WSE developers sold as many apartments as during the loan subsidy program. The index is already close to its 2007 peak.
According to January data from listed developers, their total sales of apartments in the fourth quarter of 2025 were the highest since the sales peak in 2023 caused by the government's introduction of the loan subsidy program. The industry index is heading toward an all-time high, set during the real estate bubble nearly 20 years ago.
A total of nine developers from the WSE (Marvipol, Wikana, Develia, Archicom Group and Echo, Inpro, Dom Development, Atal, Lokum Deweloper and Murapol), who report on the operational data we collect, sold 4,871 apartments in the fourth quarter of 2025, i.e. 28.6%. more than a year ago.
It was also 18.8 percent. more than in the third quarter, which was the best so far in terms of sales in 2025. Moreover, the result of the fourth quarter of last year places it in second place in the entire history of the monitored group of developers, falling only by 0.3%. (17 apartments) in the third quarter of 2023, i.e. the period in which the “Safe 2% loan” program was launched.
2025 with WSE developers
In turn, throughout 2025, the above-mentioned developers included in the WIG-Nieruchomości index portfolio sold a total of 16,587 apartments, i.e. 0.9%. less than in the whole of 2024. The full-year result was mainly influenced by 31%. volume decline recorded by Atal, one of the largest developers.
He adopted a strategy of expanding the offer to increase sales when the market situation improves, hence he sold less in the first half of the year, more about which in the article “Developers are accumulating resources to rebound in demand”.
However, there is a visible recovery in the market, as also shown by the JLL report, according to which developers sold 14.6% more in the seven largest real estate markets (Warsaw, Kraków, Tricity, Wrocław, Poznań, Łódź and Katowice). more than in the same period in 2024.
Who sold the most apartments?
Looking at the detailed data of listed companies, compared year to year, more apartments were sold by Marvipol (103%), Develia (70%), Archicom and Echo Group (47%), Inpro (59.3%), Dom Development (6.30%), and Lokum Developer (37.1%). Apart from Atal, Wikana (-3%) and Murapol (12.1%) also saw declines. On a quarterly basis, only Inpro sold less (-4.3%). The highest increase was recorded by Lokum (140%), which sold 28 apartments more than the quarter before.
Dom Development remains the leader in terms of sales, having again broken its own quarterly sales record, which currently stands at 1,232 apartments. For the first time in history, the level of 1,000 apartments sold quarterly was also exceeded by the Archicom Group, which also sells to Echo. Out of 1,066 premises sales and development agreements, 96 concerned the Echo Group.
Throughout 2025, Dom Development sold 4,448 units, i.e. 4.2%. more than in 2024. The second largest seller in 2025 was Develia with 3,345 apartments, which is a 4.6% better result. rdr. Murapol completed the podium of the largest sellers with 2,856 units sold. Next was the Archicom Group from Echo (2,847 apartments) and Atal, which sold 1,695 apartments. In 2025, less than a thousand apartments were sold by Inpro (640), Marvipol (402), Wikana (221) and Lokum (133).
Better market conditions for selling apartments
Observing the recovering sales, it is worth noting that the Monetary Policy Council reduced interest rates in each month of the previous quarter. While the greatest effects of the cuts from the end of the year are most likely still to come (higher creditworthiness, lower bank margins, greater demand for housing loans), let us remember that the Monetary Policy Council also cut rates in May, July and September, and the impact of these cuts could already have had a greater impact on sales in the fourth quarter.
Finally, let us remind you that volume results depend primarily on the schedule of handing over apartments, which may vary in individual quarters. However, sales have all the conditions to grow: falling interest rates, stabilization of housing prices and their greater transparency, as well as greater demand for housing loans.
Margins, the amount of which developers will fight for, remain a separate issue. It may be difficult to maintain their level from previous years, when they clearly stood out from Europe. The pressure comes mainly from high land costs. Margins may also be influenced by higher investment financing costs incurred by developers in recent years. However, the pressure from the costs of construction materials is weakening, and labor costs are no longer growing as fast as in previous years.
From an investment point of view, higher sales do not necessarily mean better results. The latest information on this subject will be provided by financial reports for the fourth quarter, which the largest companies will start publishing in the second half of February. However, investors believe that the worst is behind developers and are buying shares of industry companies. The WIG-Nieruchomości index is trading at new highs of several years, with only 11.3% missing the historical record.
