Prices for apartments on the primary market by districts of Warsaw in November 2023

Prices for apartments on the primary market by districts of Warsaw in November 2023

Average prices for apartments in Warsaw in the developer's standard in November 2023 are PLN 16,385 per m2, which means an increase of 20% year on year and 2% compared to last month.

Average prices for apartments in Warsaw in the developer's standard in November 2023 are PLN 16,385 per m2, which means an increase of 20% year on year and 2% compared to last month.

Table 1. Prices for apartments on the primary market by district of Warsaw in November 2023 (PLN/m2)

The highest prices for apartments in Warsaw are recorded in the central areas. The most expensive areas in November 2023 in Warsaw in terms of the cost of new housing were the areas of Wola - 26826 zlotys/m2, Żoliborz - 21759, Ochota - 21759, Ursynów - 19983, Mokotów - 19441 zlotys/m2 (Table 1). There is no data for the Śródmieście area, but developers there will clearly set the highest prices.

If you are looking for cheap real estate in Warsaw, then prices for apartments on the primary market will be most attractive in the outer areas. Low prices for apartments in Warsaw continue in the Ursus area, although the situation is likely to change with the expansion of the metro line.

New buildings are rented at “budget” prices in the areas of Ursus - 12917 zlotys/m2, Rembertów -12655, Białołęka - 11741, Wawer - 11724, Wesoła - 9835 zlotys/m2. New housing in the most expensive area of Wola is 2.7 times more expensive than in the Wesoła area.

In the remaining 8 districts of Warsaw, prices range from 14 to 17.5 thousand zlotys/m2.

The average price per square meter of new housing in the Polish capital is PLN 16,385/m2. We calculated the ratio of the price in each area to the average price in Warsaw (Table 1). In 8 districts, the cost of apartments in new buildings exceeds the city average. To the already mentioned price leaders Wola, Żoliborz, Ochota, Ursynów, Mokotów, the districts Bielany, Praga Południe, Praga Północ were added.

In 10 districts the price per square meter is below the city average. In the Wesoła area it is generally 60% of the average price in Warsaw.

Forecasts for apartment prices in Warsaw are not optimistic, although developers are still realizing attractive investments. In such a large metropolis, prices are significantly influenced by the huge dynamics of city development. Prices for new apartments in Warsaw respond primarily to the influx of single people, young couples, families and students, although most important is the growing presence of foreign capital and business.

As for apartment prices, Warsaw will most likely become more and more expensive due to investments in local infrastructure - mainly in the metro.

Today, the average cost of an apartment on the primary market in Warsaw is 910.8 thousand zlotys, which is 22% more than a year ago.

Prices for apartments in Warsaw depend primarily on the location, as well as the size of the property. Newly introduced studio apartments in Warsaw in November 2023 cost, on average, 21,743 zlotys per square meter, two-room apartments in the capital are offered for sale by developers at 16,401 zlotys/m2, and three-room apartments for 14,881 zlotys/m2 (Table 2).

That is, the price per square meter decreases as the area of housing sold increases. The exception is apartments with 4 or more rooms, whose cost exceeds the cost of three-room apartments.

Table 2. Prices for apartments on the primary market by type of apartment in Warsaw in June - November 2023 (PLN/m2)

We calculated the dynamics of price growth over the past six months, which can be seen in Table 2. So, the cost of new real estate in Warsaw increased by 9.9% in just six months. The price of one-room apartments has increased the most – by almost 20%! In larger apartments the growth was approximately the same, still the same 9-10%.

So, if you are going to buy an apartment, you should not postpone it. Please check out our offers on the website https://okeask.com/en/ and make your choice now!

Source: website rynekpierwotny.pl