According to the Polish central bank Norodowy Bank Polski (NBP), in the 2nd quarter of 2023, prices for apartments and houses actually fell by 12.98% compared to the same period last year.
On a quarterly basis, prices for apartments from owners in seven major cities of the country increased, but only slightly by 0.88% (1.8% adjusted for inflation).
In Warsaw, the annual price drop was 4.05%, and adjusted for inflation - 15.37%. This is in sharp contrast to the growth of 13.34% last year. In Lodz, a decrease in housing prices was also recorded by 4.3% (-15.59% adjusted for inflation), and in Poznan by 2.62% (-14.1% adjusted for inflation). In Wroclaw, on the contrary, there was an increase in housing prices by 5.66% compared to the same period last year (but adjusted for inflation, there was still a decrease of 6.8%). Other major cities in Poland also registered a minimal increase in real estate prices, including Krakow by 2.49% (-9.6% adjusted for inflation), Gdansk by 1.18% (-10.75% adjusted for inflation) and Gdynia by 0.9% (-11% adjusted for inflation adjusted for inflation).
The most expensive real estate in Poland is in Warsaw (on average 2,623 euros per sq. m.), as well as in Krakow (2,369 euros per sq. m.)and in Gdansk (2,343 euros per sq. m.).
In Gdynia, the average cost of apartments and houses is 2,126 euros per sq. m., in Wroclaw 2,200 euros per sq.m. The most inexpensive housing from large cities is in Lodz (1,369 euros per sq.m.).
According to CBRE Research, the total volume of investment transactions registered on the Polish residential real estate market in the 2nd quarter of 2023 fell by 33% compared to the same period last year. Despite the decline in sales, Poland remains one of the countries to which there is now great interest among citizens of the EEA (EU + Norway, Liechtenstein, Iceland).
Source: Global Property Guide
