Market environment

 

The year 2025 brings a continuation of the trends observed in previous years on the Polish residential property market. Despite gradual stabilisation, the sector remains influenced by a number of macroeconomic and regulatory factors, as well as the ever-changing individual preferences of buyers.
Despite a decline in the number of building permits issued in Q1 2025, in Q2            the total number of residential units available on the primary market in Poland’s six largest agglomerations exceeded 61,500. During this period, developers on the domestic market introduced nearly 12,300 new units to the market, while less than 10,000 were sold. This led to a 4% increase in the total number of flats on the primary market compared to the previous quarter.

In Q2 2025, there was a marked change that improved credit opportunities and signalled to borrowers to resume talks with banks and choose more optimal financing terms. Over 111,000 applications were submitted, representing an increase of 29% compared to the same period last year. At the same time, banks granted over 55,500 mortgage loans (an increase of 15.4% compared                           to the previous quarter and 22.2% compared to the same period last year) with a total value of over PLN 24 billion. The average value of a newly granted loan at the end of June this year increased to PLN 443,000.
Salary increases and interest rates are key factors that have improved                      the creditworthiness of potential buyers, making housing loans more accessible. However, the most eagerly awaited news for borrowers was that the Monetary Policy Council (RPP) had cut interest rates three times. In May this year, the reference rate fell by 0.5 percentage points, in July by 0.25 percentage points, and in September by another 0.25 percentage points, making mortgage instalments lower. Finally, in Q2 2025, the reference rate in Poland was 4.75%.

The second quarter of 2025 brought an increase in demand, especially in large cities. Developers focused on selling existing properties and continuing with investments already underway.
Prices of flats on the primary market rose, although still slower than a year earlier. According to the National Bank of Poland (NBP), the price of flats in Q2 2025 increased by an average of approximately 4.3% compared to Q1. In Warsaw, the price per square metre of flats on the primary market has not changed significantly in any district since January 2025. The largest increases were recorded in Rembertów (+2.3%), Praga-Północ (+1.5%) and Ursus (+1.2%). In most districts, prices did not change by more than 0.5%.
It should be remembered that the overall picture of the market varies from city to city. Prices rose in Poznań, remained relatively stable in Warsaw and Kraków, and even fell in Łódź. In the main markets, the situation was as follows: Warsaw ~PLN 18,000/m² (approx. +1% q/q), Krakow ~PLN 16,800/m² (+1% q/q), Wrocław ~PLN 14,700/m² (≈0% q/q), Tricity ~PLN 16,900/m² (+3% q/q).