The demand for mortgage loans in March (calculated as the total value of mortgage loans, for which inquiries were filed with Credit Information Bureau BIK) increased by 13 percent in March year-on-year, BIK stated. “In total 41,380 mortgage loan applications were submitted in March, compared to 44,770 a year ago,” BIK stated. The average value of a mortgage loan increased by 9.1 percent y/y to reach PLN 244,100.
The increase in value stems from the growing prices per sqm, particularly in big cities and for larger apartments, caused by increasing construction costs: labor and building materials, BIK chief analysts Waldemar Rogowski said. Although the risk of growing interest loans in the next few quarters decreased, “we should bear in mind that practically 100 percent of mortgage loans in Poland are adjustable interest loans, while the euro zone average is 24 percent,” Rogowski added.