Residential market

“Great.” “Absolutely sensational.” “Golden Age.” “The best in the entire history of the property development market.” This is what the experts had to say about Poland’s residential market in 2017. And it is hard to disagree with them.

In Poland’s six largest markets alone, developers managed to sell around 72,000 apartments. In comparison, 10 years ago, during the previous market boom, only about 35,000 units were bought. The numbers speak for themselves. The real estate market offer covered absolutely everything: cheap, popular apartments with preferential loan plans, premises with a higher standard and super-luxurious apartments, starting at PLN 20,000 per square meter.

The land market is also sizzling hot and breaking new records. According to the property price database Cenatorium, an investor paid PLN 123 million for a plot of land in Żoliborz (a district in northern Warsaw). It will probably be another housing estate. There is no zoning plan yet, but there are residential buildings nearby.

What will 2018 look like? It is impossible for the market to keep breaking records forever. The government housing subsidy program “Mieszkanie dla Młodych” (“Apartment for the young”) has ended. Free plots are also harder to come by, especially in city centers. The more expensive plots will definitely affect housing prices. One thing is certain, 2018 promises to be a very interesting year.

Comment by Aneta Gawrońska, Real Estate Editor at “Rzeczpospolita”