In notarial files, the prices of apartments are still rising, but in the ads they are already decreasing – this is how the latest readings of the urban.one index could be summarized. Price stabilization in the coming months will be favored by a constantly growing supply and limited demand.
In February, the Urban.one index reading for the whole country was 115.73 points. He was the same by 0.30 points. higher than in January and by 3.38 points. higher compared to the same month of 2024.
We were also dealing with the Urban index. In February 2025, the reading stopped at 129.42 points, which meant an increase of 0.62 points. M/Mi 3.21 points r/r.
The growth dynamics calculated in annual terms, however, weakens from month to month.
– In the near future the housing market should experience stabilization. The demand for real estate is weakened, including due to the lack of government programs supporting the purchase of apartments, high interest rates and expensive housing loans, as well as slowing down wage growth, which is growing more slowly due to less wage pressure and modest growth in the budget sector – says Małgorzata Wełnska, senior real estate market analyst at the real estate market.
Supply of apartments at the next peaks
As he points out, the supply is climbed to an increasingly higher level, which in total should be made for slight changes in the prices of the real estate market in the coming months. The exception can be small apartments, which are characterized by lower total prices.
The reading of the urban index for Warsaw also went up in a monthly basis. In February 2025, 126.83 points were recorded. – by 0.46 points more than in January and by 2.55 points More to February 2024.
And although the latest reading of the urban.one index shows that average transaction prices, i.e. amounts paid for apartments are still rising, declines can already be seen in the price lists of developers and rates entered in advertisements by offering second -hand apartments.
– After several years of growth, the stabilization period or even corrections is healthy for all market participants. From month to month, the rates of rates are small, and dynamics year on year. On the development market in the largest cities it fell to 5-7 percent, we also have the first declines-the average offer price of the development apartment in Poznań is today 0.8 percent. lower than a year earlier. Annual dynamics also falls on the secondary market – notes Marcin Krasoń, an expert in Otodom.
New apartments with a lower valuation
In Warsaw, in turn, according to the price of the Cenatorium, the average offer price on the primary market decreased by 2 percent. m/m, while on the secondary market by 1 percent m/m. The reductions also took place in Łódź, Gdańsk and Gdynia.
As Małgorzata Wełnowska emphasizes, according to the price monitoring of the price, in February the prices of apartments put on sale were lower than in the case of premises already on offer.
– This may indicate that developers are building cheaper apartments more corresponding to the current demand. ” – Małgorzata Wełnowska, senior real estate market analyst.
According to Tomasz Błeszyński, an adviser to the real estate market, the clinch has recently occurred.
– On the one hand, we have political declarations regarding programs supporting the housing market, on the other hand, cautious decisions of developers regarding new investments and waiting for customers interested in buying apartments on what will change on the market and whether the prices of premises will fall – comments Tomasz Błeszyński.
One thing is certain, the number of apartments offered for sale in the largest cities – both by developers and on the secondary market – is constantly growing. Recently, the number of apartments put into use by developers has dropped. According to the data described by Bankier.pl, in February 2025, developers put 8912 apartments for use – by 5.1 percent. less than in January and by 9 percent less than in February. Considering the last six years, this year's February was better than that of two years ago, and the number of apartments put into use by developers fell to the level observed in 2018.
Although this is the result of a crisis and an extremely low number of construction construction two years ago, the decrease in the number of new buildings started at the beginning of 2025 is noteworthy.
Poles come back for the mortgages
Looking at the credit information office, it can be seen that at least some of the potential buyers of the apartment decided to return to the market. This is evidenced by an increase in interest in housing loans (which, however, does not necessarily have to find a reflection in the number of loans granted). In February 2025, 33.11 thousand were granted in Poland. housing loans. In March, their number increased to 36.94 thousand. (+24.6 percent y/y). This was the highest result from the end of the epic associated with a “safe loan of 2 %”.
