News

At it's monthly sitting for May, the monetary council of the National Bank of Poland elected to hold official interest rates at their current level of 5.75%. The council is still concerned over possible inflationary pressures in the Polish market (related to energy and food), a worsening relationship between wage growth and productivity, the continued strength of the Polish zloty and a possible future slowdown in GDP growth. For these reasons, the council will keep its bias on the side of further tightening of rates over the course of 2008.

According to the Labor Minister Jolanta Fedak, the government is hoping that Poland's unemployment rate will fall below 10% in 2008. The number of unemployed stood at 1.707 mln at end-March, 72k below end-February levels.

Research data shows that the number of Poles emigrating to Britain and Ireland is falling, and that many of those already in these countries are coming home or planning to in the near future.

According to the Polish central bank, the transfers to Poland were up from 17.5bn PLN in 2006, and almost double the amount repatriated in 2004.

According to Poland's statistics office, the average monthly wage in Poland was 8.9% higher year on year to 2899 PLN in the fourth quarter of 2007. In quarter on quarter terms, the rise was 7.2% Over the whole of 2007, the average wage closed at 2691 PLN, 8.6% higher than in 2006.

PKG Real Estate is pleased to present the details of a new and exclusive offer in central Krakow. Located in the historic district of Podgórze, close to the banks of the Vistula River, the development is located on a quiet and well-established residential street, ul. Traugutta.

Yesterday, we uploaded six new rental offers in Krakow on our website. All aparments are located in the brand new development called Angel Plaza on ulica Zwierzyniecka, just behind the Sheraton Hotel and next to the river and Wawel Castle.

A article from the Warsaw Business Journal (www.wbj.pl) highlights the buoyant office rental market in Krakow. At present, demand for office space in the city exceeds supply. There is more than 20 new office buildings in development or under construction within the city. Krakow has seen growing demand for office space, particularly since EU accession – large international companies such as IBM, Motorola, Comarch and Cap Gemini have already established service centres in the city.