Construction supervision inspectors assessed a total of over 13,000 structures flooded in September time flood. 11.4 thousand buildings were destroyed or damaged, while 854 were facilities that threatened or may pose a threat to safety – “Gazeta Wyborcza” found out. As we read, not everyone wants to return to destroyed apartments and houses. Flippers – people who are looking for a chance to buy a cheap apartment, renovate it and sell it quickly for a profit – are waiting for such an opportunity.
Flippers are already trying to buy apartments in flood areas
Flippers often make money from people who are not familiar with the real estate market and do not know what real estate prices are. Easy victims are people in financial need who want to sell quickly, e.g. due to illness or flood and the desire to move. Flood areas are a tempting target for pinball players, also because many of these places are tourist areas.
“GW” mentions two advertisements on the Internet, the author of which was looking for an apartment to buy for cash. The first, sponsored advertisement appeared on the Facebook profile of one of the large news websites in Nysa, which has several dozen thousand followers. The second (“I will buy an apartment after the flood for cash” ) addressed to the inhabitants of Korfantowo and Głuchołazy was posted on the website of the magazine which has been published for years weekly regional. Most of the people commenting on the posts write about hyenas that are circling and looking for opportunities after the flood. Only a few defend flippers, arguing that there is no compulsion to sell.
A representative of the Opole Voivodeship commented anonymously for “GW”. offices real estate agent notes that such apartments may be a trap for buyers because flippers only carry out temporary renovations, so there is a possibility that they will hide moisture, fungi and even mold. In turn, Ewa Klos-Rychter, legal advisor from the Klos Law Firm advises on his blog, to wait out the most difficult times and not sell the property if there is no such clear need.
Ethical doubts about pinball machines. However, the anti-flippers bill did not pass the Sejm
Flipping is a legal activity, but there are caveats about its ethics. Apartments are becoming an investment good instead of a basic good. Making money by selling apartments while there is a housing crisis is morally questionable. Flippers also often resort to unfair practices, impersonating young married couples or older couples who want to buy an apartment for cash, but at a lower price.
In the first half of 2024, MP Magdalena Biejat said in Gazeta.pl that pinball machines “are a nightmare”. – Today, no one knows whether a flipper with cash will appear soon and steal the apartment from under our noses – she emphasized. She also proposed limiting their activities by introducing a transaction tax so that such transactions “are no longer profitable.” In June, the first reading of the draft “anti-flippers bill” submitted by the Left took place. It assumed, among others: increasing the tax on civil law transactions when selling a flat to 10%. In addition to the Left, the project was also supported by Law and Justice, but it was not enough – it was rejected by MPs.