In the coming weeks, we can expect a decline in transaction volumes and increases in property prices. Observations to date show that in countries affected by the coronavirus, a considerable proportion of buyers, mindful of the uncertain situation, postponed purchasing property or even abandoned the idea altogether. Given the current circumstances, the suspension of production by many companies, the uncertain situation on the labour market and the precautionary measures introduced, it should come as no surprise that our first priority is to look after the safety of ourselves and our loved ones and meet everyday needs, while postponing major life decisions. This does not mean, however, that the property market has come to a halt. Many transactions are underway, banks continue to offer mortgage loans and are still accepting new applications, while notaries are carrying out their activities while observing precautionary measures. It is worth emphasising that some people are postponing transactions rather than abandoning their purchase. In addition, numerous forms of support can be expected in the form of financial and monetary stimulus programmes, as well as state aid measures.
We can already take advantage of cheaper bank credit. A substantial cut in interest rates for the Polish zloty has already taken effect! The Monetary Policy Council reduced the reference rate, the most important rate for the market, from 1.0 to 0.5 per cent per year.
In large cities, the epidemic has caused numerous restrictions and risks. A similar situation is occurring in many urban centres, but it is already clearly visible in nearby Wrocław. Potential customers have noticed that life in smaller towns, such as Bolesławiec, outside such an agglomeration is easier. This has led to numerous cases of people leaving cities to stay with relatives in the countryside or escaping to the outskirts, to holiday cottages or recreational plots, as we hear in the media. In smaller towns or on their outskirts, it is easier to obtain supplies; shops are not emptied of products, it is possible to buy something from a local food producer, and it is easier to leave one’s apartment or go for a walk.
The Mieszkania z ogródkami “Nadrzeczna 2” development on Mostowa Street in Bolesławiec offers excellent and quick access to the city centre thanks to its location, while remaining somewhat secluded near walking areas along the river. In addition, the ground-floor apartments have access to private gardens, which is an undeniable advantage at a time when freedom of movement is restricted!
According to estimates by numerous companies and respected market-analysis organisations, property-sector prices are likely to remain stable over the next two quarters. This is influenced by the high prices of plots already purchased for construction and rapidly rising employee wages. Residential developments already underway in Bolesławiec are being carried out as planned. The current situation has caused considerable disruption to construction costs, with increases in material prices and other operating costs becoming noticeable in response to circumstances that are new and unknown to everyone. In view of these circumstances and the residential development “Nadrzeczna 2” on Mostowa Street in Bolesławiec, the developer reports that it has taken numerous preventive and protective measures, purchasing, wherever possible, materials for subsequent construction stages well in advance and carrying out the development without credit burdens. A sense of stability and security is an important element during this difficult period for everyone. The developer publishes regular updates on the status of the development in advertisements and other information channels so that anyone who is more or less interested can follow how construction is progressing during the health and economic crisis. The contractors working on the “Nadrzeczna 2” residential development on Mostowa Street in Bolesławiec are aware of the need to maintain safety. By continuing construction, the developer guarantees employment for its contractors and other entities cooperating on the construction of the apartments.
Yours sincerely,
Developer’s Office
AK Inwest
MSR Nieruchomości
ul. Zgorzelecka 46
59-700 Bolesławiec