Ernie Enver

Where to buy property in Krakow, Poland


3 min read

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Krakow is the second-largest city in Poland – just behind the capital, Warsaw. Although it’s smaller, it hosts twice as many tourists each year. It’s busy, there’s a lot of traffic, and the streets are crowded with its 1.4 million locals. Despite this, the pace of life is surprisingly calm.

If you’re looking for a place to live in Poland, Krakow should be top of your list.

Where to buy property

Poland, like many other Eastern European countries, is still a pretty cheap place to buy. Prices range from €1,000-3,000 per square metre. It all depends on which district you want to live in.

OId Town

The most expensive part of the city is the Old Town. While it’s beautiful and packed with history, a potential drawback is having plenty of tourists walking by. The city also makes certain restrictions and recommendations about how you have to maintain your property in this part of town. It can still be a good business investment, though – perfect for letting to students or as a short-term lease for tourists.

Debniki

Located on the south bank of the Wisla river, it only takes 15 minutes to walk from Debniki to the main square in the Old Town. The streets are quiet, peppered with local grocery and pierogi shops, and friendly neighbours. Most of the properties in Debniki are apartments in buildings with three or four floors, built in the 1950s and 1960s. After a boom of foreign investment in the early 2000s, Debniki is now going through a second golden era. A renovated apartment costs about €1,800 per square metre.

Zwierzyniec

You’ll find Zwierzyniec on the west side of Krakow. It’s made up of eight small villages, packed with big houses and plenty of green space – and good public transport links make it easily accessible. There are plenty of houses built in the 1980s and 1990s, which cost around €1,500-€1,700 per square metre. If you want to buy something newer, prices go up to €2,000 per square metre.

Nowa Huta

Krakow’s cheapest district is also the furthest from the centre. Nowa Huta is famous for its communist architecture, massive concrete blocks of flats, wide streets and giant squares. The area’s seen an explosion in popularity lately, and property owners have capitalised by listing their apartments on Airbnb. This means that it’s getting harder to find a place to buy – so if you’re tempted, move fast. A square metre in Nowa Huta is selling for around €1,100-€1,300, and prices are expected to rise.

How to buy property

Buying property in Poland is pretty simple. All citizens of the EU, EAA or Switzerland can buy property without restrictions, but non-EU citizens need to buy a permit first. It’s also a good idea to use an English-speaking estate agent, or hire a translator to avoid complications. After you’ve negotiated a price, you’ll sign a preliminary contract and transfer 10-15% of the agreed price. Then your documents will be registered and legislated at the notary office, and the property will need a new land registration. The whole process can take about a month.

After you receive the keys for your new property, you need to tell city hall about your purchase and start new contracts with the gas, electricity and internet providers. Apart from the property price, you’ll have to pay a few other additional fees. Real estate agency commission will be around 3% of the total price, civil transfer tax is 2%, and there’s a notary fee – which, depending on the value of the property, property registration, and land registration fees, should be about €100.

Culture and lifestyle

Krakow is a super green city. The Wisla river cuts the city in half, and its river banks have been turned into cycling and walking paths where you can soak up nature. The Old Town is packed with must-see sites, like St Mary’s Basilica and the Wawel castle complex. You’ll feel like you’ve gone back in time, surrounded by all the baroque and renaissance architecture.

When you’re tired of sightseeing, fuel up with the local cuisine. Zurek and Chlodnik soups are firm favourites, and pierogi are probably the main reason people move to Poland! There’s also great nightlife if you’re looking for a little more action. Most of the bars stay open late in summer but close earlier in winter.

We’re here to help

Moving abroad is exciting but it can be pretty overwhelming, too. We’d love to help you secure your new home by transferring your funds – with great exchange rates and minimal fees. Get in touch if you have any questions.

*The information in this article is correct at the time of publishing (September 2019). It could change depending on the outcome of Brexit. *

Final thoughts

Buying a property anywhere in the world is a massive undertaking and it can be a big gamble. Make sure you get as much for your hard-earned money as possible with our bank-beating exchange rates. Transferring with Currency Solutions will make your budget stretch further, helping you get the dream property. Below are two services you might find useful. Get in touch if you have any questions.

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