Real Estate in Krakow - my private opinion about the market

Kupa 12

2010-08-13T23:58:00.002+02:00

Kupa 12 - a high standard development of only 8 apartments and 1 commercial in the centre of Jewish District (2 apartments located on top floors can be treated as penthouses with magnificant view form their winodws across the city). The constrution works were finished in the middle of 2005.

The developer: GD&K Group

Official developer's website: GD&K Group

The building has one entrance.

Location: Krakow, Kupa 12

See the location map:

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There were a lot of "mixed emotions" in Krakow in 2005 when building was finished. Some people liked it very much and admired. But there were a lot of opponents as well. The building was nominated to Archi-Szopa prize – the worst building in Krakow. More info in Polish can be found here: gazeta.pl.
However it has to be said that the building is very modern – the big windows (French windows) make it modern. Moreover a similar building (architectural style) was constructed in 2008 by GD&K Group on Kupa 6 Street (Off White Apartments).

The biggest advantage are:

-    Location (Kazimierz - Jewish District has become very popular place recently). But Kupa Street is one of quieter street. It is 2 minutes from Plac Wolnica (heart of Kazimierz) and Szeroka Street – actually it is almost in the middle of those mentioned locations.
-    Small size of the building: around 900 square meters, 8 apartments – it is a guarantee of privacy
-    Parking in the building
-    Winter gardens or terraces
-    Lift

The biggest disadvantage is that the dimensions of the building are not huge so you cannot access the parking driving bigger car. There is no 24 hour security however as the building was constructed the architect prepared the place close to the entrance where a concierge can be arranged.

So as you like to live in Kazimierz and you do not accept old buildings there is probably in my opinion a really number one to choose for your home.

If you need more information please contact me.

Kremerowska Residence

2010-08-13T23:51:00.000+02:00

Kremerowska Residence - A high standard development of 27 apartments and 5 commercials in the centre of the city, constructed from 2007 till 2009.

The developer: IMMOKRAK

Official developer's website: Kremerowska Residence

The building has two entrances: staircases numbered A and B.

Location: Krakow, Kremerowska 11 (corner of Feldmana street).

See the location map:

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- Almost all apartments include balcony or terrace - the biggest terrace is 105 m²total.
- City centre location near to Main Market Square - 15 minutes walking distance (two tram stops).
- Underground parking and storage room in the basement for every apartment.

Modern style building located on the quiet corner of Feldmana and Kremerowska street (one way street) is a good example of luxury building. It is not huge so it is main advantage.

The most characteristic part of the building is round part of it facing the crossroad. Every apartment has one parking space so it is uncommon in Krakow (as you compare this building with Sobieski Residence – the smallest apartments in Sobieski do not have parking spaces).

The biggest disadvantage is that there is no air-conditioning in apartments and almost no room for a concierge.

If you need more information please contact me.

Wielopole Residence

2010-08-13T23:28:00.001+02:00

Wielopole Residence - it used to be an office building but now it is an aparment buidling. The works of rebuilding were finished in 2008 and beginning of 2009. There are 35 apartments now.
The developer: General City Center

Official developer's website: General City Center

Location: Kraków, Wielopole 17

See the location map:

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- 35 apartments ranging in size from 34 m² to 91 m²
- underground parking for 12 cars
- air-conditioning
- short distance to Main Market: only around 600 m.

In my opinion this building has a lot of advantages but also some disadvantages. First of all the biggest advantage is a really short walking distance to Main Market Square. It is one of few buildings located so close to the Square. It is really 5 minutes believe me.

It is after renovation so everything is new here: there is a new lift, windows, installations etc. But as it used to be an office building so a you watch carefully you can still find some signs of it. First - architectural style - a lot of windows (but narrow ones) with no balconies at the front. As you enter the building you can find a long staircase - long corridor.

There are 35 apartments but only 12 underground parking spaces and some additional ones at the backyard so it must be disadvantage.

There is no concierge in the building. There are not a lot of balconies and there are no spectacular view – only the apartments on the last level can boast some view of the Castle.

There are no Jacuzzi or other facility in the building. Generally saying it is fine apartment building, fine place for investment to buy an apartment for future rent but it is not a premier league of apartment buildings in Krakow.

If you need more information please contact me.

Dom Pod Basztą

2010-07-01T20:11:00.002+02:00

Dom pod Basztą - it is a nice apartment building located in a nice location. The construction works were finished in 2001.

The developer: Dom Bud

Official developer's website: Dom Pod Basztą

Location: Kraków, Skawińska 27

See the location map:

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The biggest advantage is definitely location – close to river’s bank. It is almost the end of Skawinska Street so there is not much traffic here. There is just 5 minutes to center of Kazimierz and 10 minutes to Wawel Castle.

