The largest quarter-on-quarter decline was recorded in Gdańsk (-6.3 percent), followed by Warsaw (-3.2 percent), Kraków (-2.2 percent), and Wrocław (-0.8 percent). Łódź was an exception, with a 1.6% price increase. The report attributes the declines to growing pressure on sellers to negotiate.
The primary housing market showed a mixed trend, with prices falling in Warsaw (-1.2 percent) and Łódź (-0.5 percent), while increasing in Gdańsk (+3.6 percent), Kraków (+0.8 percent), Wrocław (+0.5 percent), and Poznań (+0.2 percent).
Market experts note that the overall situation remained largely unchanged at the end of 2024, with demand still dependent on factors such as central bank policies and interest rates, which directly affect mortgage financing costs.
“The uncertainty surrounding a potential new mortgage subsidy program further complicates market predictions,” said Marcin Jańczuk from Metrohouse.
The report also highlighted significant fluctuations in mortgage rates, and mortgage affordability.
While new housing prices remained relatively stable, the secondary market saw increased seller anxiety due to sluggish demand. Some cities that experienced price increases in Q3 saw corrections in Q4, except for Łódź, which continued to see slight price gains.
“In Warsaw, the year-on-year price difference is still significant at +22.7 percent, while in Kraków it stands at +17.9 percent,” Jańczuk added. Buyers increasingly demanded price reductions, with larger gaps between asking and final transaction prices.
The Barometr Metrohouse & Credipass report noted a rise in buyer interest in Q4, particularly in October, when demand indicators surpassed 100 points for the first time in 2024.
However, analysts caution against interpreting this as a return to optimism, suggesting instead that broader selection, negotiation opportunities, and developer incentives may have played a role.
Meanwhile, sales of new apartments in Poland’s six largest cities grew by 8 pertnec quarter-on-quarter.
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Source: PAP