21.5 C
London
Monday, June 24, 2024

Apartments in Poland. Prices – report of PKO BP analysts

Must read

- Advertisement -


New apartments are more expensive. The average transaction price per square meter in the six largest cities in the first quarter of 2023 increased both on an annual and quarterly basis, according to preliminary data from PKO Bank Polski. Analysts wrote that “the period of falling prices is over”.

According to preliminary estimates based on PKO Bank Polski data, the average transaction price per square meter of a flat at primary market in the six largest cities in the first quarter of this year. increased by 3.9 percent. quarter to quarter. On an annual basis, an increase of 4.7% was recorded. compared to an increase of 5.3 percent. in the fourth quarter of 2022.

The data concern: Gdańsk, Kraków, Poznań, Warsaw, Wrocław and Łódź. It was noted that in the first three months of in none of the six largest cities there was a decrease in the average transaction price on the primary market compared to the previous quarter. As we read in the report, in the remaining ten voivodeship cities the price increased by 2.4 percent. quarter-on-quarter and 7.9 percent. year-on-year compared to an increase of 9.8 percent. a quarter earlier.

The average total amount of transactions on the primary market in the first quarter of 2023 increased by 2.0 percent. quarter to quarter and 10 percent. year-on-year compared to an increase of 12.2 percent. year-on-year in the fourth quarter of 2022.

- Advertisement -

What about housing prices?

The authors of the analysis also pointed out that in the first three months of the first quarter there was a “significant increase in apartment sales compared to the fourth quarter of 2022”. They also noted that, according to their predictions, the sales minimum fell in the third quarter of 2022.

“We maintain the opinion that the purchasing power in the housing market is gradually recovering, which is influenced by the still rapid increase in the income of the population with a slight correction of housing prices from the second half of 2022,” the analysts indicated.

“In conditions of improving investment sentiment on the housing market, with still high inflation and stopping the cycle interest rate increases, the demand side of the market may be supplied with funds that flowed into bank deposits over the last year. The market prospects are also strengthened by the start of July this year. government program of subsidizing loan installments for buyers of the first apartment” – they added.

PKO BP analysts assessed that in view of the symptoms of demand revival and the low level of new investments, “the period of price declines is over”. “It was shorter than we expected, despite an aggressive cycle of interest rate increases and a strong decline in the number of transactions in the middle of last year. In the coming period, we expect a further gradual increase in sales and a return to the upward trend in home prices,” they wrote.

Main photo source: Shutterstock/ Photocon



Source link

More articles

- Advertisement -

Latest article