Residential market in Krakow

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The latest National Census statistics show that in 2002 the entire residential stock in Krakow amounted to 275,800 units, 259,000 of which were inhabited.
Krakow is the second fastest developing residential market after Warsaw. Based on the data published by the Central Statistical Office (GUS), in the year 2004, some 4,500 dwellings were completed, while in Q1 2005 the number reached 1,000. The share of cooperatives in the residential market is falling in favour of the developers. The most active are the local companies such as Geo Development Group, Active Investment, Proins, Salwator or the Investment Consortium “Krakoin”. However international developers are also interested in the market, namely Skanska, Novo Maar and Lehman Brothers.
Residential supply on the primary market is far behind the revived demand, which since the beginning of 2004 has remained on the high levels. Given the state of the market potential clients are forced to buy dwellings at the very early stages of development, or even at the planning stage.
The most sought after units are the 50 sq m ones, situated in 3-4 storey buildings, in peaceful, green areas in the Centre, Bronowice or Krowodza districts. In the segment of higher standard dwellings and apartments the most sought after are those located in the Old Town, Kazimierz and Wola Justkowska districts. Based on the market research carried out by Knight Frank more than 50% of the currently constructed projects incorporate more than 50 units; majority of those projects are the next phases of already existing schemes. A great majority of the completed dwellings is offered to the market without installations, fittings or floors, even though many developers offer, as an option, turnkey projects.
The most intense development of residential schemes takes place in the southwestern and northern area of Krakow due to the largest number of available plots of land. The largest number of developments is recorded in the Debniki, Lagiewniki, Pradnik Bialy and Bronowice districts.
The biggest advantages of those locations are peaceful and green neighbourhood, numerous public transport routes and competitive prices.
The surplus of demand over supply is also reflected in the level of prices. In the past year the prices of dwellings in Krakow have increased by approximately 10-15% depending on location. The gross prices on the primary market range between PLN 2,400 and PLN 5,350/sq m/ for the unfinished dwellings and up to PLN 8,600/sq m for turn-key projects. It must be borne in mind that over 50% of all the projects that are currently on the market are in the price range of PLN 3,000-3,500/sq m.
The most expensive locations, and the most sought after are the Old Town, Grzegorzki, Krowodrza and the area of Zwierzyniec, where prices reach up to PLN 8,500/ sq m. The lowest prices are achieved further away from the city centre in Wola Duchacka, Lagiewniki and area of Debniki, where they reach up to PLN 3,900/sq m.
The most expensive are exclusive apartments (e.g. Angel Plaza on Zwierzyniecka Street, Rezydencja na Piasku on Krupnicza Street and Osiedle Szwajcarskie on Morelowa Street), with average prices ranging from € 1,000-2,500/sq m.
(an excerpt from Knight Frank’s report commissioned by the Municipality of Krakow)

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