Even though the building was constructed in 2001 it still can be placed among the most luxuries developments in Krakow There is:

- 24 hour security

- Underground parking plus additional parking spaces at the front of the building

- A lift installed in the building

The Mlyn Lofts development (Lofty w Młynie)

2010-06-26T00:58:00.000+02:00

Lofts - this investment is so different from everything we know in Krakow so far. It's an adaptation of an old building of the former mill in Cracow Zablocie. There is a mixture of architectural details like brick, spartan finishing of certain elements such walls or ceilings mixed with modern glass, installed an elevator. At first glance the building is impressive, it is very modern in fact.
End of construction: 2010

The developer: Krakow Lofts Sp. z o.o.

Official developer's website: Lofty w Młynie

Location: Kraków, Zabłocie Street no25

Building has one main entrance (in the entrance hall it has been retained an elements from the old mill - it looks like a sculpture.)

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- 57 flats ranging from 44 sq.m studio to penthouse of 215 sq m
- Unique architecture, high ceilings
- Close distance to the Vistula River, 10 minutes from Kazimierz, next to the bridge Kotlarski
- 24 hour security (reception)
- Public green terrace at the roof
- Balcony or terrace to every apartment

- Parking in front of the building and additional underground one

Lofts are not a popular type of real estate in Krakow. Krakow has never been an industrial city such as Łódź where this type of buildings are much more common. Krakow Zabłocie and this part of Podgorze District was famous as industrial district. A plus is the fact that this district is changing, and a revitalization of such investments as Lofts in the Mill and Garden Residence transforms its character. Unfortunately this process happens too slowly. The trend, however, is predictable, Podgorze will change its face sooner or later, just as it happened in Kazimierz.

Lofts are an example of the connection of the new architecture with old elements - the apartments with unique atmosphere (such apartments are for people who appreciate this difference and the violation of certain rules and forms.) It is a combination of old and new, mixture of modern buildings and old town house - it's like a modern apartment installed in the form of an old house with high ceilings, doors, large windows, etc. Some people will be impressed but I am aware that not everyone will like it. The only thing that bothers me personally is that in Western Europe in this type of buildings there is one or only a few apartments with large surfaces and spaces. These big apartments with lots of space are for me the synonymous of loft. Here in Krakow the developer arranged more than 50 dwellings in the building - the reason is simple, I suspect that nobody would buy a loft in Krakow of size of 400 square meters - it would cost a fortune!

"New World" (Nowy Świat) - general information

2010-06-20T01:08:00.004+02:00

New World - it is a modern residential building located just 600 meters from Main Market. The building was constructed at the same place where old office building had existed. The construction works were finished at the beginning of 2007.

The developer: Grupa Bryksy

Official developer's website: New World

Location: Kraków, Cubulskiego Street no 2.

The complex has only one main entrance.

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- there is only 32 apartments

- 24 hour security

- underground parking and secure parking space outside the building (there are no paring spaces connected to smallest flat)

- air-conditioning

- quiet location (both streets are one way streets)

The building is an example of new architecture in the city centre. It is a small building and this is a biggest advantage I think. Owners or tenants can fill more comfortable - like at home and not like at the hotel (some people say that they fill like at the hotel in the buildings like let's say Angel Plaza). Short distance to Main Market and quiet location can make your live better. There are no trams, buses etc - so you can not hear any noise made by that kind of vehicles. However you can get to the tram or bus stops in 3 minutes.

There are two biggest disadvantages:
- there is a hospital as your neighbour
- there is no common area like gym, sauna or jacuzzi in the building.

Kościuszki "Skanska Building" - general information

2010-06-17T00:16:00.008+02:00

Skanska Building (this is my personal name of this investment) - it is old building constructed between 1st and 2nd World War but it was completely renovated in 2001.

The developer: Skanska Polska

Official developer's website: Skanska Polska

There are only 7 apartments in the building (2 apartments per level), garden at the back of the building and parking spaces. As it is converted from the old building the first impression you can notice is that there is high celling (around 3.3 m and today's standard is around 2,7 m high).

Location: Krakow, Kościuszki Street no 32

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- the apartments may boast of fantastic view of the river and Wawel Castle

- very high standard materials used for renovation

- 24 hour security

- a lift installed in the building

- 15 minutes walking-distance to Main Market

- private parking for the owners at the back of the building

Sobieski Residence - general information

2010-06-10T22:54:00.006+02:00

Sobieski Residence - 80 apartments located in 3 building (A, B, C). Buildings A and C are the new developments, building B is a fully renovated old kamienica (i.e. city town-house). The construction of the development was finished in December 2008.

The developer: Grupa Bryksy

Official developer's website: Sobieski Residence

Location: Kraków, Łobzowska Street no 22.

