The Real Estate Market in Poland in 2024

Further growth in apartment prices is predicted in Poland in 2024. The average price increase could be 11%, which indicates a decrease compared to the 15% growth in 2023.

In 2023, apartment prices increased by 15% due to strong pricing factors such as:

• Persistent inflation

• Rising purchasing power of households

• Improved apartment sales with limited supply in the primary market

• Rising production costs

Developers almost unanimously predict an average 11% increase in apartment prices in 2024.

In 2023:

• Fewer apartments were put into use than a year earlier (by 7.6%).

• The number of apartments for which building permits were issued or notifications with a building project were submitted decreased (by 19.1%).

• The number of apartments for which construction was started decreased (by 5.6%).

The lower volume of development construction in 2023 was caused by:

• The slowdown in housing construction since the second half of 2021.

• Decreased demand caused by the collapse of bank lending.

• Lack of long-term prospects for stable and satisfactory demand for housing.

• Rising construction costs.

• The weak financial position of some developers.

• Lack of land and building permits.

The situation on the housing market in Poland remains tense. Apartment prices are rising and supply is limited. Further price increases can be expected in 2024, but they are likely to be lower than in 2023.