The study shows that as much as 70 percent developers expect current prices to remain unchanged, although at the same time they anticipate a slower pace of sales. However, customers, especially in the largest cities, are mostly afraid of the increase in real estate prices (58%). Experts indicate that on the market the period of dynamic demand growth is endingand customer purchasing decisions are becoming more and more thoughtful and time-consuming.
— The May decline in sales sentiment reflects well what is happening in sales offices. There are fewer customers and purchasing decisions take longer. Developers now have to fight harder for every salecompeting on price, location and flexibility of negotiations – comments Robert Chojnacki, founder and vice-president of the Tabaofert portal.
Customer mood
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latkaofert.pl
Customer mood
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latkaofert.pl
Read also: The housing market in Poland: stabilization and the exception of the Tricity in May
Declining optimism among developers
In May, the number of companies expecting further growth in sales decreased sharply. In the previous survey, 53.3% expressed optimism. developers, while currently this percentage has dropped to 29.5 percent. Most companies (53.4%) expect to maintain the current sales pace, and 17.2%. expects it to decline.
Chojnacki emphasizes that the market is becoming more and more demanding. Customers are quicker to verify weaker projects, worse locations or too high prices. — Until recently, developers were counting on automatic acceleration of sales. Today the dominant assumption is that maintaining current results will be crucial – adds the expert.
Changes
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latkaofert.pl
Changes
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latkaofert.pl
See also: The warehouse market in Poland is maturing. Experts predict a new phase of development
Stable prices, different expectations
Most developers do not expect any significant increases or discounts. The study shows that 70.1 percent companies assume no changes in price lists, 22 percent expects prices to increase, and only 7.9 percent predicts their decline. Meanwhile, customers, remembering the rapid price increases in previous years, fear that postponing the purchase decision may result higher costs in the future.
– You can see clearly gap between developers' and buyers' expectations. Companies expect price stabilization, while customers, remembering previous cycles, are more often afraid of price increases – notes Katarzyna Tworska, managing director of Rednet24.
Changes
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latkaofert.pl
Changes
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latkaofert.pl
Read: Mortgage loan and child. Experts show how much you lose in ability
Suburbs are gaining in importance
One of the key trends in the real estate market is growing interest in investments outside city centers. As much as 75 percent developers indicate the development of suburbs as the direction of future investments, while only 18 percent prefers construction in city centers. Customers also support this trend – 73.4 percent. respondents believe that investments in the suburbs with good public transport are a better solution than increasing the density of buildings in the centers.
— City centers remain prestigious, but their supply potential is increasingly limited. Suburbs offer greater availability of land, the possibility of building larger apartments and more affordable prices, provided that public transport is good, explains Robert Chojnacki.
Experts emphasize that the future of the housing market will depend on adapting the offer to the real needs and capabilities of customers. Suburbs, if they are well designed and connected, may become the answer to the challenges related to the current market slowdown.
