The market is becoming more diversified – prices are falling in the most expensive locations, while in cheaper cities there are increases. Its influence on the level of average prices is increasing structure of the new offer – more apartments are available for sale at lower prices.
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— March was a good month for both buyers and sellers. In the most expensive cities, it is now possible to buy an apartment cheaper than a month earlier, and developers have recorded a significant increase in sales – comments Robert Chojnacki, founder and vice-president of Tableofert.pl.
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Developers' price adjustments in March were clear, although smaller than a month earlier. Prices changed by 16.3 percent. apartments – 9.5 percent cases there were increases, and in 6.9 percent discounts. Despite the advantage of raises, the average price per square meter decreased — this was influenced by the larger scale of discounts and the introduction of a larger number of cheaper apartments for sale.
— In March the share of cheaper premises in the new offer was 5.2%, compared to 4.1%. more expensive apartments. This is natural for a stable market – apartments at an earlier stage of sale are valued lower, which compensates for the higher risk and the lack of immediate possibility of moving in – adds Chojnacki.
Average price per year
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In 6 out of 10 cities analyzed, housing prices increased, and in 4 they decreased. However, the changes were minor – from +1.2 percent to -1.6 percent The largest increases were recorded in Lublin (+1.2%), Wrocław (+1.1%), Bydgoszcz (+0.4%), Poznań (+0.25%), the Silesian agglomeration (+0.2%) and symbolically in Łódź (+0.02%). Declines appeared in Warsaw (-1.6%), Kraków (-0.9%), Szczecin (-0.9%) and Tricity (-0.7%).
It had the greatest impact on the decline in average prices new supply of cheaper apartments in Warsaw, Kraków and Tricity. In smaller cities this effect was weaker.
— Construction costs are similar throughout the country today, so in the most expensive locations it is easier to reduce the average price by introducing a cheaper offer. In cities where prices are closer to construction costs, the possibilities for such activities are limited, explains Chojnacki.
Top10 in March
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Apartment prices in annual terms – nominal increase, real decrease
On an annual basis Average apartment prices in Poland increased nominally by 1.5 percent, but after taking into account inflation, this means a real decline. The differences between individual markets are significant.
The largest increases in prices per square meter during the year were recorded in the Tricity (+7.8%), Poznań (+5.0%), Bydgoszcz (+4.7%) and the Silesian agglomeration (+2.8%). In Warsaw (+0.8%) and Łódź (+0.4%), the increases were lower than inflation. Decreases occurred in Krakow (-2.0%), Lublin (-1.9%) and Wrocław (-3.2%), mainly due to the introduction of a larger number of cheaper apartments for sale.
Share of apartments becoming more expensive
Share of those put on sale
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— The housing market is still stabilizing, but at the same time diversifying. The differences between cities are getting bigger. On a national scale, prices are growing slower than inflation and much slower than wages – emphasizes Ewa Palus, chief analyst at Tableofert.pl.
Katarzyna Tworska, managing director of Rednet24, draws attention to the growing role of locations outside the centers of large cities.
— They are increasingly an alternative to apartments in the city center attractively priced peripheral districts and dynamically developing areas around the largest cities. In these locations, prices may be up to half lower than in the center, Tworska points out.
