The effects of the cooling of the housing market are visible on the housing market. In October, developers put more apartments on the market than they managed to sell. Averaged prices apartment prices are not falling yet (although individual developers can count on reductions), but have stabilized at the previous month's level.
The situation is unprecedented in the history of the housing markets of the largest cities. In all metropolises, October brought a stabilization of the average price per square meter of apartments available from developers
– says Marek Wielgo, expert of the RynekPierwotny.pl portal, quoted in an e-mail sent to our editorial office.
Apartment prices have stabilized. Developers respond with promotions
In some cities, this is yet another month in a row in which prices do not increase. In the Tricity, October is the third month in which the square meter stopped at 15.5 thousand. zloty. However, for the second month prices have remained at this unchanged level in Warsaw (close to PLN 17.8 thousand/sq m), Krakow (over PLN 16.4 thousand/sq m) and Poznań (over PLN 13.2 thousand/sq m). In October, price increases slowed down in Wrocław (less than PLN 14.6 thousand/sq m), Łódź (over PLN 11.5 thousand/sq m) and in the cities of the Upper Silesian-Zagłębie Metropolis (over PLN 10.9 thousand/sq m). ).
Price stabilization results from growing competition between developers. They have never offered so many apartments in Łódź (over 9.4 thousand), Poznań (approx. 7.3 thousand) and in the cities of the Upper Silesian-Zagłębie Metropolis (over 8.6 thousand). In turn, in Warsaw (approx. 14.4 thousand), Kraków (over 8.6 thousand) and Tricity (over 6.5 thousand), the last time there were so many of them on sale was during the market collapse. loans housing at the turn of 2022 and 2023. Over 9.7 thousand premises offered by developers in Wrocław is a result close to the record result from October 2019.
In this situation, some development companies decided to conduct discounts to improve their sales results this year. Also in November and December, potential buyers interested in purchasing especially large spaces can count on promotions
– comments Marek Wielgo.
Apartment sales improved. Buyers are tired of waiting
Even though developers are selling fewer apartments than they are introducing, their situation is improving slightly and the first signs of growing demand are visible. In October, in most metropolises, developers concluded more contracts with customers than a month earlier (the exception was Wrocław). This was reflected in the credit market. The Credit Information Bureau (BIK) announced a positive decision in September bank obtained approx. 15.3 thousand households planning to buy an apartment. This is a result of approximately 3 percent. better than August. However, the increase in the number of applicants for housing loans is much more impressive. In September, approximately 28.5 thousand were transferred to banks. applications in this matter (8% more than in August), and in October – 34.5 thousand, i.e. as much as 21%. more than in September.
Rynerkpierotny.pl points out that the effect of stimulation on the market is most likely due to people who decided that further postponing the decision to buy an apartment does not make sense. For now, the loan subsidy project has stalled and it is not known what will happen next due to the opposition to the project in the ruling coalition.