Investing in Capital Cities: Warsaw
Posted by Jude Buttle on Wednesday, September 17, 2008
Originally a war torn city, Warsaw has transformed into the most popular attraction for tourists visiting Poland.
Royal Castle
Fast Facts
Country: Poland
Population: 1,706,624
Area: 517 km² (199.6 sq mile)
Currency: Zloty
Official Language: Polish
Telephone Code: +48 22
Location Information
Straddling the Vistula River, approximately 370 kilometres from the Baltic Sea and the Carpathian Mountains, Warsaw is the largest city in Poland and the eighth largest in the European Union.
In 1944, during the Second World War, Warsaw was given a death sentence by the Nazis. The population was expelled or deported to concentration camps while the city was systematically destroyed by the Germans.
Libraries, museums, churches, palaces and personal belongings were set alight or blown up, as the city lost 80 per cent of its buildings. A year later, after the Germans were finally defeated, the rebuilding of Warsaw began.
What's the Attraction?
Warsaw's Old Town was founded in the 13th Century and has been reconstructed totally since its destruction during World War II.
At the entrance O the Old Town is the Royal Castle, which is at the beginning of a two-and-a-half mile (4km) stretch known as the Royal Way.
It is the city's most important thoroughfare bisecting the centre from north to south and is lined with museums, galleries and historical buildings, including St Anne's Church, where the Polish princes used to swear their allegiance to the King.
Along the route are the royal gardens of Park Lazienki, a monument dedicated to the Polish composer, Frédéric Chopin and the King's palace at Wilanów on the outskirts of the city.
Warsaw Architecture
The eclectic mix of the city's architectural styles reflects the turbulent history of Warsaw, which was razed to the ground by planned destruction and bombing raids.
Rebuilding began after the war and many prefabricated housing projects with basic design typical of Eastern bloc countries were erected.
Warsaw has been carefully reconstructed and UNESCO appreciated the city's monuments and relics, and honoured Warsaw by putting it on its World Heritage list in 1980.
Since the collapse of communism, Warsaw has gained brand new squares, parks and monuments, with the city's current urban landscape depicting modern and contemporary architecture.
Infrastructure & Investment
The average price of new flats in Warsaw rose 28 per cent last year, which was slightly down on the increase of 2006 of 33 per cent and the same as 2005, according to REAS, the country's premier housing consulting firm.
Warsaw, like many large metropolises, has a problem with traffic jams, particularly in the centre during rush hour, so the city gives priority to the development of public transport.
Warsaw's public transport includes buses, metro and regional rail and the city will soon have further modernisation of the underground and tram systems in an attempt to improve transportation and decrease congestion.
The Warsaw Property Market
Entry level - The Amber Housing Estate is a range of one, two and three bedroom apartments for sale in the Osiedle Bursztynowe area of Warsaw. The project contains 322 apartments and the whole area is fenced and secured. The scheduled completion of the project is the third quarter 2009. Prices start at £48,180.
Mainstream - A four bedroom apartment situated in the development Gorczewska Park, which is a modern housing estate in Wola Quarter set between Gorczewska and Olbrachta Streets in Warsaw. The area is experiencing major development with a new shopping and entertainment area, as well as having an underground station in the pipeline. Price £164,080.
Top of the range - A three bedroom, newly developed house comprising of two units. Located in the Wilanow district of Warsaw, the first unit comes with two garages and the second unit has one garage. Due to land and construction costs, the property's value is expected to increase by at least 50 per cent in the first year. Price £378,020.
Rental Potential
Rents have been relatively stable over the last three years. Average rents in central Warsaw vary from €14.30 (£11.51) to €17.06 (£13.73) per square metre per month.
Warsaw yields are slowly reducing, with the best returns coming from the smallest properties. A studio size apartment of 30 square metres will generate the highest return of 5.92 per cent, while a property of 1820 square metres or above gives a return of 5.49 per cent.
Conclusion
A city with a turbulent past of Nazi destruction and Communist rule, Warsaw is now rebuilt and renewed, establishing itself once more as a city to be proud of.
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