The complex has only one main entrance and it operates all the buildings.

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- there is 80 apartments, plus 45 underground parking spaces

- apartments ranging from small studios to penthouse (166 square meters)

- 24 hour security

- quiet location, one-way street

- 10 minutes walking-distance to Main Market Square

Definitely it is a smaller development comparing with two previous one. There is "only" 80 apartments. At first glance it does not look so modern as it is real - the building A seems to have some architecture details that remind about old style of construction. The building B is an old building completely renovated and adopted to apartments (high celling, big windows). The building C is an example of modern architecture. However as you treat is as one complex you have to say that it is modern and it can meet a lot of tenant's or owner's requirements and expectation.

First of all it is centrally located. There is 24 hour security in the building. Lifts operate from underground parking space. There is air conditioning in apartments. There is quiet location - one way street (some people say that it is inconvenient) with no so huge traffic as on Szlak or Zwierzyniecka. It is fine place to live or stay as you are interested in location but on the other hand you prefer to have got an apartment in the city centre but in quiet location.

Angel City - general information

2010-06-08T22:47:00.014+02:00

Angel City - high standard development of 400 apartments located in the city centre just close to Railway Station and one of the biggest shopping centre in Krakow - Galeria Krakowska
The construction works were finished in 2009

The developer: ANGEL Poland Holdings and LEHMAN BROTHERS

Official developer's website: Angel City

The complex consists of two sets of buildings: set one: buildings A1 and A2 and set two: buildings B1, B2 and B3.

Location: Krakow, Szlak Street no 77 (to say precisely it is the crossroad of Szak and Pawia street.

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- apartments ranging from studio to two bedrooms units

- 24 hour security front desks

- two level underground parking

- just close to underground tram stop

Angel City - this is definitely a bigger project of Angel Development but not necessarily better, I think, than a previous one - Angel Plaza.

The location of the buildings is OK, they are centrally located but they are surrounded by streets and it is the biggest disadvantage. There is no spectacular view of Wawel Castle or even a green area as park. There is no common area like sauna or gym and the biggest disadvantage I think is that there is no air conditioning in the apartments. However it is better located as you take into consideration a connection to bus line, tram line or even train. That is why I think it is a perfect place for living for white collars, high executives, managers (easy to get train from Main Railway Station to Zabierzow or even 2,5 hour to Warsaw) and some foreign students who come to Krakow for ERASMUS program and study at University of Economics and Technical University (Politechnika) just opposite Angel City.

The second thing is that there is not any common area like gym or sauna in the building. It makes it not so comfortable like Angel Plaza. But on the other hand if you are keen on shopping or your wife or girlfriend loves it - there is no better place to live in Krakow - there are around 270 shops just round the corner.

Angel Plaza Building - general information

2010-06-06T01:12:00.017+02:00

Angel Plaza Building - A high standard development of 170 apartments in the centre of the city, constructed from November 2005 till December 2007.

The developer: ANGEL Poland Holdings and LEHMAN BROTHERS

Official developer's website: Angel Plaza

The building has got two entrances: lobby one with three staircases numbered A, B, C and lobby two with staircases D1 and D2.

Location: Krakow, Zwierzyniecka Street no 24.

See the location map:

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The building is the winner of the CEE (Central & Eastern Europe) Residential Development of the year 2007.
- Apartments ranging in size from 34m2 to 284m2.
- All apartments include air-conditioning, as well as a balcony or terrace.
- City centre location near to Wawel Castle and the Wisła (Vistula) River and just 5 minutes walking distance to Main Market Square.
- Underground parking, 24 hour reception desk, meeting room.
- Fully equipped gym with sauna and jacuzzi for resident’s use.

Since the developer Angel Development had sold the last apartment - there has been still huge interest in this building among investors. Apartments are being sold by private owners or companies and there is huge interest to rent apartment there. The building is occupied by big companies like HSBC Bank, Philip Morris, Sabre etc. as tenants. I think that around 10 % of the apartments are occupied by the owners, around 80 % is occupied by tenants and 10 % is empty (the owners live there from time to time using the apartments as holiday homes. There is still some apartments in a developer's standard - I think the owners consider to sell it in the future and treat the apartments as the long time investment). Generally saying Angel Plaza is also very popular place to live among foreigners.

Welcome

2010-06-05T22:50:00.002+02:00

Welcome to my blog. As a real estate broker I would like to share my private opinion about Krakow's real estate market. There will be presented not only the market but general situation, descriptions of buildings, locations, advantages and disadvantages of some kind of localizations etc. I have been observing the market since 2004 and I have decided to share my opinions with readers. I work for Leach and Lang Property Consultants in Krakow. See the link to the company's website: www.leachandlang.pl