It is difficult to agree or not with such a thesis without reliable data on how many people realistically interested in buying an apartment are refr I from buying only due to a lack of creditworthiness, and whether it is the issue of financing that today is a key reason for the decline in demand for housing. In my opinion, there is not a buried dog here. Reduced demand for apartments is the result of several factors overlapping. The availability of loans, although it is one of them, seems to be of little importance.
In the foreground, among the reasons for the decline in interest in buying apartments, it seems to be satisfied with the unnaturally large part of demand in 2023 – as a result of the introduction of the Safe Credit 2 % program. Were it not for the cheap money of many beneficiaries of the then program would probably buy apartments only now or in the coming years. Of course at lower prices than the current ones. The ones we see today in the advertisements are a derivative of phenomena from two years ago – artificially increased demand and a temporary demonstration of offers.
The second reason for reduced demand is the aforementioned prices, which increased in a short time – only a few months – and unacceptable by customers. This was visible at the end of 2023, when, despite the still available loans with the government, the demand began to fall. The expectations of selling apartments, especially in large cities, began to dismantle with the common sense approach of buyers.
The third reason for the weakening of the economic situation in the housing market – and this affecting it in two ways – is a clear decrease in demand on the rental market. Difficulties in obtaining tenants and decreasing roi, significantly deplete a group of investors who buy apartments “for rent” – on the one hand, and on the other – some investors prompted to 'liquefying concrete', i.e. putting on the sale of unnecessary and generating costs of apartments.
Another factor that is increasingly affecting the situation on the housing market are the changes that occur in the perception of the actual value and meaning of having apartments. It is obvious that the apartment – a valuable good whose value is constantly growing – everyone would like to have, and preferably a few pieces. It is not surprising, therefore, that in recent years many people with free financial resources have placed them in apartments. This appeared as guaranteeing profit – from the aforementioned increase in value, and from possible rental – a safe investment. However, the price corrections observed for a long time began to question the well -known “obviousness” that “apartments are only more expensive”. A group of willing to invest apartments, including flipping, melted.
Not without influence on the decision to buy an apartment, the costs of carrying out possible renovation, finishing and equipment or certainty of employment and the prospect of an increase in earnings remain. In short – finding a way in a possible reduction by the MPC for a way to revive the demand for apartments seems to be very unjustified. However, it is justified to use the current, stable situation on the market to take a search for such a flat that seemed to be insurmountable. The growing selection of offers on real estate websites (I recommend gratka.pl and morizon.pl) speaks for – having the right financial capabilities – not to postpone plans for the future, but right now try to realize your real estate dreams.
Author: Marcin Drogomirecki, expert of the Morizon-Grunt group
