- 2014 actions involving apart- 2012 ments of converted 2015* tenement houses III.4-3 2013
2014
2015* 10 9 8 7 Chart 2. Average price 6 2 of 1 m of usable space 5 in Śródmieście III.4-3 (thousands PLN) 4 Source: Institute of Real 3 Estate Market Monitor 2 Analysis - mrn.pl 10 * estimated on the basis 1 9 of incomplete data 0 8 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 7 6 5 4 3 2 1 tys. PLN 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* III.4-1 III.4-2
0 50 100 150 200 250 mln PLN 50 100 150 200 250 300 350 400
2005 2003
2006 2004
2007 2005
2008 2006
2009 2007 Chart 3. 2010 Market turnover 2008 in tenement houses 2011 and parts of tenement 2009 houses 2012 Source: Institute of Real 2010 Estate Market Monitor 2013 Analysis - mrn.pl 2011 * estimated on the basis 2014 of incomplete data 2012
2015* 2013 Market turnover on whole tenement houses 2014 Market turnover on parts of converted tenement 2015* houses
Prices of tenement houses at hotels, hostels, guesthouses, catering).
III.4-3 The period 2003-2007 saw a rapid increase in the prices of houses due to the boom on the Demand from the hotel and tourism industry, whole real estate market. In 2008, the adjustment started and prices were falling until 2012. The however, is usually limited to whole houses, last three years: 2013-2015 marked the beginning of a slow upward rebound. The increasing according to the nature of these services. turnover may mean that the market already reached its lowest price level in 2012 and reversed The demand pressure of investors looking for 10 the trend from downward to upward. The current prices of tenement houses are still 20% lower tenement houses in outstanding locations, 9 (the nominal prices) and after inflation of almost 30% (the real prices) than the record level of for offices and corporate headquarters, is not 8 2007. (Chart 2) The highest price paid so far in 2015 for a tenement house was PLN 11.0 million declining. The investment attractiveness of 7 (at Floriańska Street), against an average market price for such a property equal to PLN 3.6 mil- tenement houses is evidenced by numerous 6 lion. For comparison, in 2013 the most expensive tenement house price reached PLN 15.5 new developments of apartments in the 5 million, and the average market price of the property amounted to PLN 4.4 million. In Krowo- city centre, the so-called seals (facilities built drza, the most expensive tenement house was sold for PLN 4.8 million and, in the Podgórze between the existing houses). 4 district – PLN 7.0 million. 3 Forecast 2 An inherent feature of this market is the considerable variability in unit prices of tenement houses Since mid-2013, investors, encouraged by 1 (from PLN 2.7 thousand to PLN 13 thousand/m2 of usable floor space), which results from low prices and ever cheaper loans, have tys. PLN the large disparities in the attractiveness of the location (from Stare Podgórze to the Old Market been slowly returning to the market. Additio- 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* Square), from the technical condition (from luxury tenement houses to vacant buildings requiring nally, since early 2014, the tenement houses renovation) and from the rental income (from commercial premises for PLN 300-400/m2 market has been affected by the healthy to apartments with tenants paying a fixed rent of PLN 6-14 PLN/m2). And the expected rate economic situation in the luxury apartments of return is, for most investors, the basis for the calculation of the cost-effective purchase price market. 2015 also saw a slow return of of a tenement house. The market for tenement houses can be divided into several distinct parts foreign investors and increased interest in the with their own levels of pricing: the Krakow old town around the Main Market Square within tourism industry. Therefore, the prognosis for Planty, the pre-war Śródmieście outside the Planty (Kazimierz, Stradom, Nowy Świat, Piasek, the tenement houses market in Krakow in the Kleparz, Wesoła and Grzegórzki), the pre-war Krowodrza with Salwator and, finally, Stare short and medium term is optimistic. In the Podgórze with Dębniki. near future, new domestic and foreign capital will still be flowing in, attracted by the very Demand good „brand” of Krakow as the tourist capital During the market bull up to 2007, primarily foreign demand was increasing. For example, in of Poland and an international centre of Kazimierz, participation of foreign investors (mainly from the EU and Israel) in the market turnover business and science, as well as the growing increased from 13% in 2003 to 75% in 2008. Since 2009, interest in tenement houses on their tourist traffic and rental market. part has been declining. For several years, the share of foreign capital has not exceeded 40%. The largest share in the structure of demand in 2015 belongs to investors from the residential and apartment sector, it is slightly lower than that of the hotel and tourism markets (shopping 41 800 6,000 65
700 60 5,000
600 55
4,000 500 50
400 3,000 45
300 40 2,000
200 35
1,000 100 30
PLN PLN/m2 mln PLN thousand 2010 2011 2012 2013 2014 2015* 2010 2011 2012 2013 2014 2015*
300 140
250 120
200 100
80 150 60 100 40 50 20 PLN PLN 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* thousand mln 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
SINGLE-FAMILY Primary market While in 2013, the number of transactions Analysis of the primary market1,600 in fell to 75 and in 2014 only 53 transactions HOUSES % 5 10 15 20 25 30 comparison to previous years1,400 shows that were recorded. The estimated number of IN KRAKOW the market is continuing to go through transactions in 2015 is 55, while maintaining 1,200 a decline in turnover in this segment. a turnover of PLN 40 million. After the 1,000 < 0.25 17% The high activity of developers in the significant increase in turnover in 2012, 0.26-0.50 26% housing market does not facilitate800 the we have had to deal with a deceleration development of projects in600 the single-family of the downward trend with a possibility of 0.51-0.75 26% house sector. The market 400situation is getting a bounce back. (Chart 1) 0.76-1.00 15% worse from year to year. Houses,200 due 1.01-1.25 7% to costs, are sold directly PLNby developers. There has been a strong differentiation 1.26-1.50 3% thousand 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* of developer activity as regards the old 1.51-1.75 2% Since 2012, there has been a marked districts of Krakow. Due to the different 1.76-2.00 1% decline in trading volumes and the number nature of the development in Śródmieście, >2.01 3% of transactions. In 2012, 90 transactions there have been single transactions were recorded, which was a significant in recent years and 2014 showed a change PLN mln and surprising increase in relation to 2011, in the situation in Nowa Huta. While there in which 69 transactions were recorded. was 1 transaction in 2012, there were
800 6,000 65 800 6,000 65 175
700 60 700 170 60 5,000 5,000
600 55 600 165 55 4,000 4,000 160 500 50 500 50
155 400 3,000 45 400 3,000 45
150 300 40 300 40 2,000 2,000 145 200 35 200 35 140 1,000 1,000 100 30 100 30 135
PLN PLN/m2 2 mln PLN PLN PLN/m thousandm² mln PLN thousand 2010 2011 2012 2013 2014 2015* 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2015* 2010 2011 2012 2013 2014 2015* 2015* 2010 2011 2012 2013 2014 2015*
Chart 1. Chart 2. Average Chart 3. Trading on the single-family Average transaction price transaction price The average size housing market in Krakow and the average price of a single-family house per 1 m2 of a single-family Source: Institute of Real Estate in Krakow house in Krakow Average price 300 Market Monitor Analysis - mrn.pl Source: Institute of Real Estate of 1 m2 of utility140 300 Source: Institute of Real Estate * estimated on the basis 140 floor space Market Monitor Analysis - mrn.pl Market Monitor Analysis - mrn.pl 250 of incomplete data 120 * estimated on the basis 250 120 * estimated on the basis of incomplete data 200 of incomplete data 100 200 100 80 150 80 150 60 100 60 100 40 50 40 50 20 20 PLN PLN PLN thousand 2005 2006 2007 2008 2009 2010 PLN2011 2012 2013 2014 2015* mln 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* thousand mln 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
1,600 1,600 % 5 10 15 20 25 30 1,400 % 5 10 15 20 25 30 1,400 1,200 1,200 1,000 < 0.25 17% 1,000 < 0.25 17% 800 0.26-0.50 26% 800 0.26-0.50 26% 600 0.51-0.75 26% 600 0.51-0.75 26% 400 0.76-1.00 15% 400 0.76-1.00 15% 200 1.01-1.25 7% 200 1.01-1.25 7% PLN 1.26-1.50 3% PLN thousand 2005 2006 2007 2008 2009 20101.26-1.502011 2012 3%2013 2014 2015* thousand 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 1.51-1.75 2% 1.51-1.75 2% 1.76-2.00 1% 1.76-2.00 1% >2.01 3% >2.01 3% PLN mln PLN mln
175 175
170 170
165 165
160 160
155 155
150 150
145 145
140 140
135 135
m² m² 2010 2011 2012 2013 2014 2015* 2010 2011 2012 2013 2014 2015* 800 6,000 65
700 60 5,000
600 55
4,000 500 50
400 3,000 45
800 6,000 65 300 40 2,000 700 60 5,000 200 35
600 1,000 55 100 30 4,000 500 50 PLN PLN/m2 mln PLN thousand 2010 2011 2012 2013 2014 400 3,000 2015* 45 2010 2011 2012 2013 2014 2015*
300 40 2,000
200 35
300 1,000 140 100 30 250 120
200 100 2 PLN PLN/m Chart 4. mln PLN thousand 80 150 Number of transactions 2010 2011 2012 2013 2014 2015* in houses in Krakow60 2010 2011 2012 2013 2014 2015* 100 Source: Institute of 40Real Estate Market Monitor Analysis - mrn.pl 50 * estimated on the 20basis PLN of incomplete dataPLN 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* thousand mln 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
Śródmieście Krowodrza Podgórze Nowa Huta
1,600 300 140 % 5 10 15 20 25 30 1,400 250 120 1,200
200 1001,000 < 0.25 17% Chart 5. 80800 0.26-0.50 26% 150 Total turnover of houses in0.51-0.75 Krakow 26% 60600 100 Source: Institute of Real 400 0.76-1.00 15% 40 Estate Market Monitor 50 200 Analysis - mrn.pl1.01-1.25 7% 20 PLN * estimated on1.26-1.50 the basis PLN 3% thousandPLN 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* of incomplete data 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* thousand mln 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 1.51-1.75 2% 1.76-2.00 1%
Śródmieście Krowodrza Podgórze Nowa Huta >2.01 3% 1,600 % 5 10 15 20 25 30 PLN mln 1,400 7 in 2013 and in 2014 – there were nine. The greatest activity of developers is observed Average prices for a house have increased 1,200 as usual, in Podgórze and sales there are greater than the combined total in other districts. also, approaching the figure of PLN 800,000. 1,000 < 0.25 17% In this case, it is also close to the price 800 0.26-0.50Average transaction prices fell by 14% in 2013, which could be due to the sales of houses26% in level of 2010-2011. If the analysis took into
600 0.51-0.75conditions less advanced than the developer. 2014 confirmed the observation with a significant26% account the period of 2013-2014, it could be increase in transaction prices: by 28%. It is expected that 2015 may bring a significant stated that the average house price is fixed 400 0.76-1.00 15% adjustment, because offers include more small buildings. The average price of 1 m2 of usable at PLN 780-790 thousand. (Chart 6) 200 1.01-1.25 7% floor space reached the minimum level in 2013 and it is making up for the losses, stabilizing PLN 1.26-1.50 3% 2 thousand 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* at below PLN 4,500/m . (Chart 2) The ceiling unit prices range from PLN 9,000 to over The increase in the average price for a 1.51-1.75 2% PLN 10,000/m2 for buildings in Wola Justowska. The minimum prices are recorded in Nowa house in relation to 2013-2014 is not so 1.76-2.00Huta at a level1% of PLN 2,400/m2. 175 clear as the increase in the number of sales >2.01 3% transactions and an increase in turnover.
