Poland in the world ranking of rent growth

Poland in the world ranking of rent growth

Renting apartments is becoming more expensive all over the world, but Poland is almost at a record high. Over the past eight years, rents in Poland have risen so much that the country tops the list of 43 countries in which experts from the Organization for Economic Co-operation and Development studied rental costs.

Rising property prices have made owning a home an increasingly unattainable dream. Huge increases in housing prices, especially in Europe, have hit city dwellers and poor households hard. Rapidly rising prices per square meter have pushed many people into renting.

Rising property prices have made owning a home an increasingly unattainable dream. Huge increases in housing prices, especially in Europe, have hit city dwellers and poor households hard. Rapidly rising prices per square meter have pushed many people into renting.

This problem has been studied by the Organization for Economic Co-operation and Development (OECD), which unites 38 highly developed and democratic countries and constantly monitors economic changes. Housing investment, which has weakened significantly in a number of countries, will continue to decline until mid-2024, the OECD reports. But the latest data on the housing market is also not optimistic.

They show that Poland can boast of having one of the highest apartment rents among the 38 OECD countries. Since 2015, rental rates in Poland have increased by 62% by the fourth quarter of 2023. This puts the country in fifth place among the ranking prepared by the organization's experts, which also includes countries that are not members of the OECD.

It is worth noting that the organization includes countries such as Luxembourg, Canada, the USA and Germany. In terms of the growth rate of apartment rental rates, Poland is ahead of all of them.

The largest increase in the cost of renting an apartment was recorded in Turkey, which is struggling with huge inflation. There, rental prices have increased by as much as 400% over 8 years. In addition to Turkey, only Hungary (73% growth), Lithuania (70%) and Slovenia (66%) are ahead of Poland.

In terms of growth rates for rented housing, Poland is even ahead of countries such as Estonia (an increase of 59%), Chile (44%), Romania (34%), Colombia (33%), and Bulgaria (30%).

Rent growth is close to minimal in the following countries: Spain (9% growth), Korea and Switzerland (8% each), France and Italy (5% each).

Only two OECD countries have recorded the smallest decrease in rental prices since 2015 - Japan and Greece (decrease of 0.4 and 0.6%, respectively).

House prices and rents have risen steadily since 2015, even during the Covid-19 pandemic when - unlike previous crises - demand for housing has soared. This was due to prolonged restrictions and remote work, which forced people to stay at home.

In 2022, the economy began to recover, but did not fully recover. Currently, real estate is not only becoming more expensive - it is increasingly difficult to find a room in good condition, but also of a suitable size that would meet the needs of a family of several people.

Materials used from the site 300gospodarka.pl