The growing interest in mortgage loans is the result of subsequent reductions in interest rates by the Monetary Policy Council, which contributed to the revival of demand for apartments in the third quarter of this year. However, as the authors of the report noted, the scale of this recovery was smaller than the industry expected. Experts emphasize that frozen demand still constitutes significant purchasing potential, which can be released with further liberalization of monetary policy and stabilization of the geopolitical situation.
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Buyers are counting on further discounts
Marcin Jańczuk from Metrohouse pointed out that although some customers have already taken advantage of cheaper financing, many potential buyers are still refraining from making the decision, counting on further reductions in apartment prices. Andrzej Łukaszewski from Credipass pointed out that demand is influenced not only by the actions of the Monetary Policy Council, but also by the policies of commercial banks. According to him, the decline in the WIBOR 3M reference rate and the prospect of further interest rate cuts have made variable interest rates on mortgage loans increasingly popular, which has increased competition between banks.
According to the report, the secondary market saw a decline in average apartment prices in each of the five analyzed cities compared to the same period last year. On the primary market, however, significant declines were recorded only in Łódź, while prices increased in other cities. The introduction of the Act on the transparency of housing prices increased market transparency, which, according to the report's authors, contributed to increased competition and greater expectations of buyers regarding discounts.
Apartments not for investment
Experts also note that currently the supply of apartments is aimed primarily at people planning to buy for their own needs, and not for investment, as was the case a few years ago. As a result, many transactions require external financing, which remains a challenge for potential buyers. Jańczuk emphasizes that high loan costs compared to other European countries, low creditworthiness and difficulties in collecting funds for own contribution still limit the availability of apartments.
The report also indicates significant differences in apartment prices depending on location. In Warsaw and Wrocław, average prices per square meter increased due to the inclusion of luxury apartments that were not previously disclosed. Andrzej Prajsnar from the RynekPierwotny.pl portal noted that these markets offer the most exclusive apartments with an area exceeding 100 sq m and asking prices of over PLN 20,000. PLN per square meter.
Łódź stands out from other cities thanks to significantly lower apartment prices on the primary market. In the third quarter, developers from Łódź introduced premises for sale at prices significantly below the market average, which contributed to a further reduction of the average asking price in this city. As Prajsnar noted, price adjustments in Łódź were particularly visible in September, which further widened the price gap between Łódź and other large cities in Poland.
