Polish house prices are now falling, amidst weakening demand
Poland’s housing market is now struggling, as demand and supply decline due to high interest rates, and deteriorating purchasing power caused by soaring inflation, coupled with economic and geopolitical uncertainty.
The average price of existing flats in Poland’s 7 big cities (Warsaw, Gdańsk, Gdynia, Kraków, Łódź, Poznań, and Wrocław) fell by 1.35% y-o-y in Q2 2023 to PLN 10,348 (€2,225) per square meter (sqm), according to the Polish central bank, Norodowy Bank Polski (NBP). When adjusted for inflation, prices actually plunged by 12.98% over the same period.
