Apartment sales in the last quarter of 2024 continue at a level unsatisfactory for the real estate market. There are several problems – starting from the small number of mortgages granted by banks to ongoing doubts of customers whether or not to hold off from buying a flat, as the Polish government may prepare a support program for property buyers. “On the secondary market, there is a lot more activity than on the primary market, but there are situations where sellers exploit certain tricks to increase sales,” admits Mirosław Król, a real estate market expert.
Taking Up Prices Only to Then Lower Them
Prices on the secondary market are invariably lower in all cities in Poland than on the developer market. The sale of apartments, both new and those obtained from other tenants, has fallen, though the decline in the secondary market is lower, and at the same time, the desire to negotiate purchase rates is greater. Real estate market experts admit that there are quite a few occasions worth taking advantage of, but caution and vigilance are required.
“I’ve encountered situations where the offer price was raised to an abstract level just so it could be lowered a moment later to create the impression that prices are falling sharply. For example, an apartment on the secondary market was put up for 800,000 PLN, a week later the price was changed to 700,000 PLN, and after two weeks to 650,000 PLN. The transaction price was satisfactory for the seller, who expected that the reductions would generate interest in the property and make customers less likely to bid,” says Mirosław Król.
Such tricks are common when sales are not at a high level, and sellers feel the pressure to sell the property.
“The prices in the advertisement and the prices in the notarial deeds often differ by even several hundred thousand PLN. Such action does a bit of harm to the whole market, because when someone enters sites with apartment sales offers they get the impression that prices have gone wild and are still maintaining an absurdly high, even higher level than a few months ago,” adds Mirosław Król.
Apartment Separately, Garage Separately?
However, there are significantly more sales tricks on the secondary market – for instance, dividing the sale. The apartment is sold separately, the garage separately, and the tenant’s storage separately. This means that one tenant selling an apartment may make even three transactions. Moreover, it turns out to be quite profitable.
“We encounter situations where the apartment doesn’t sell, but up to a dozen people ask about the garage. Also, basements, tenant’s storages or any storage spaces in housing estates, where you can store a bicycle or a baby stroller, sell quickly. It happens that the apartment is listed for 500,000 PLN, the garage for 100,000 PLN, and the tenant’s storage for about 20-30,000 PLN. In this way, the seller tries to maximize their profit,” admits Mirosław Król.
Is this common? Experts have no doubt that everything depends on the situation. A garage in a good location is worth its weight in gold. Apartment sales, on the other hand, are more difficult, hence the greater propensity of sellers to break up transactions.
“There are weeks when there are more inquiries about garages than about selling apartments,” says Mirosław Król.
The expert also adds: “Package sales, both for developers and on the secondary market, are easier and make the location more attractive. In many cases, therefore, we advise against breaking up the transaction,” adds Mirosław Król.
Source: https://managerplus.pl/osobno-mieszkanie-osobno-garaz-na-rynku-wtornym-wielkie-kombinowanie-jak-zwiekszyc-sprzedaz-11209
