New regulations on disclosure of real estate prices
In response to demands for greater transparency in the real estate market, a draft law on disclosure of residential prices has been drafted, which, according to its assumptions, is aimed at protecting consumers’ interests. One of the proposals is to impose an obligation on developers to publish the sale price of a given property, with the Polish Association of Property Developers (Polski Związek Firm Deweloperskich) pointing to the need to include this obligation already at the stage of concluding e.g. a development agreement, and not, as provided for in the draft, only at the stage of transferring the ownership right. According to the bill’s assumptions, the price of an apartment would be given by indicating the price per square metre and the total price of the apartment, but developers postulate a change in this respect, so that the obligation would refer to indicating the total price of the apartment and its usable area. This information should be published on what appears to be a separate website run for each development, which seems to be an impractical solution, as most often information about a given development is posted on the developer’s homepage. There would also be a requirement to publish the price change history of a given unit. The Polish Association of Developers (Polski Związek Firm Deweloperskich), on the other hand, proposes that, following in the footsteps of the already known solutions, developers should be obliged to present price changes in the last 30 days, and they would have to provide a full history of changes in the price of an apartment upon the client’s request. Work on this draft is at a very preliminary stage and many more proposals for changes to its content are to be expected.
