Apartment prices in Poland continue to rise. We've compiled five key statistics showcasing the main trends in the Polish housing market:
Between 2010 and 2023, residential property prices in the EU increased by 48%. In Poland, house and apartment prices rose by 81%.
In the fourth quarter of 2023, house prices in Poland surged by 13% compared to the same period last year. To compare, prices in Finland decreased by 4.4%.
Annual increases in residential real estate prices in Poland have consistently outpaced inflation since 2014. Between 2020 and 2023, Poland’s CPI inflation totaled 37.7%, while house prices increased by 51%.
In 10 of Poland’s main 17 cities, prices have already exceeded PLN 10,000/sqm (EUR 2347) in the fourth quarter of 2023. The average offer price on the primary market in Warsaw surpassed PLN 15,000/sqm (EUR 3521) for the first time. Just six months earlier it was below PLN 14,000/sqm (EUR 3286). Prices in other Polish cities can be viewed on the provided map.
5. In February 2024 alone, developers in Poland started construction of more than 14,100 housing units, 17.7% more than in January and as much as 115.2% more than a year earlier. To compare, in Finland construction is projected to start on approximately 16,000 new homes throughout the entire year 2024.
Real estate experts have varied views on how significantly the new #naStart home loan government program will affect the housing market. Marek Wielgo from rynekpierwotny.pl stated that the program is unlikely to cause a double-digit increase in housing prices. According to him, the prices are likely to rise anyway, but not as a direct consequence of the government program. Michał Kubicki, an expert on the real estate committee of the National Chamber of Commerce, thinks that increased publicity about the program will continuously stimulate demand.
Sources: