Developer activity remains subdued. The Central Statistical Office reveals data on the housing market
In October 2025, construction began on 20,000 304 apartments, which means a decrease of 13.1%. year to year – according to data from the Central Statistical Office published on Monday. The annual dynamics worsened compared to September, when an increase of almost 2 percent was recorded. On a month-to-month basis, the number of construction starts increased by 3.8 percent, which means that the September recovery (a 22 percent jump compared to August) has slowed down significantly.
The number of construction starts is still clearly lower than, for example, in 2021 (when the average was over 23,000), i.e. at a time of great optimism on the market, driven by, among others, almost zero interest rates, i.e. free credit. After ten months of 2025, construction of 186.3 thousand has started. apartments, by 9 percent less than in the same period last year. Developers started the construction of 112.9 thousand m2. apartments (15% less than a year earlier), and individual investors 69.9 thousand. (2.2% more). The total share of these forms of construction was 98.1%. total number of apartments.
— Developers' lower willingness to start new investments is even more visible when we sum up the Central Statistical Office data from the last 12 months (from November 2024 to October 2025). Then it will turn out that during this time developers started building almost 133,000. apartments, i.e. by almost 23 thousand less, than if similar calculations had been made a year ago. In the case of permits, the regression is even greater. Within 12 months, developers received administrative decisions allowing them to build 168,000. apartments, i.e. by over 34 thousand units less than in the period from November 2023 to October 2024 – enumerates Bartosz Turek, a real estate market analyst.
It is estimated that at the end of October 2025, 856.8 thousand were under construction. apartmentsi.e. by 1.6 percent. more than at the end of the corresponding month of 2024. This pool may soon include premises for which construction permits have been issued (or applications for which have been submitted with a construction design). In October 2025, 24,000 were issued. 401 permits, i.e. by 1.3%. less than a year ago. This is another decline after September's increase of 1.5%. (this was the first time in eight months that the dynamics were positive). On a monthly basis, the number of new building permits increased by 3.2%, which is much slower than in September (as much as 23%).
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Central Statistical Office
After ten months of 2025, 215.4 thousand building permits have been issued. apartments, i.e. by 12.1 percent less than a year ago. Including PLN 136.2 thousand spent for developers. permits (decrease by 20.8%), and for individual investors – 72.8 thousand (increase by 7.8%).
The number of building permits issued is a leading indicator reflecting the market situation, but it is worth remembering that usually several months pass from obtaining the permit to the actual commencement of work. The numbers in this regard are still much lower than a few years ago: for example, in 2021, when interest rates were almost zero, loans were cheaper and the financial availability of apartments was greater, on average over PLN 28,000 were granted. new permits per month.
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Even during the holidays, more serious symptoms of recovery on the part of buyers began to appear. — However, it may take several months before these first signs of improvement lead to a situation in which the offer of apartments for sale on a national scale is adequate to the level of demand. If we add the time-consuming nature of administrative procedures, it may turn out that two or three quarters may pass between the revival of demand and the increase in developers' activity – adds Bartosz Turek.
More apartments being put into use again
The number of apartments completed has finally rebounded, but this is largely the result of a low base, because developer activity in the previous three years was low. In September 2025, 19,063 thousand were donated. premises, by 22 percent more than a year ago and by 26 percent. more than in the previous month. The number of apartments intended for sale or rent, completed in September, amounted to 12,042 thousand, which means an increase of 16.4%. per year and by almost 24 percent. monthly.
The number of apartments put into use in October increased year-on-year by 13.4%, to 19,000. 850 premises. This is another clear increase in this annual dynamics after September. There is also an improvement on a monthly basis (by 4.1%).
The number of apartments intended for sale or rent put into use last month was 13,000. 166, which means an increase of 25.7%. y/y. On a monthly basis, there was an increase of 9.3%.
According to preliminary data, in the period January-October 2025, 164.2 thousand were put into operation. apartmentsi.e. by 1.1 percent. more than in the same period of 2024. Developers put 103.5 thousand into operation. premises (+3.7%), while individual investors 55.2 thousand apartments (-4.4%).
Due to the specificity and duration of the construction process, these statistics are the result of the number of apartments whose construction was started about two years earlier. And since the construction of an almost identical number of apartments was started in 2022 and 2023, the statistics for occupancy permits are similar in 2024 and 2025.