ThePLN averagemln area of a single-family house sold on the property170 development market in 2014 It clearly demonstrates the price barrier amounted to 170 m2 and it is expected to decline in 2015. (Chart 3) on the demand. The market will not accept higher prices than 800 thousand, and PLN Secondary market 165 1 million is a clear price barrier. In 2015, more houses were sold in Krakow on the secondary market than in 2014. The great-
est number of houses were still sold in Podgórze. In this 160district, last year, the volume of trans- The market is dominated by sales of houses actions accounted for over 50% of the total number of houses sold in Krakow. Krowodrza the prices of which are in the range of is at the second-ranked location in terms of the number of transactions. These two districts PLN 250-750 thousand. (Chart 7) account for more than 80% of houses sold. Traditionally, 155not much is happening in Śródmieś- cie and Nowa Huta, which is due to the specific nature of these districts.(Chart 4) This price range covers more than 50%
150 of all transactions. House sales for prices 175 Turnover in both of the leading districts was close to the level of 2010. As compared to 2014, in excess of PLN 1 million accounted for turnover increased by over 30%. 2014 was, however, an extremely weak year. As compared just over 10% of total transactions. to 2013, the increase in turnover was just over 10%. Analysing145 the period 2011-2015, oscilla- 170 tions will be observed with a slight tendency to increase. (Chart 5)
140 165
135 160
m² 155 2010 2011 2012 2013 2014 2015*
150 43
145
140
135 m² 2010 2011 2012 2013 2014 2015* 800 6,000 65
700 60 5,000
600 55
4,000 500 50
400 3,000 45
300 40 2,000
800 6,000 65 200 Summary 35 The sector of primary market houses in the area of Krakow in 2015 experienced stagnation 1,000 of turnover and the number of transactions.700 A decrease in the average size of houses is 60 100 expected. Stagnation of a unit price indicates 5,000that the30 single-family houses market is parallel to the housing market, better times have come for both of them. Stiff competition can 600 55 be observed in single-family housing outside Krakow. The falling average size of plots for PLN PLN/m2 single-family houses is a confirmation of the needmln for PLN maintaining the asking prices as low thousand 4,000 2010 2011 2012 2013 2014 as possible. 2015*
2010 2011 2012 2013 5002014 2015* 50 In contrast, 2015, in the secondary market of single-family houses in Krakow, showed
a marked improvement, as compared to400 2013-2014.3,000 The number of transactions, as well 45 as turnover, increased. The average price for a house slightly increased. The visible bounce back on the secondary market may be due to the deepening stagnation in the primary market. Those who are looking for houses300 in Krakow, in light of the poor primary market 40 offer, are directing their attention to the secondary2,000 market, where there are more and more 300 relatively new houses available, i.e. constructed in 1995-2012. 140 200 35 250 120
200 1,000 100
100 80 30 150 60 100 PLN PLN/m2 40 mln PLN 50 thousand 20 2010 2011 2012 2013 2014 PLN 2015* 2010 2011 2012 2013 2014 2015* PLN 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* thousand mln 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015*
1,600 % 5 10 15 20 25 30 1,400
1,200
300 1,000 < 0.25 17% 140 Chart 6. 800 0.26-0.50 26% 250 120 Average price for a house 600 0.51-0.75 26% 200 in the secondary market 100 400 0.76-1.00 15% Source: Institute of Real Estate 80 150 Market Monitor Analysis - mrn.pl 200 1.01-1.25 7% * estimated on the basis 60PLN 1.26-1.50 3% 100 of incomplete data thousand 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* 40 1.51-1.75 2% 50 Śródmieście Krowodrza Podgórze Nowa Huta 1.76-2.00 1% 20 >2.01 3% PLN PLN 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* thousand mln 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015* PLN mln
1,600 % 5 10 15 20 25 30 1,400
1,200
1,000 < 0.25 17%
800 0.26-0.50 26%
600 0.51-0.75 26%
400 0.76-1.00 15%
200 1.01-1.25 7% 175 Chart 7. PLN 1.26-1.50 3% thousand 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Share of2015* transactions 1.51-1.75 2% in houses in price 170 ranges in 2015 1.76-2.00 1% Source: Institute of Real >2.01 3% Estate Market Monitor 165 Analysis - mrn.pl PLN mln
160
155
150
145
175
140
170
135
165 m²
160 2010 2011 2012 2013 2014 2015*
155
150
145
140
135
m² 2010 2011 2012 2013 2014 2015* SINGLE-FAMILY A set of data concerning real estate tran- maintained. The high level of interest in living HOUSES IN THE sactions built-up with single-family houses in this region is shown by a significant SUBURBAN AREAS for 2014 proves the continuation of the number (approx. 350) of transactions upward trend that began in 2012. There is in 2015, which corresponds to the most OF KRAKOW no data yet about all of the contracts for active market in the years 2010 and 2014, 2015 but it can be expected that the level despite the fact that this figure is likely to be of both turnover and number of transac- slightly lower than in 2014. (Chart 2) tions will be similar to that of 2014. Since 2013 there have been more than 600 con- Analysis of the trend line (both the number tracts of sale, which confirms the healthy of transactions and the trading volume) for condition of this market sector. The increase the Wieliczka poviat indicates a growing in the volume of turnover over the past three trend, which comes as the result of years has also been a positive sign, which the rapid growth in 2013-2014, while shows that prices of properties built-up with stabilization should probably be expected single-family houses are stable. (Chart 1) in the coming year.
