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Flats for sale. Gdynia overtook Warsaw – NBP report for the fourth quarter of 2022

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Transaction prices of apartments on the primary market in six large cities in Poland increased by 10.3 percent annually, according to the latest data from the National Bank of Poland for the fourth quarter of 2022. Prices on the secondary market in the same period went up by 8.5 percent. On the other hand, prices fell on a quarterly basis. The average transaction price per square meter of a new apartment was the highest in Gdynia, ahead of Warsaw.

On Wednesday, Narodowy Bank Polski published “Information on housing prices and the situation on the residential and commercial real estate market in Poland in the fourth quarter of 2022”. The report shows that in the period from October to December 2022, further increases in apartment prices were recorded on an annual basis in the analyzed cities, both in primary marketas well as secondary.

Apartment prices in Poland – fourth quarter of 2022

Average transaction prices per square meter on the primary market in six large cities (Gdańsk, Gdynia, Kraków, Łódź, Poznań and Wrocław) increased by 10.3%. year-on-year, but fell by 1% quarter-on-quarter. In Warsaw, the increase amounted to 10.4% and 10.4%, respectively. and 0.8 percent

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The average transaction price in the fourth quarter was the highest in Gdynia – PLN 13,567 per square meter. The city in Pomerania surpassed Warsaw in this respect. We also dealt with such a situation in the second quarter of 2022, although then the difference was much smaller, as it amounted to only PLN 41. Now it is PLN 735. In the fourth quarter, the capital of Poland was ranked second, with an average transaction price of PLN 12,832. Gdynia boasts an increase of 13.9 percent. quarter on quarter and by 23.6 percent. Every year.

Kraków was ranked third – PLN 11,182, slightly ahead of Szczecin – PLN 11,002. The top five was completed by Gdańsk, which recorded a decrease of 7.7 percent. on a quarterly basis, up to PLN 10,703.


According to the data of the National Bank of Poland, prices also rose on the secondary market on an annual basis, although at a slower rate than on the primary market. Average transaction rates in six large cities increased by 8.5 percent. year-on-year and fell by 2.1% quarter-on-quarter. On a quarterly basis, an increase of 1.1% was recorded in Warsaw. In turn, compared to the situation a year earlier, average transaction rates went up by 1.6 percent.

On the secondary market, Wrocław was the growth leader, by 13.0 percent. year on year up to PLN 10,114. Second place was taken by Gdańsk – 12.2 percent. year on year (PLN 11,526). In the case of Łódź, a decrease in average transaction rates on the secondary market was recorded – by 7.3 percent. quarter on quarter (PLN 6,384), and in Poznań prices went down by 5.2 percent. (PLN 8,122). The average transaction price on the secondary market in Warsaw was PLN 12,032.

Read also: Government website with transactional housing prices. A new idea to fight “artificial demand”

Fewer flats sold

The NBP said that the housing market is stabilizing and looking for a new balance point after a significant correction in demand. “In total, in 2022, about 35,000 apartments were sold on the above-mentioned markets, i.e. about 34,000 less than in 2021 (i.e. -49% y/y)” – we read.

“The number of sold development contracts for the construction of apartments in the largest primary markets, after a significant decline in housing demand in Q3 2022, slightly increased and amounted to approx. 8.5 thousand, but it was more than half lower than a year ago” – added .

The report also indicated that in the last quarter of 2022 “a record-high number of apartments was commissioned in Poland, 71.6 thousand (an increase of approx. 24.3% q/q and approx. 1.4% yoy). /r), which was the result of developers’ activity in previous years”.

In addition, the construction of 35.5 thousand. flats, i.e. less by approx. 21.1 percent. quarter to quarter and less by nearly 41.8 percent. Every year. According to NBP analysts, the costs of housing construction, ie materials, labor and equipment rental, were growing more slowly, which was related to lower construction and assembly output. There was also a decrease in interest in the purchase of construction land and a decrease in their prices.

In the case of average transaction rental rates per m2 of housing (excluding service charges and utilities), an increase was recorded compared to the previous quarter in both Warsaw, six and ten cities. “Since the second half of 2021, the number of apartments on the rental offer has been systematically decreasing” – it was noted.

Main photo source: Shutterstock

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