In the 2nd quarter of 2024, the average price of apartments on the secondary market in 7 major Polish cities (Warsaw, Gdansk, Gdynia, Krakow, Lodz, Poznan and Wroclaw) increased by 17.7% compared to the same period last year, to 12,709 Polish zlotys (2,900 euros) per sq.m. These are the data of the Polish central bank Norodowy Bank Polski (NBP).Taking into account inflation, the growth is also very significant - 14.7%.
Thus, the most significant annual growth has been recorded since the 4th quarter of 2007. In the 2nd quarter of 2023, it was only 2.95%.
Prices for ready-made real estate by city:
- Warsaw (+14.52% year-on-year in nominal terms, 3,451 euros per square meter)
- Krakow(+30.36%, 3,329 euros per sq. m.)
- Wroclaw(+21.36%,2,834 euros per sq. m.)
- Lodz (+19.42%, 1735 euros per sq. m)
- Poznan(+17.58%, 2,390 euros per sq. m)
- Gdynia (+15.09%, 2,630 euros per square meter)
- Gdansk (+10.77%, 2,794 euros per square meter)
The price increase is taking place despite a reduction in sales, as the supply of housing is also decreasing.
In total, 9,200 apartments were sold in the six largest Polish markets in the 3rd quarter of 2024, which is 6.9% less than in the previous quarter. In 2023, in these cities, on the contrary, sales were actively growing by 65% compared to 2022.
In the 3rd quarter of 2024, only in Krakow, according to JLL, there was a small quarterly increase in the number of apartments sold.In Warsaw, sales growth was zero over the same period.In Wroclaw and Tri-City, it was 6 and 10%, respectively.The largest decrease in transactions was recorded in Poznan and Lodz, from 22 to 25%.
The total number of housing units for sale in six major cities in the 3rd quarter of 2024 was only about 12,600 units. "Compared to the 2nd quarter, the number of apartments on the market decreased the most in Lodz, Poznan and Tri-City by 36%, 39%," according to the JLL report.
Poland remains one of the countries that arouse the greatest interest among European investors.
Read also:
How to buy an apartment in Poland? Stages, taxes, pitfalls
Source: Global Property Guide