The following charts include data from In 2015, the highest number of transactions 2015, which is estimated due to the in single-family houses was recorded in withholding of some data in the district the municipalities of Zielonki, Zabierzów units called starostwa. and Mogilany. When comparing the data for 2014, a significant increase in the number The trend lines generated for a wide time of transactions in the municipalities of interval in the district of Krakow indicate Zielonki, Michałowice and Krzeszowice can a stabilization during 2015, and continuation be observed and a decrease in Zabierzów, of this trend in 2016. In contrast, data Mogilany and Liszki. covering transactions from the Wieliczka poviat indicates that the upward trend observed in 2013-2014 will not be
45 III.5.2-2 III.5.2-1
400 400 800 800 350 350 700 700 300 300 600 600 250 250 500 500 200 200 400 400 150 150 300 300 100 100 200 200 III.5.2-2 III.5.2-1 III.5.2-2 50 50 III.5.2-1 100 100 0 400PLN 400 0 800PLN800 400 400 mln 800 800 mln 2015
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 350 350 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015
2010 700 700 350 350 700 700 300 300 600 600 300 300 600 600 III.5.2-4 250 250 500 500 250 250 500 500 III.5.2-3 200 200 400 400 200 200 400 400 150 150 300 300 150 150 300 300 70,000 140 50,000 140 100 100 200 200 100 100 200 200 45,000 50 50 100 100 60,000 120 50 50 120 100 100 40,000 0 PLN 0 PLN 0 PLN mln 0 PLN mln 50,000 100 mln 100 2015 mln 2005 2006 2007 2008 2009 2010 2011 35,0002012 2013 2014 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2015 2010 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2010 30,000 40,000 80 80 Chart 1. Number of transations Chart 2. NumberIII.5.2-4 of transations25,000 Number of transactions Number of transactionsIII.5.2-4 Trading 30,000 60 Trading 60 and trading in houses and trading in houses 20,000 III.5.2-3 III.5.2-3 in the Krakow poviat Trend line (number) in the Wieliczka poviat Trend line (number) 40 15,000 40 Source: Institute of Real Estate 20,000 Source: Institute of Real Estate Trend line (trading) Trend line (trading) Market Monitor Analysis – mrn.pl Market Monitor Analysis – mrn.pl 10,000 70,000 140 50,000 140 10,000 20 20 70,000 140 50,000 140 5,000 45,000 PLN60,000 0 120 45,000 PLN 0 120 60,000 120 thousand 120 thousand40,000
Kłaj 40,000 Liszki Skała 100 Gdów 100 Zielonki 50,000 Słomniki Skawina 35,000 Mogilany
100 Biskupice 100
50,000 Zabierzów Iwanowice Sułoszowa 35,000 Wielka Wieś Michałowice Czernichów Krzeszowice 30,000 Świątniki Górne 80 80 40,000 30,000 Wieliczka – town 40,000 80 80 Niepołomice – town 25,000 Kocmyrzów-Luborzyca 25,000 Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia 30,000 60 60 30,000 60 Niepołomice – municipality 60 20,000 20,000 Chart 3. 40 15,000 40 20,000 15,000 Average transaction price for a house in the municipalities20,000 of the40 Krakow 40 10,000 poviat and the Wieliczka poviat 20 10,000 20 10,000 2012 2013 2014 2015 Source: Institute of Real Estate Market Monitor Analysis – mrn.pl 10,000 20 20 5,000 III.5.2-5 5,000 PLN 0 PLN 0 PLN 0 thousand PLN 0 thousand
thousand thousandKłaj Liszki 800 Skała Gdów KrakowKłaj poviat Wieliczka poviat Zielonki Liszki Skała Słomniki Skawina Gdów Mogilany Biskupice Zielonki Zabierzów Iwanowice Sułoszowa Słomniki Skawina Mogilany Wielka Wieś Michałowice Biskupice Czernichów Krzeszowice Zabierzów Iwanowice 700 Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town Świątniki Górne Wieliczka – town 600 Niepołomice – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Kocmyrzów-Luborzyca Wieliczka – municipality Niepołomice – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia
500 Niepołomice – municipality
400
300 III.5.2-5 III.5.2-5 200
800 100 Krakow poviat Wieliczka poviat 800 Krakow poviat Wieliczka poviat PLN 700 700 thousand Kłaj Liszki 600 Skała Gdów Zielonki Słomniki 600 Skawina Mogilany Biskupice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów 500 Krzeszowice Świątniki Górne
500 Wieliczka – town
400 Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce 400 Jerzmanowice-Przeginia Niepołomice – municipality 300 300 200 200 III.5.2-7 III.5.2-6100 100 PLN PLN thousand thousand 0 100 200 300 400 500 600 700 800 0 50Kłaj 100 150 200 250 300 350 400 Liszki Skała Gdów Kłaj Zielonki Liszki Skała Słomniki Skawina Gdów Mogilany Biskupice Zielonki Zabierzów Iwanowice Sułoszowa Słomniki Skawina Mogilany Wielka Wieś Michałowice Biskupice Czernichów Krzeszowice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town
2008 Świątniki Górne 2008 Wieliczka – town Niepołomice – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Kocmyrzów-Luborzyca Wieliczka – municipality Niepołomice – municipality Igołomia-Wawrzeńczyce 2009 Jerzmanowice-Przeginia 2009 Niepołomice – municipality
2010 2010 III.5.2-7 III.5.2-6 III.5.2-7 III.5.2-6 2011 2011
2012 0 100 200 300 400 500 600 700 800 2012 0 50 100 150 200 250 300 350 400 0 100 200 300 400 500 600 700 800 0 50 100 150 200 250 300 350 400
2013 2013 2008 2008 2008 2008 2014 2014 2009 2009 2009 2009 2015 2015 2010 2010 2010 2010
2011 2011 2011 2011
2012 III.5.2-8 2012 2012 2012
2013 2013 2013 2013 6,000 2014 Krakow poviat Wieliczka2014 poviat 2014 2014
5,0002015 2015 2015 2015
4,000
3,000 III.5.2-8 III.5.2-8 2,000
1,0006,000 6,000 Krakow poviat Wieliczka poviat Krakow poviat Wieliczka poviat
PLN5,000 5,000 thousand Kłaj Liszki Skała Gdów Zielonki Słomniki Skawina Mogilany Biskupice Zabierzów
4,000 Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów 4,000 Krzeszowice Świątniki Górne Wieliczka – town
3,000 Niepołomice – town Kocmyrzów-Luborzyca 3,000 Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Niepołomice –municipality
2,000 2,000
1,000 1,000
PLN PLN thousand thousand Kłaj Liszki Skała Gdów Kłaj Zielonki Liszki Skała Słomniki Skawina Gdów Mogilany Biskupice Zielonki Zabierzów Iwanowice Sułoszowa Słomniki Skawina Mogilany Wielka Wieś Michałowice Biskupice Czernichów Krzeszowice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town Świątniki Górne Wieliczka – town Niepołomice – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Kocmyrzów-Luborzyca Niepołomice –municipality Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Niepołomice –municipality III.5.2-2 III.5.2-2 III.5.2-1 III.5.2-1
400 400 400 400 800 800 800 800 350 350 350 350 700 700 700 700 300 300 300 300 600 600 600 600 250 250 250 250 500 500 500 500 200 200 200 200 400 400 400 400 150 150 150 150 300 300 300 300 100 100 100 100 200 200 200 200 50 50 50 50 100 100 100 100 0 PLN 0 PLN 0 PLN 0 PLN mln mln mln mln 2015 2015 2005 2006 2007 2005 2008 2006 2009 2007 2010 2008 2011 2009 2012 2010 2013 2011 2014 2012 2013 2014 2005 2006 2007 2005 2008 2006 2009 2007 2008 2011 2009 2012 2013 2011 2014 2012 2015 2013 2014 2015 2010 2010
III.5.2-4 III.5.2-4
III.5.2-3 III.5.2-3
70,000 14070,000 140 50,000 14050,000 140
45,000 45,000 60,000 12060,000 120 120 120 40,000 40,000
50,000 10050,000 100 35,000 10035,000 100
30,000 30,000 40,000 40,00080 80 80 80 25,000 25,000 30,000 30,00060 60 60 60 20,000 20,000
15,000 15,000 20,000 20,00040 40 40 40 10,000 10,000 10,000 10,00020 20 20 20 5,000 5,000
PLN 0PLN 0 PLN 0PLN 0 thousand thousand thousand thousand Kłaj Kłaj Liszki Liszki Skała Skała Gdów Gdów Zielonki Zielonki Słomniki Słomniki Skawina Skawina Mogilany Mogilany Biskupice Biskupice Zabierzów Zabierzów Iwanowice Iwanowice Sułoszowa Sułoszowa Wielka Wieś Wielka Wieś Michałowice Michałowice Czernichów Czernichów Krzeszowice Krzeszowice Świątniki Górne Świątniki Górne Wieliczka – town Wieliczka – town Niepołomice – town Niepołomice – town Kocmyrzów-Luborzyca Kocmyrzów-Luborzyca Wieliczka – municipality Wieliczka – municipality Igołomia-Wawrzeńczyce Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Jerzmanowice-Przeginia Niepołomice – municipality Niepołomice – municipality
Chart 4. Turnover Chart 5.
