Declines on the secondary market: In quarterly terms, the dynamics of nominal prices was negative in Warsaw (-6.2 percent) and ten analyzed cities (-1 percent), and in six others were stable (+0.2 percent) – we read in the NBP report for the fourth quarter of 2024 regarding the real estate market. On the other hand, in the annual basis on the secondary market, the dynamics of real prices, both in relation to inflation and salaries, was still positive. Especially She was high in Krakow and Wrocławbut at a decreasing growth rate. The group of 10 cities includes: Białystok, Bydgoszcz, Katowice, Kielce, Lublin, Olsztyn, Opole, Rzeszów, Szczecin and Zielona Góra, and to the six largest cities: Gdańsk, Gdynia, Kraków, Łódź, Poznań and Wrocław.
Increases on the primary market: Nominal average transaction prices of sq m. apartments increased both in the quarter to the quarter and year on year, Especially in Gdynia and Gdańsk. The NBP report emphasized that in the primary market in all city groups there were increased year -on -year increases of real transaction prices both in relation to inflation and the dynamics of remuneration, but there were lower than in the last few quarters. “At the same time, in all city groups, there were decreases in the quarter to the quarter of dynamics of real prices relative to the dynamics of remuneration,” it was emphasized.
What about rent? The National Bank of Poland also informed that the average MKW rental rates. apartments without taking into account the operational fees and the media slightly increased In the account of the quarter to the quarter in a group of six cities. The rates in Warsaw fell slightly, and in group 10 of the cities remained unchanged. The report indicates that with an increase in housing prices, the profit from rent in large centers remained at a similar level of OK. 5.5 percentand the cost of servicing a housing loan was still higher than the cost of renting an apartment.
“Banks provide for a decrease in demand for housing loans”: The value of payment of new housing loans in Poland in the fourth quarter of 2024 was lower than loans in the same period 2023. The value of new agreements in PLN on a housing loan (without renegotiated contracts) according to NBP data in the discussed period PLN 19.4 billion (increase of approx. PLN 500 million or 2.6 percent) compared to the previous quarter and lower by approx. PLN 5.6 billion (-22 percent) year on year. “At the first quarter of 2025, the surveyed banks provide for a lack of significant changes in credit policy and a decrease in demand for housing loans” – we read.
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Source: NBP