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Apartment prices in April 2024

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After dynamic increases in apartment prices, the market has clearly cooled down. Offer prices for apartments fell in April in seven of the 17 analyzed Polish cities – according to a report by Expander and Rentier.io. Warsaw was among them. However, several cities broke new records for the average price per square meter.

Offer prices of apartments in April fell in seven of the seventeen Polish cities surveyed – according to a report by Expander and Rentier.io

Warsaw was among them, where declines have occurred very rarely in recent years. As a result, the price difference between Krakow and the capital is shrinking.

In which cities real estate prices decreased and in which they increased

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Analysts recorded declines in apartment prices in April in Radom (-3%), Toruń (-3.3%), Bydgoszcz (-2.9%), Łódź (-2.6%), Sosnowiec (- 2.3%), Lublin (-0.2%) and Warsaw (-0.2%).

– Although the decline in the capital seems insignificant, taking into account the increases so far, it indicates a noticeable slowdown on this market – says Jarosław Sadowski, Expander's chief analyst.

In the remaining ten cities analyzed, prices increased. The largest increases were observed in Gdańsk (+5.3%), Rzeszów (+4.5%) and Gdynia (+3.6%). Prices are also constantly rising in Kraków (+1.8%), which was the city that held the record for price increases in many previous reports. As a result, Kraków is chasing Warsaw in terms of prices. At the beginning of last year, the capital was about 16 percent higher. more expensive. In April, this difference was only 8%.

New records for the average price per square meter were also broken in 9 out of 17 cities. Overcoming psychological barriers was noted, among others, in Gdynia, where the number of inhabitants exceeded 12 thousand per square meter, and in Gdańsk and Wrocław, where PLN 13,000 was exceeded. per square meter. Up to the level of 10 thousand Rzeszów (PLN 9,900) and Katowice (PLN 9,700) are also approaching.

– However, it is worth remembering that we are talking about prices in sales offers. In practice, the possibilities of negotiating prices are currently quite good due to limited demand – emphasizes Jarosław Sadowski.

Apartment prices in April 2024Expander and Rentier.io

Large differences between offered and final prices

Recently, NBP also published data showing the level of offer and transaction prices in the first quarter of 2024. They show a huge, 17-percent difference between offer and transaction prices on the secondary market in the seven largest cities. The record holders are Kraków (23%) and Warsaw (22%).

– Such a large difference may be partly due to the fact that the transaction prices concern apartments for which the sales conditions were often agreed several months earlier. The second reason is that the buyer negotiated a price much lower than the one in the advertisement – explains Jarosław Sadowski. He adds that the third factor influencing this difference are advertisements with highly inflated prices for which no buyers were found.

On primary market this difference was much smaller. For the seven largest cities it was 4.9%, which means that the possibilities of negotiating prices were minimal.

– This difference is primarily the result of the fact that the prices for these transactions were set many months earlier. If an apartment is purchased during construction, it may take more than a year from the moment of determining the price to the transfer of ownership of the apartment – says the Expander expert.

Comparison of apartment prices in the first quarter of 2024 to the fourth quarter of 2023Expander and Rentier.io


Main photo source: Shutterstock

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