Number of transactions and trading in houses Number Number of transactions and trading in houses in the municipalites of the Krakow poviat in 2015 of transactions in the municipalities of the Wieliczka poviat III.5.2-5 III.5.2-5 Source: Institute of Real Estate Market Monitor Analysis – mrn.pl Source: Institute of Real Estate Market Monitor Analysis – mrn.pl
800 800 Krakow poviatKrakow poviat Wieliczka poviat Wieliczka poviat The maximum values in the chart of the trading volume correspond to the maximum values Primary market 700 700 on the number of transactions. Attention should be paid to the higher volume of trading in The number of transactions in which the600 municipality600 of Mogilany rather than Zabierzów, with a similar number of transactions, developers and individuals were the selling which confirms the higher real estate prices in Mogilany. The highest trading price in 2015 parties in 2015 was very close to the level 500 500 was recorded in one of the villages in the Zielonki municipality – nearly PLN 4.7 million, was of 2014. The activity of developers from
paid400 for a 400residence on a plot of nearly 1 acre. (Chart 4) 2012 has remained reasonably constant, which indicates a stable, developed market. The300 Wieliczka300 poviat is dominated by transactions in the city and municipality of Wieliczka. While the increase in the number of transac- The most expensive transaction was the purchase of a single-floor house on a 9-acre plot tions with individuals as the selling parties, 200 200 in Wieliczka – the transaction was valued at PLN 1.3 million. (Chart 5) as observed since 2011, slowed down
100 100 in 2015, although this may change slightly Historical analysis of average transaction prices for real estate in the Krakow poviat shows after including all the data for geodetic PLNan upward PLN trend (apart from the Czernichów municipality), which gives a very positive thousand thousand resources. (Chart 6) Kłaj Kłaj Liszki Liszki outlook. The municipalities of Kocmyrzów-Luborzyca, Michałowice,Skała Skała,Skała Zabierzów, Gdów Gdów Zielonki Zielonki Słomniki Słomniki Skawina Skawina
Mogilany Mogilany 2 Biskupice Biskupice
Świątniki Górne and Zabierzów have shown an increase in the average amount spent on Zabierzów AnalysisZabierzów of prices per m of usable floor Iwanowice Iwanowice Sułoszowa Sułoszowa Wielka Wieś Wielka Wieś Michałowice Michałowice Czernichów Czernichów the purchase of a single-family house forKrzeszowice the thirdKrzeszowice year in a row. In 2015, the average tran- space of a building in developer transac- Świątniki Górne Świątniki Górne Wieliczka – town Wieliczka – town Niepołomice – town saction price reached a five-year high in the municipalities of Kocmyrzów-Luborzyca, Liszki, tions shows – as in common Niepołomice – town with previous Kocmyrzów-Luborzyca Kocmyrzów-Luborzyca Wieliczka – municipality Wieliczka – municipality Igołomia-Wawrzeńczyce Igołomia-Wawrzeńczyce Skała, Świątniki Górne, WielkaJerzmanowice-Przeginia Wieś andJerzmanowice-Przeginia Zabierzów. In 2014-2015 the five-year minimum years, that in the case of municipalities Niepołomice – municipality was recorded in the municipality of Krzeszowice. (Chart 3) with a large number of suchNiepołomice – municipality transactions, a significant difference between the maxi- In the cities and municipalities of Wieliczka and Niepołomice, the average prices for mum and minimum was revealed, depen- a house have been increasing for the past three years, while a decrease has been observed ding on theIII.5.2-7 degreeIII.5.2-7 of progress in the buil- III.5.2-6 III.5.2-6 in Biskupin and Gdów. A marked increase is observed in Niepołomice – this is the five-year ding being sold. (Chart 8) maximum. (Chart 3)
0 1000 100 200 200 300 300 400 400 500 500 600 600 700 700 800 800 00 50 50 100 100 150 150 200 200 250 250 300 300 350 350 400 400
2008 2008 2008 2008
2009 2009 2009 2009
2010 2010 2010 2010
2011 2011 2011 2011
2012 2012 2012 2012 47
2013 2013 2013 2013
2014 2014 2014 2014
2015 2015 2015 2015
III.5.2-8 III.5.2-8
6,000 6,000 Krakow poviatKrakow poviat Wieliczka poviat Wieliczka poviat
5,000 5,000
4,000 4,000
3,000 3,000
2,000 2,000
1,000 1,000
PLN PLN thousand thousand Kłaj Kłaj Liszki Liszki Skała Skała Gdów Gdów Zielonki Zielonki Słomniki Słomniki Skawina Skawina Mogilany Mogilany Biskupice Biskupice Zabierzów Zabierzów Iwanowice Iwanowice Sułoszowa Sułoszowa Wielka Wieś Wielka Wieś Michałowice Michałowice Czernichów Czernichów Krzeszowice Krzeszowice Świątniki Górne Świątniki Górne Wieliczka – town Wieliczka – town Niepołomice – town Niepołomice – town Kocmyrzów-Luborzyca Kocmyrzów-Luborzyca Wieliczka – municipality Wieliczka – municipality Igołomia-Wawrzeńczyce Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Jerzmanowice-Przeginia Niepołomice –municipality Niepołomice –municipality III.5.2-2 III.5.2-1
400 400 800 800 350 350 700 700 300 300 600 600 250 250 500 500 200 200 400 400 150 150 300 300 100 100 200 200 50 50 100 100 0 PLN 0 PLN mln mln 2015 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2010
III.5.2-4
III.5.2-3
70,000 140 50,000 140
III.5.2-2 45,000 III.5.2-1 60,000 120 120 40,000 400 400 800 800 50,000 100 35,000 100 350 350 700 700 30,000 40,000 80 80 300 300 600 600 25,000 250 250 30,000 60 60 500 500 20,000 200 200 15,000 400 400 20,000 40 40 150 150 10,000 300 300 10,000 20 20 100 100 5,000 200 200 50 50 PLN 0 PLN 0 100 100 thousand thousand Kłaj Liszki Skała 0 PLN Gdów
0 PLN Zielonki Słomniki Skawina mln Mogilany Biskupice Zabierzów Iwanowice mln Sułoszowa 2015 Wielka Wieś Michałowice 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Czernichów Krzeszowice 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2010 Świątniki Górne Wieliczka – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia III.5.2-4 Niepołomice – municipality
III.5.2-3
70,000 140 50,000 140 III.5.2-5 45,000 60,000 120 120 800 40,000 Krakow poviat Wieliczka poviat
50,000 100 35,000 100 700 30,000 80 80 40,000 600 25,000 30,000 60 500 60 20,000
400 15,000 20,000 40 40
300 10,000 10,000 20 In the Wieliczka poviat, the number of tran20 - cipalities of Wieliczka and Niepołomice. There is still a high level interest in cheaper 5,000 sactions200 in real estate development decre- Developer transactions were sporadic properties located further from the border PLN 0 ased in 2015 (after a three-year PLNperiod of0 in the municipalities of Biskupice and Gdów. of Krakow. thousand thousand
growth).100 Kłaj More optimistic is the information Liszki Skała Gdów Zielonki Słomniki Skawina Mogilany
thatBiskupice results from data concerning transac- Summary The number of development transactions Zabierzów
Iwanowice PLN Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice tionsthousand conducted by individuals, where an In 2015, the number of transactions has in the municipalities near Krakow remains Kłaj Świątniki Górne Wieliczka – town Liszki Skała increase in the number of transactions has stabilized, which represents positive signals at a high level for theGdów fourth year in a row, Zielonki Niepołomice – town Słomniki Skawina Mogilany Biskupice Zabierzów Iwanowice Sułoszowa Kocmyrzów-Luborzyca Wieliczka – municipality Wielka Wieś Igołomia-Wawrzeńczyce been recorded for the third year in a row. from the Michałowice real estate market. Unit prices with a slight upward trend, while in the Jerzmanowice-Przeginia Czernichów Krzeszowice Niepołomice – municipality Świątniki Górne
(Chart 7) should be analysed separately for each Wieliczka poviat, the three-year upward Wieliczka – town
of the municipalities; in 2015, there was trend was came to an end in 2015. Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia
In the Wieliczka poviat, developers concen- a general increase in the price of real estate Niepołomice – municipality trated their activities primarily in the muni- built-up with single-family houses. III.5.2-5
III.5.2-7 III.5.2-6 800 Krakow poviat Wieliczka poviat
700 0 100 200 300 400 500 600 700 800 0 50 100 150 200 250 300 350 400 600
500 2008 2008
400 2009 2009 300 2010 2010 200 Chart 6. 2011 2011 100 Number of transactions conducted by developers PLN and individuals in the thousand 2012 2012
Kłaj Krakow poviat Liszki Skała Gdów Zielonki Słomniki Skawina
Mogilany Source: Institute of Real Estate Biskupice Zabierzów Iwanowice 2013 2013 Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Market Monitor Analysis – mrn.pl Świątniki Górne Wieliczka – town Number of transactions 2014 Niepołomice – town 2014 Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Developers Niepołomice – municipality 2015 Individuals2015
III.5.2-7 III.5.2-6
III.5.2-8 0 100 200 300 400 500 600 700 800 0 50 100 150 200 250 300 350 400
6,000 2008 2008 Krakow poviat Wieliczka poviat
2009 20095,000
2010 20104,000
Chart 7. 2011 2011 3,000 Number of transactions conducted by developers 2012 2012 and individuals in the 2,000 Wieliczka poviat
2013 2013 Source: Institute of Real Estate 1,000 Market Monitor Analysis – mrn.pl
2014 2014 Number of transactions PLN thousand Developers
2015 2015 Kłaj Liszki Skała Individuals Gdów Zielonki Słomniki Skawina Mogilany Biskupice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Niepołomice –municipality III.5.2-8
6,000 Krakow poviat Wieliczka poviat
5,000
4,000
3,000
2,000
1,000
PLN thousand Kłaj Liszki Skała Gdów Zielonki Słomniki Skawina Mogilany Biskupice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Niepołomice –municipality III.5.2-2 III.5.2-1
400 400 800 800 350 350 700 700 300 300 600 600 250 250 500 500 200 200 400 400 150 150 300 300 100 100 200 200 50 50 100 100 0 PLN 0 PLN mln mln 2015 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2011 2012 2013 2014 2015 2010
III.5.2-4
III.5.2-3
70,000 140 50,000 140
45,000 60,000 120 120 40,000
50,000 100 35,000 100
30,000 40,000 80 80 25,000 30,000 60 60 20,000
15,000 20,000 40 40 10,000 10,000 20 20 5,000
PLN 0 PLN 0 thousand thousand Kłaj Liszki Skała Gdów Zielonki Słomniki Skawina Mogilany Biskupice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Niepołomice – municipality
III.5.2-5
800 Krakow poviat Wieliczka poviat
700
600
500
400
300
200
100
PLN thousand Kłaj Liszki Skała Gdów Zielonki Słomniki Skawina Mogilany Biskupice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Niepołomice – municipality
III.5.2-7 III.5.2-6
0 100 200 300 400 500 600 700 800 0 50 100 150 200 250 300 350 400
2008 2008
2009 2009
2010 2010
2011 2011
2012 2012
2013 2013
2014 2014
2015 2015
Chart 8. Minimum, average and maximum prices per 1 m2 of a house in the municipalities of the Krakow poviat and the Wieliczka poviat in developer transactions* in 2015 (PLN/m2) III.5.2-8 Source: Institute of Real Estate Market Monitor Analysis – mrn.pl
* no bars means no developer transactions in a given municipality Average price 1 m2 Maximum price 1 m2 Minimum price 1 m2
6,000 Krakow poviat Wieliczka poviat
5,000
4,000
3,000
2,000
1,000
PLN thousand Kłaj Liszki Skała Gdów Zielonki Słomniki Skawina Mogilany Biskupice Zabierzów Iwanowice Sułoszowa Wielka Wieś Michałowice Czernichów Krzeszowice Świątniki Górne Wieliczka – town Niepołomice – town Kocmyrzów-Luborzyca Wieliczka – municipality Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Niepołomice –municipality
49 LAND In 2015, the positive trends of 2014 of IT, engineering and BPO in which wages IN KRAKOW continued in the land market in Krakow. are above the national average, combined These trends are concerned mainly with with low interest rates, means that there market activity. The trading value and the is still a number of potential buyers and number of transactions increased, with renters of apartments. Sales of apartments relative price stability. Capital activity focused encourage developers to refill land mainly on land investment for multi-family resources. The labour market also drives housing. the prosperity in the office segment which recorded the lowest levels of vacancies At the end of 2012 and in the first half in buildings in Poland. The positive trends of 2013, prices reached the lowest levels. in Krakow caused the further emergence 2014 was characterized by rising prices of new developers operating in other cities, and marketing. 2015 brought a relative thereby increasing turnover. In Krakow, price stability, with an increase in turnover. the market for plots recorded an increase We still have to deal with shifting part of in the number of transactions, along with an the bank deposit capital to the land and increase in turnover, as compared with 2014. housing market. The positive development Preliminary data indicates a turnover of about of the labour market in Krakow in the sectors PLN 1 billion, with about 1,050 transactions. PLN mln 100 200 300 400 500 600 700 800 900 1,000 PLN/m2 500 1,000 1,500 2,000 2,500 PLN mln 100 200 300 400 500 600 700 800 900 1,000 PLN/m2 500 1,000 1,500 2,000 2,500 2010 Chart 1. Krowodrza 2011 Trading on the land market in Krakow* 2010 2012 Source: Institute of NowaRealKrowodrza Estate Huta Market Monitor Analysis - mrn.pl 2011 * Figures do not include land purchased by the Municipality and 2013 2012 the Treasury in connectionNowaPodgórze Huta with road infrastructure projects 2014 2013 and contributions made between various entities. Preliminary Śródmieście 2015 estimates for 2015 Podgórze 2014 Śródmieście 2015
0 100 200 300 400 500 600 700 800 900 1,000 1,100 Chart 2. 0 100 200 300 400 500 600 700 800 900 1,000 1,100 Number of transactions on the land market 2010 in Krakow* 2011 Source: Institute of Real Estate Market Monitor Analysis - mrn.pl 2010 2012 * Figures do not include non-market transactions, land 2011 purchased by the Municipality and the Treasury in connection 2013 2012 with road infrastructure projects and contributions made 2014 between various entities. Preliminary estimates for 2015 2013 2015 2014 2015
However, it is important to remember that this is preliminary data and following the experience regards turnover in this segment, with an of 2014, it should be assumed that part of the transactions concluded in the last quarter has increase in the average transaction price not yet been disclosed. of PLN 950/m2 (after data adjustment for 2014) up to about PLN 1,200/m2. In the weak 2009, about 500 transactions took place, with a very low turnover of In Krowodrza, the average transaction PLN 270 million. In 2011, there were approx. 650 transactions, with a turnover price also increased in 2015 from of PLN 500 million. The revised data for 2012 showed about 550 transactions, with PLN 1,000/m2 (after data adjustment a turnover of about PLN 550 million. The data for 2013 indicates approx. 750 transactions, for 2014) to about PLN 1,100/m2. Only with a turnover of about PLN 650 million. The revised figures for 2014 indicate 900 in Śródmieście, has the average price transactions, with a turnover of about PLN 900 million. Preliminary data for 2015 shows dropped to approx. PLN 2,000/m2 from 1 050 transactions and a turnover of PLN 1 billion which, as compared to 2014, represents PLN 2,950/m2. The decrease in prices is an increase in the number of transactions of about 17% and, in the case of the turnover, due to the decrease in the number and of about 10%, the data can still be subject to revision. (Chart 1, Chart 2) value of transactions in „sealed” plots. Average transaction prices in Nowa Huta Statistics point to a stabilization of the transaction unit value, despite the arrival of new remain unchanged. funds, shifted from bank deposits, in the land property market. In this cycle, on the land market, there were none of the negative trends that were observed in 2007 and 2008 The record sales achieved by housing when prices increased several dozen percent per year, and developers enlarged their land developers in 2014 made them refill their resources overpaying for land. In 2015, the average transaction price of construction land land resources. New entrants arrived on the in Krakow amounted to approximately PLN 600/m2, and it was at a similar level to that of market, attracted by the results of the sale 2014. The price significantly increased in comparison with 2013, which averaged at about of apartments and a vision of solid gains PLN 480/m2. Invariably, the largest quantitative share in land trade, as in previous years, in real estate development. National giants consisted of plots for single-family housing. Their share of construction land transactions, started to look at the market, up to now just as in 2014, was approximately 50%. absent in Krakow.
Taking into account the value of transactions in the real estate market, the land for The most interesting sales transactions in residential, multi-family and residential service purposes invariably dominated and their land for multi-family housing in Śródmieście share in the land trade was about 50%. Sales in the segment of plots for single-family concerned the plots at Fabryczna houses increased to almost 20%. The turnover in the service plot segment remained Street (Grzegórzki) with an area of over at about 30%, the same as in 2014. 3.6 hectares, with over PLN 33 million (PLN 918/m2); Rakowicka Street, two plots The market of land for multi-family housing and residential and service construction of approximately 0.5 ha for approx. in terms of the number and value of trading was at different levels in individual districts. PLN 13 million (PLN 2,300-2,400/m2). Investors focused on Podgórze where approx. 40% of the turnover took place, while it was approximately 25% in Krowodrza and Śródmieście. Podgórze has become the leader as 51 In Podgórze, one of the interesting usage ranged from PLN 300 to 2,000/m2, number of transactions. The price level in transactions was the sale of land with and commercial plots for office development the main industrial areas of these districts an area of over 6 hectares in the area of ranged from PLN 500 to 3,700/m2. In 2015, was at a level slightly higher than in 2014, Mieczykowa street (Kliny) for less than the market continued the favourable trends i.e. in Podgórze, between PLN 150 and PLN 30 million (PLN 475/m2) and a small in the sector of land for office development. 400 PLN/m2, and in Nowa Huta – in the plot of land with an area of 13 acres at range between PLN 60 and 400/m2. Konopnickiej/ Barska streets (near the The most interesting transactions in Congress Centre) for PLN 9.6 million commercial plots were related to the Summary (PLN 7,600/m2), for an office building purchase of land for office buildings – In general, the land market in Krakow in to be constructed as well. In Krowodrza, an area of about 1.9 ha in Powstańców 2015 continued the recovery which started two plots of approximately 0.8 ha at Wielkopolskich at Zabłocie, for a price of in mid-2013, which is confirmed by the Wrocławska street (former WSK site) were PLN 16.4 million (PLN 847/m2); plots at increase in the volume of transactions and bought for about PLN 16 million (PLN Mogilska, with an area of about 33 acres, turnover. A relative stabilization could be 1,600-1,800/m2). (Chart 3) for PLN 12.2 million (3,724 PLN/m2) and seen in terms of market prices. The market plots at 29 Listopada, with an area of 65 was most active in the segment of plots The market of plots earmarked for residential acres, for the price of PLN 13.35 million for residential and service purposes and single-family constructions was stable, (PLN 2,038/m2). multi-family housing. Developers bought as compared to 2014. A slight increase cheaper land located on the outskirts of was noted in the area of Nowa Huta. In 2015, the increased activity of investors, Krakow, new developers appeared on the An interesting transaction was recorded continued from 2014, was recorded in the market and those already present filled their in Chełm. An authorised liquidator sold two peripheral areas of Krakow – at the land resources intensely. a plot of land not covered by a zoning plan Rybitwy node and Botewa, Śliwiaka streets, (in the MN development) with an area of over where prices ranged from PLN 300 to The segment of commercial plots main- 22 ha at Podłużna, Pylna, Becka streets 400/m2 with a history of over PLN 600/m2 tained the positive trend of 2014. Continued for PLN 22 million (PLN 97/m2). Earlier, and Olszanica-Balice between the airport interest in plots for office development could at the peak of the bullish market for land and the A4 motorway, where another be observed, with a simultaneous aware- in February 2008, the above site was bought 9 hectares were bought for investment. ness of the limited possibilities of absorbing for... almost PLN 126 million. Plots in that area, strongly undervalued further office space. The search for new for years, following investments in the undervalued service areas which should gain The market for service plots (commercial) infrastructure around the airport, are in value in the short-term was noticeable, continued at the high level started in 2014. beginning to be perceived by the market, (areas around the airport in Balice-Olszanica, Some very interesting transactions have which should result in an increase in and areas around the Rybitwy node). been reported in large areas on the outskirts prices, as well as at Rybitwy, following of the city, at major traffic hubs (Olszanica- the confirmation of the route of the S7 The segment of plots for single-family Balice airport; Rybitwy node), through expressway. houses showed price stability. which the average transaction price of plots for services dropped in 2015 to about In the market of industrial plots, which can PLN 1,000/m2 from PLN 1,200/m2 in 2014. generally be found in Podgórze and Nowa Commercial land prices for commercial Huta, stagnation was recorded, with a small
PLN mln 100 200 300 400 500 600Chart 7003. 800 900 1,000 PLN/m2 500 1,000 1,500 2,000 2,500 Average prices of plots for multi- and single-family 2010 development within Krakow Krowodrza 2011 in 2015 2012 Source: Institute of Real Estate Market Nowa Huta Monitor Analysis - mrn.pl 2013 Podgórze 2014 Multi-family Single-family Śródmieście 2015 housing housing
0 100 200 300 400 500 600 700 800 900 1,000 1,100
2010 2011 2012 2013 2014 2015 LAND 2016 began with new transactions in the first trimester, both in the real estate sector IN THE of investment provided for housing or service and in the sector of agricultural land, understood SUBURBAN also as grasslands, forests, orchards and other sites with a high level of biological activity. Summing up 2015, it is impossible not to notice that it has raised the bar very high for its ZONE successor in many respects. During the year, the land market in the suburban area reported a stronger recovery and better variety than in the past four years.
