The fact and fiction behind foreigners buying real estate since EU entry

The number of transactions increased from 2,103 in 2003 to 2,554 in 2004, but the area of sold land decreased by 17%. In 2003 the total area of the land purchased by foreigners amounted to 3,176 ha, while last year the figure dropped to 2,683 ha. The increased number of transactions is mostly the result of the accession to the EU, since from 1 May 2004 EU citizens may buy real estate in Poland without the need to obtain a permit from the Ministry of Interior and Administration. The overwhelming majority of transactions concerned the purchase of property for investments, while transactions connected with the purchase of agricultural land constituted only 5% of all contracts signed. Germans, Austrians and the Dutch are among those who most often bought real estate, while among the companies which invested most, the leading position is held by those coming from Germany and the Netherlands. (Rzeczpospolita, p. A1, B1) E.B.