What are the changes in apartment prices in Poland in October 2023?

How are housing prices changing in Poland in October 2023?
Rise in housing prices in Poland: trends for October 2023

Changes in housing prices in Poland in October 2023

In October 2023, significant changes in housing prices in Poland are observed, according to information provided by the portal rynekpierwotny.pl. The cost of apartments varies depending on the city, and in some regions, there is relative stability in the real estate market. However, there is a possibility that housing prices may continue to rise in the coming months. This article will discuss more detailed aspects of the current situation.

The situation in Warsaw

The capital of Poland, Warsaw, is showing trends in its real estate prices. In October 2023, the average price per square meter of housing here was 16,042 zlotys, which is approximately €3,200. Interestingly, this figure remained almost the same as in September 2023, when the price was 16,065 zlotys. However, compared to the same period last year, the price per square meter in Warsaw has significantly increased: in October 2022, it was only 13,597 zlotys (about €3,069). This indicates a noticeable price increase over the year.

Increase in supply in the market

Moreover, there is also an increase in the number of offers in the market. By the end of October, 8,917 new apartments were registered for sale in Warsaw, which is 520 more than in September. The secondary market in the capital is also seeing a rise in prices: in October 2023, the average cost per square meter reached 17,179 zlotys (approximately €3,880). This data may indicate a certain stabilization of the price situation in the Warsaw real estate market.

Sharp rise in prices over the past few months
Price stabilization in October 2023
Growth of new supply in the market

Analysis of the situation in Krakow

Krakow is also showing interesting changes in the housing market. In August 2023, the average price per square meter in the city was 15,478 zlotys (about €3,490). This means that compared to the previous month, prices increased by only 1%, as in September the cost per square meter was 15,254 zlotys.

Increase in offers and prices in Krakow

As in Warsaw, Krakow has noted an increase in housing offers. By the end of the month, 4,423 new apartments were listed for sale in the city, which is 112 more compared to September. In addition, there is also a rise in prices in the secondary market of Krakow: in September 2023, the average cost per square meter was 16,136 zlotys (approximately €3,645).

Increase in listings in the Krakow market
Increase in prices in the secondary market

Conclusion

Thus, the situation in the real estate market in both capitals continues to evolve. Experts strongly recommend paying attention to current trends in supply and demand. We may be on the brink of new changes that could significantly impact the real estate market in Poland in the future.

Prices for residential real estate in Poland in October 2023

In October 2023, in Poland, particularly in cities like Gdańsk, Gdynia, and Sopot, the average cost of an apartment per square meter reached 14,288 zlotys, which is equivalent to approximately 3,225 euros.

Secondary real estate market

In the secondary residential real estate market in these Polish cities, a price increase has also been recorded. In October 2023, the average prices for apartments reached 14,570 zlotys per square meter, which is approximately 3,290 euros.

Previously, about 13% of apartments were sold at a price of around 9,000 zlotys per square meter, but now this percentage has decreased to 9%.
The share of apartments priced above 12,000 zlotys per square meter has increased to 49%, which is 5 percentage points higher than last month.

The situation in Wrocław

As for Wrocław, in October 2023, the average price per square meter was 13,124 zlotys, which is equivalent to 2,965 euros at the current exchange rate. The price dynamics changed slightly, with only a 1% increase compared to September, when the cost was at 13,008 zlotys.

In addition, Wrocław has also registeredreduction in the total number of apartmentsAs of the end of October, there were 4,606 properties for sale in the city, which is 387 fewer than the previous month.

The secondary market of Wrocław

The secondary market in Wrocław also showed a price increase. In October 2023, the price for apartments for potential buyers was 13,170 zlotys per square meter, which is equivalent to 2,973 euros.

Analysis of the situation in Łódź

Now let's turn our attention to Łódź. Here, the average price of apartments in October 2023 was 10,009 zlotys per square meter, which is approximately 2,260 euros. As in previous cases, the price dynamics changed by 1% compared to September, when the cost of housing was at the level of 9,916 zlotys per square meter.

Unlike the other mentioned cities, Lodz experiencedincrease in the number of apartments for saleAs of the end of October, there were 6,613 new properties on the market, which is 601 more than in September.

Overall dynamics in the real estate market

Analyzing the situation in the real estate markets of the aforementioned cities, interesting trends can be noted. The increase in prices in both the primary and secondary markets, combined with changes in the volume of supply, compels investors and buyers to closely monitor these changes. This will help make more informed decisions in the real estate sector and provide the opportunity to successfully navigate the current market conditions.

Conclusion

In conclusion, it can be said that the real estate market in Poland in October 2023 is showing clear signs of price growth, despite a slight lull in the dynamics of average price increases per square meter in major cities. This situation may indicate that the market is finding balance after the rapid growth observed earlier. According to the latest data, Warsaw remains the leader in property prices, but other key cities, such as Krakow and Wroclaw, are also showing price increases in the secondary market.

Changes in the housing supply, such as an increase or decrease in the number of new apartments, likely have a direct impact on pricing. With the increase in listings in Warsaw and Krakow, we can observe a stabilization of prices, which is certainly a positive signal for buyers and investors. However, it is important to remember that these trends may not be sustained in the long term, as various economic factors and changes in mortgage lending policies can influence prices.

Despite the rising prices, the demand for real estate remains strong due to the historically low mortgage rates for first-time homebuyers in Poland. This creates new opportunities for buyers, even with the increasing cost per square meter. It's interesting to note that in larger cities like Gdańsk and Gdynia, there is a comparable rise in prices, which also indicates high interest from buyers.

Conclusions

The real estate market in Polanddemonstrates price growth.
There are signs of stabilization in the market.
An increase in the supply of apartments can affect price dynamics.
Low mortgage rates stimulate demand.
Key cities, such asWarsaw,KrakowandWrocławshow positive trends.

Thus, it can be assumed that the real estate market in Poland is facing new challenges and changes ahead. We are on the brink of an important period, and the further development of events will depend not only on price dynamics but also on the overall state of the country's economy. We will continue to monitor the ongoing changes to respond promptly to any trends in this area.