In 2015, a record number of transactions was conducted against the backdrop of the previous five years, i.e. up to about 1,800 transactions in land ownership in the Krakow poviat. The total accounted for almost 1,000 ha of land sold for many different purposes. Such a large quantity of transactions has not been recorded up to 2011, which saw nearly 1,550 sales contracts for a total amount (volume) of PLN 290 million. Following that, the quantity and volume alone were worse. The slow exit from the economic crisis was not an incentive for investors. Less land was bought and sold for less money. A breakthrough in quantity took place in 2014, but it was a breakthrough that none of the sellers wanted: i.e. more was sold but the total gain was lower, which can be seen in the appallingly low volume for the year. The following year – 2015 – was separated by a chasm from the previous ones. A clear market recovery, as seen in the number of transactions, however, did not significantly affect the level of prices. (Chart 1)
The fall in prices by PLN 0.71/m2 is indeed at the same level, i.e. nominal. Taking into account only the value of the January deflation of 0.95% (year on year) in real terms, prices of land in the Krakow poviat have been stable over the last year. Despite the earlier variation: a maximum of about PLN 4/m2 (year on year) does not permit the inference that prices of land underwent something negative. (Chart 2)
Stable prices during the last five years are evident in almost all the municipalities of the Krakow district. This general stabilization – without splitting the functions of the land – does not mean stability, it only means that there were no local shocks in the number of transactions achieved per unit volume of the average transaction price. 53 VI.2-1
350 2,500
300
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VI.2-2
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PLN mln 0 PLN/m2 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
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VI.2-4 % 10 20 30 40 50 60 70 80 90 100 300
2,000 2014
2015 250
VI.2-2 VI.2-5 1,500 200
90
VI.2-1 150 1,000 120 86
350 2,500 VI.2-8 100 100 82 Chart 1. 5002 120 300 100 80 60 40 20 0 20 PLN/m Number of land 50 2,000 transactions and trading 78 volume in the Krakow poviat 2011 80 Trading volume 250 Source: Institute of Real Estate Market 2012 PLN Monitor Analysis – mrn.pl mln 0 NumberPLN/m2 VI.2-22013 of transactions 2011 2012 2013 2014 2015
2011 20142012 2013 2014 2015 1,500 60 200 2015
90
150 40 1,000 86
VI.2-4 % 10 20 30 40 50 60 70 80 90 100 100 82 20 2014 500 Chart 2. Average price 2015 50 of undeveloped land 78 in the Krakow poviat 0 VI.2-5 PLN Source: Institute of Real Estate mln 0 Market Monitor Analysis – mrn.pl PLN/m2 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
Chart 3. 120 Average price of land in the municipalities of the Krakow poviat VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiego (PLN/m2) Source: Institute of Real Estate Market Monitor Analysis – mrn.pl 2011 2012 2013 2014 2015 VI.2-8 100 VI.2-4 % 10 20 30 40 20050 60 70 80 90 100 120 100 80 60 40 20 0 20 PLN/m2
2014 150 2011 2015 80 2012 100 2013 VI.2-5 2014 50 60 2015
PLN/m2 Skała 120Liszki 40 Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne VI.2-8 Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 100 20 120 100 80 60 40 20 0 20 PLN/m2
2011 VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego 80 0 2012
2013 2014 60 160 2015
140
120 VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiego (PLN/m2) 100 40
VI.2-6 80 200 60 40 20 20 150 0 100 Skała Liszki
0 Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś 50 Świątniki Górne Kocmyrzów-Luborzyca
Jerzmanowice-Przeginia 2 Igołomia-Wawrzeńczyce PLN/m Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiego (PLN/m2) Wielka Wieś
VI.2-7 Liczba transakcji gruntami o przeznaczeniu rolnym w gminach powiatu krakowskiego Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 200 90 80
150 70 60 VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego
100 50 40 30 50 20 160 10 140 PLN/m2 0 120 Skała Liszki Skała 100 Liszki Zielonki Skawina Słomniki Zielonki Skawina Mogilany Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Zabierzów Sułoszowa VI.2-6 Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Krzeszowice Czernichów 80 Michałowice Wielka Wieś Świątniki Górne 60 Świątniki Górne Kocmyrzów-Luborzyca Kocmyrzów-Luborzyca
Jerzmanowice-Przeginia 40 Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 20 0 Skała VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2) Liszki Zielonki Skawina
VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne
200 Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 160 160 140 120 120 VI.2-7 Liczba transakcji gruntami o przeznaczeniu rolnym w gminach powiatu krakowskiego 100 80 VI.2-6 80
60 40 90
40 80 2 PLN/m 70 20 60 Skała 0 Liszki Zielonki Skawina Słomniki 50 Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Skała Liszki 40 Zielonki Skawina Słomniki Świątniki Górne Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów 30 Michałowice Wielka Wieś Kocmyrzów-Luborzyca Świątniki Górne Jerzmanowice-Przeginia
Igołomia-Wawrzeńczyce 20 10 Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 0 Skała Liszki
VI.2-9 Średnie ceny gruntów o przeznaczeniu rolnym w gminach powiatu krakowskiego (PLN/m2) Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś
VI.2-7 Liczba transakcji gruntami o przeznaczeniu rolnym w gminach powiatu krakowskiego Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia 50 Igołomia-Wawrzeńczyce 90
80 40 70 VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2) 60 30 50 20 40 200 30 10 20 160 10 PLN/m2 0 120 Skała Liszki Zielonki Skawina Skała Słomniki Liszki Mogilany Zabierzów Sułoszowa Iwanowice Zielonki Skawina Słomniki Krzeszowice Czernichów 80 Michałowice Wielka Wieś Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne
40 Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2) Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 200
160 VI.2-9 Średnie ceny gruntów o przeznaczeniu rolnym w gminach powiatu krakowskiego (PLN/m2) 120 800
80 50 40 40 PLN/m2 600 30 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice 20 Wielka Wieś Świątniki Górne
10 Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 400 PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa VI.2-9 Średnie ceny gruntów o przeznaczeniu rolnym w gminach powiatu krakowskiego (PLN/m2) Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne
200 Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 50
40
30 0
20 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice 10 Wielka Wieś Świątniki Górne PLN/m2 Kocmyrzów-Luborzyca Jerzmanowice-Przeginia
Igołomia-Wawrzeńczyce 800 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
600
400
800
200
600
0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś
400 Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
200
0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce The municipality of Skawina deserves recognition, however. Owners of local land annually Both functions changed slightly in terms of concluded sales contracts totalling increasingly low amounts. It was a cadastral unit which unit prices quoted three years ago. It could went through a phase of very intense property purchases and a period of leaving it. It was even be boldly claimed that the minor only in 2015 that investors took up the fight for Skawina land. It resulted in rising prices and changes were a result of inflation. Slightly maintaining and even improving the previous year’s local quantity. different was the value of land in 2011 and 2012, when the economic crisis put into Invariably, the most expensive plots of land can be found in the municipalities of Zielonka, question the sense of further investments. Wielka Wieś, Zabierzów and Mogilany. At the other extreme, there is the land allocated Many investors – especially inexperienced to the villages in the municipalities of Sułoszowa, Igołomia-Wawrzeńczyce and Słomniki, ones – decided, however, that it was worth Iwanowice, Skała and Czernichów are only slightly better. To illustrate the difference buying, especially real estate for single-family between these extremes, it can be said that agricultural property in Zabierzów, Zielonki houses. They bought a lot which influenced and Mogilany is more expensive than land for housing development (globally capital inten- the price of land, further influenced by sive) in Sułoszowa. (Chart 3) the banks with their unstable internal politics and operating regulations for interest rates. In 2015, more agricultural land was bought than in previous years. Its share was always Further banking regulations, tighter credit greater than half of all transactions, but it broke the barrier of 60% at the expense of invest- conditions and a greater selectivity of bor- ment land in the previous year. (Chart 4) rowers resulted in that less and less, but still not enough, was built. This decrease made Attention is also drawn to the positive changes in the area of the acquisition of commercial owners of investment land try to attract land with the exception of mixed destination (e.g. residential and commercial). Contracts customers by lowering asking prices or by for the purchase of land services, service and commercial, industrial or other similar are a more conciliatory negotiation of prices. the most lucrative and bring their owners profit from several hundred to up to more than This resulted in the threshold of big transac- PLN 1,000/m2. As an example, Jeronimo Martins Poland sp. z o.o. purchased 6,018 m2 tion prices between 2012 and 2013. of service and commercial land located in Modlnica (Wielka Wieś municipality) for a total amount of PLN 4.92 million net, PLN 1,005.58/m2. However, this destination, just as commu- The market of agricultural land is almost nication and other similar plots (e.g. for widening roadways) together constitute only 6% of all a mirror image of the situation in the sector transactions. The collection of market observations is too little and too distracted to consider it of investment for residential properties. at an adequate level of details. Accordingly, further analysis is devoid of service and communi- cation purposes and will consider residential and agricultural functions. 55 VI.2-1
350 2,500
300
2,000
250
VI.2-2
1,500 200
90
150 1,000 86
100 82
500
50 78
PLN mln 0 PLN/m2 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
VI.2-4 % 10 20 30 40 50 60 70 80 90 100 Chart 4. Structure of transactions by the use of land in the 2014 Krakow poviat 2015 Source: Institute of Real Estate Market Monitor Analysis – mrn.pl VI.2-5
Communication Residental Agricultural land Services
120
VI.2-8 100 120 100 80 60 40 20 0 20 PLN/m2
2011 80 2012
2013 2014 60 2015
40
20
0
VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiego (PLN/m2)
200
150
100
50
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego
160
140 120
100
VI.2-6 80
60
40 20 0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-7 Liczba transakcji gruntami o przeznaczeniu rolnym w gminach powiatu krakowskiego
90 80 70 60 50 40 30
20 10 0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2)
200
160
120
80
40
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-9 Średnie ceny gruntów o przeznaczeniu rolnym w gminach powiatu krakowskiego (PLN/m2)
50
40
30
20
10
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
800
600
400
200
0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce VI.2-1
350 2,500
300
2,000
250
VI.2-2
1,500 200
90
150 1,000 86
100 82
500
50 78
PLN mln 0 PLN/m2 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
VI.2-4 % 10 20 30 40 50 60 70 80 90 100
2014
2015
VI.2-5
120
VI.2-8 100
2 120 100 80 60 40 20 0 20 PLN/m Chart 5. Average price of land for residential purposes 2011 and agricultural80 purposes 2012 in the Krakow poviat
2013 Source: Institute of Real Estate Market Monitor Analysis – mrn.pl 2014 60 2015
Residential land Agricultural land 40
20
The origin of this variability is similar in terms of credited purchases. Bank policy tightened also Better times have also come for the owners in the case of facilities of this type. But the factor changing the value over the last five years of residential land in Skawina. In 02015, for has been, above all – magnified by the media – the political risk. Various, sometimes con- the first time in the post-crisis climate, they flicting reports about the possibility of the acquisition of land by foreigners after May 1, 2016 sold for higher prices than in the previous make it difficult to decide whether to make investments or not. After 2011, prices of agricul- year. It is certainly in stark contrast to the tural land fell slightly, but permanently. Before 2011, a dynamic decline in value was predicted, recently finished downward trend, but however, the investments became a safer capital investment than coupon and zero coupon a positive boost for the coming year. bonds. The renaissance of this segment took place in 2014 when the plans for purchasers of land in the Krakow poviat reached out 2-3 years ahead and were focused on the fast, prof- This impulse was influenced by an increase VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiego (PLN/m2) itable sale of property rights to foreigners. The draft Act on shaping the agricultural system, in the number of transactions within approved in August 2015, dampened the aspirations, which was of course reflected in the the administrative boundaries of the city quoted prices. The prices in Krakow reached PLN 12.89/m2 at the end of the year. (Chart 5) of Skawina and reached the average 200 cost for a 1 m2 of housing land equal to Demand for undeveloped property in the Krakow poviat was centred around land provided PLN 102.46/m2. This city creates trends for housing. This is due to 150the characteristics of the poviat’s complementary nature to the in the region, which can be seen even in functionality of Krakow. Invariably, the transaction quantity’s largest share belonged to the agricultural land sector. Not only was the Zabierzów and Zielonki100 municipalities, and positive changes in the number of contracts a fall of nearly 40% less contracts wit- for the purchase of land for housing have been observed in the municipalities of Czernichów, nessed in relation to 2014 but a price
Jerzmanowice-Przeginia, Kocmyrzów-Luborzyca,50 Liszki, Michałowice, Mogilany, Skała and drop was also noted. Słomniki. In most of the above cases it is a return to the quantities of the 2011. (Chart 6) The aforementioned overall increase in the PLN/m2 The boom can be seen in all municipalities, because almost everywhere – if the prices have quantity of transactions in the agricultural Skała not held fast, they have not lost too much either in trading in the right of ownership. DespiteLiszki land sector was mainly observed in the Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa the fact that Wielka Wieś has recorded a fall in the cadastralIwanowice unit of about 20 transactions, municipalities of Liszki and Czernichów, Krzeszowice Czernichów Michałowice Wielka Wieś
it had to be and was reflected in the average unit price of a transaction which amounted to with record sales during the last five years.Świątniki Górne PLN 168.22/m2 – up on the previous year by PLN 11.94/m2. In this way, it has maintained (Chart 8) Kocmyrzów-Luborzyca Jerzmanowice-Przeginia its second position in the ranking of the most expensiveIgołomia-Wawrzeńczyce municipalities in the Krakow poviat. The first position, almost continuously, has been occupied for years by the cadastral units of the Zielonki municipality – a defining feature of a luxury localization – where, in 2015, there were more than 120 purchasers of residential land, and, taking the past five years into considerationVI.2-6 Liczba transakcji – more gruntamithan 600. o przeznaczeniu (Chart 7) mieszkaniowym w gminach powiatu krakowskiego
160
140 120
100
VI.2-6 80 60 57 40 20 0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-7 Liczba transakcji gruntami o przeznaczeniu rolnym w gminach powiatu krakowskiego
90 80 70 60 50 40 30
20 10 0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2)
200
160
120
80
40
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-9 Średnie ceny gruntów o przeznaczeniu rolnym w gminach powiatu krakowskiego (PLN/m2)
50
40
30
20
10
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
800
600
400
200
0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce VI.2-1
350 2,500
300
2,000
250
VI.2-2
1,500 200
90
150 1,000 86
100 82
500 VI.2-1 50 78
350 2,500 PLN mln 0 PLN/m2 2011 2012 2013 2014 2015
2011 2012 2013 2014 2015 300
2,000
250
VI.2-2
1,500 % 10 20 30 40 50 60 70 80 90 100 VI.2-4 200
90 2014
2015 150 1,000 86 VI.2-5
100 VI.2-1 82
500
35050 2,500 78 120
PLN PLN/m2 VI.2-8 mln300 0 2011 2012 2013 2014 2015 2,000 2011 2012 2013 2014 2015 100 120 100 80 60 40 20 0 20 PLN/m2 250
VI.2-2 2011 80 1,500 200 2012 2013 VI.2-4 % 10 20 30 40 50 60 70 80 9090 100 2014 60 150 2015 2014 1,000 86 2015
100 40 82 VI.2-5
500
50 78 20
PLN mln 0 PLN/m2 120 2011 0 2012 2013 2014 2015 2011 2012 2013 2014 2015 VI.2-8 100 120 100 80 60 40 20 0 20 PLN/m2
2011 80 VI.2-3VI.2-4 Średnia cena gruntów% w gminach 10 powiatu 20 krakowskiego 30 (PLN/m2)40 502012 60 70 80 90 100
2013
2014 2014 200 60 2015 2015
150 VI.2-5 40 100
50 12020 PLN/m2
VI.2-8 Skała Liszki Zielonki Skawina Słomniki Mogilany 0 Zabierzów Sułoszowa Iwanowice
Krzeszowice 100 Czernichów Michałowice Wielka Wieś
2 120 100 80 60 40 20 0 20 PLN/m Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 2011 80 2012
2013 VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiego (PLN/m2) VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego 2014 60 2015
200 160 40 150140 120 100 100 20 VI.2-6 80 50 60
40 PLN/m2 20 0 Skała
0 Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Skała Krzeszowice Czernichów Liszki Michałowice Wielka Wieś Zielonki Skawina Słomniki Świątniki Górne Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Kocmyrzów-Luborzyca Świątniki Górne Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce Kocmyrzów-Luborzyca Jerzmanowice-Przeginia VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiegoIgołomia-Wawrzeńczyce (PLN/m2)
VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego Chart200 6. VI.2-7 Liczba transakcji gruntamiNumber o przeznaczeniuof land transactions rolnym forw gminach housing powiatu in the municipalities krakowskiego of the Krakow poviat Source: Institute of Real Estate Market Monitor Analysis – mrn.pl 2011 2012 2013 2014 2015 150 16090 80 100140 70 120 60 10050 50 VI.2-6 80 40 PLN/m30602
2040 Skała Liszki Zielonki Skawina Słomniki 1020 Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice 0 Wielka Wieś 0 Świątniki Górne Skała Liszki Skała Liszki Kocmyrzów-Luborzyca Zielonki Skawina Słomniki Jerzmanowice-Przeginia Zielonki Mogilany Skawina Igołomia-Wawrzeńczyce Słomniki Zabierzów Mogilany Sułoszowa Iwanowice Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Świątniki Górne Kocmyrzów-Luborzyca Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego
Chart 7. VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2) Average land prices for housing purposes in the Krakow poviat VI.2-7 Liczba transakcji gruntami o przeznaczeniu rolnym w gminach powiatu krakowskiego Source: Institute of Real Estate Market Monitor Analysis – mrn.pl 2011 2012 2013 2014 2015 160
140 20090 120 80 160 10070 VI.2-6 6080 120 5060
804040 3020 40 200 10 2 Skała PLN/m0 Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Skała Czernichów Liszki Michałowice Wielka Wieś Skała Liszki Zielonki Skawina Słomniki Świątniki Górne Zielonki Mogilany Skawina Słomniki Zabierzów Mogilany Sułoszowa Iwanowice Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Krzeszowice Czernichów Michałowice Wielka Wieś Kocmyrzów-Luborzyca Świątniki Górne Jerzmanowice-Przeginia Świątniki Górne Igołomia-Wawrzeńczyce Kocmyrzów-Luborzyca Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
Chart 8. VI.2-7 Liczba transakcji gruntamiNumber o przeznaczeniuof land transactions rolnym forw gminach agricultural powiatu purpose krakowskiego in the Krakow poviat VI.2-8VI.2-9 ŚrednieŚrednie cenyceny gruntówgruntówSource: oo przeznaczeniuprzeznaczeniu Institute of Real rolnymEstatemieszkaniowym Market w gminach Monitor w powiatu gminachAnalysis –krakowskiego powiatumrn.pl krakowskiego (PLN/m2) (PLN/m2) 2011 2012 2013 2014 2015
90 80 200 5070 60 160 4050
12040 30
8020 20 10 400 10 Skała PLN/m2 Liszki Zielonki
2 Skawina Słomniki
PLN/m Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Skała Liszki Świątniki Górne Skała Zielonki Liszki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Zielonki Skawina Słomniki Mogilany Krzeszowice Czernichów Michałowice Wielka Wieś Zabierzów Sułoszowa Iwanowice Kocmyrzów-Luborzyca Krzeszowice Czernichów Michałowice Wielka Wieś Jerzmanowice-Przeginia Świątniki Górne Igołomia-Wawrzeńczyce Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2)
VI.2-9 Średnie ceny gruntów o przeznaczeniu rolnym w gminach powiatu krakowskiego (PLN/m2)
200
160 50
120 40 80 30 800 40 20 PLN/m2 10 Skała Liszki Zielonki Skawina Słomniki
2 Mogilany Zabierzów Sułoszowa
PLN/m Iwanowice Krzeszowice Czernichów Michałowice 600 Wielka Wieś Świątniki Górne Skała Liszki Zielonki Skawina Słomniki Mogilany Kocmyrzów-Luborzyca Zabierzów Sułoszowa Iwanowice Jerzmanowice-Przeginia Krzeszowice Czernichów Michałowice Wielka Wieś Igołomia-Wawrzeńczyce Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 400 VI.2-9 Średnie ceny gruntów o przeznaczeniu rolnym w gminach powiatu krakowskiego (PLN/m2)
50
40 200
30
20 800
10 0 Skała PLN/m2 Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Skała Liszki Świątniki Górne Zielonki Skawina Słomniki Mogilany Zabierzów 600 Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Świątniki Górne Igołomia-Wawrzeńczyce Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
400
200
800
0 Skała Liszki Zielonki Skawina Słomniki Mogilany 600 Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
400
200
0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce VI.2-1
350 2,500
300
2,000
250
VI.2-2
1,500 200
90
150 1,000 86
100 82
500
50 78
PLN mln 0 PLN/m2 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
VI.2-4 % 10 20 30 40 50 60 70 80 90 100
2014
2015
VI.2-5
120
VI.2-8 100 120 100 80 60 40 20 0 20 PLN/m2
2011 80 2012
2013 2014 60 2015
40
20
0
VI.2-3 Średnia cena gruntów w gminach powiatu krakowskiego (PLN/m2)
200
150
100
50
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-6 Liczba transakcji gruntami o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego
160
140 120
100
VI.2-6 80
60
40 20 0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-7 Liczba transakcji gruntami o przeznaczeniu rolnym w gminach powiatu krakowskiego
90 80 70 60 50 40 30
20 10 0 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-8 Średnie ceny gruntów o przeznaczeniu mieszkaniowym w gminach powiatu krakowskiego (PLN/m2)
200
160
120
80
40
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
VI.2-9 Średnie ceny gruntówChart o przeznaczeniu9. rolnym w gminach powiatu krakowskiego (PLN/m2) Average price of land for agricultural purposes in Krakow poviat Source: Institute of Real Estate Market Monitor Analysis – mrn.pl 2011 2012 2013 2014 2015
50
40
30
20
10
PLN/m2 Skała Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce
But the market is implacable: big sales mean lower prices. And lower were the payments Real estate prices of land for housing by purchasers of land in relation to 2014, both in Liszki and in Czernichów, PLN 12.12 and agriculture purposes were stable in and 6.99/m2, respectively. There were several unprecedented increases in the share of the the period from 2011 to 2015 and during Mogilany quantity of transactions in agricultural land, but this seems to be a one-off inci- 2015 there were no changes in real terms. dent, as compared to previous years. The number of contracts concluded there would have Invariably, the greatest demand for land been much lower if not for several one-day transfers of ownership of 15 plots of the Agricul- for housing development is observed in tural Production Cooperative in Libertów to individuals, with an average amount800 in the order the municipalities of Zielonki, Zabierzów, of PLN 28.83/m2. This slightly lowered the average cash equivalent for the municipality, Mogilany and Wielka Wieś. There, individual but it still takes third position among the most expensive areas. First position was taken by transaction prices are also the highest. the cadastral units of the Zielonki municipality, second position was taken by the municipal- The greatest number of transfers of own- ity of Zabierzów. In the statistics of the cheapest municipalities in the agricultural land sector, ership of agricultural property occurred in Sułoszowa is the leader, followed by Igołomia-Wawrzeńczyce, Jerzmanowice-Przeginia, the municipalities of Czernichów and Liszki, Słomniki and Skała. (Chart 9) 600 while the highest prices were recorded in the municipalities of Zielonki, Zabierzów, An important feature of the real estate market recognized within the administrative district Mogilany and Wielka Wieś. of the Krakow poviat is the fact that the main influence on price is none of the municipalities analysed in the poviat, but the city of Krakow itself. The city influences the number of trans- The system of the cyclical real estate market actions and the level of prices recorded. A slightly generalized principle can be adopted of the residential function is undergoing 400 assuming that the prices of land for housing purposes are getting lower with the increas- a recovery phase, and the agricultural function ing distance from Krakow. The situation is similar in the agricultural property sector, but has been moving towards the phase of 2014. the spread is more uniform, without the clear pricing pits which can be seen on the out- skirts of the poviat (e.g. in Sułoszowa). This general principle of the spread of unit prices is Significant changes in the trends estab- disturbed by local centres, within which (and in the buffer zone) the value of land is increas- lished in 2015 and in the market transition ing, but it will not grow to the size of the observed cash equivalents in the most200 expensive to recession are not forecasted for 2016. municipalities in the poviat.
Summary The undeveloped land market in the Krakow poviat recorded a marked increase in the num- ber of transactions and a dynamic increase in trading volume. There has been a positive change in the number of service land transactions and in real estate prices with0 very good Skała
characteristics of the market (including location). Liszki Zielonki Skawina Słomniki Mogilany Zabierzów Sułoszowa Iwanowice Krzeszowice Czernichów Michałowice Wielka Wieś Świątniki Górne Kocmyrzów-Luborzyca Jerzmanowice-Przeginia Igołomia-Wawrzeńczyce 59
Śródmieście Krowodrza Podgórze Nowa Huta
Prądnik Biały IV Mistrzejowice XV Wzgórza Krzesławickie XVII
Prądnik Bieńczyce XVI Czerwony III Bronowice VI Krowodrza V
Zwierzyniec VII Stare Grzegórzki II Czyżyny XIV Nowa Huta XVIII Miasto I
Podgórze XIII
Dębniki VIII
Łagiewniki- Bieżanów-Prokocim XII Borek Fałęcki IX Podgórze Duchackie XI
Swoszowice X The Municipality of Krakow City Development Department pl. Wszystkich Świętych 3-4 tel: +48 12 616 15 48 fax: +48 12 616 17 17 e-mail: [email protected] www.krakow.pl
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