The housing market in Q3 saw an increase in supply and demand, central bank NBP said in its report. “This activity has not generated excessive tensions yet, but the growing mismatch of housing supply to high demand was accompanied by small price increases,” the report stated.
Average starting and transaction prices of apartments increased in both the primary and secondary market. Mainly due to marketing and sale of more expensive apartments situated in prime locations.
“Financing the transaction was made primarily with buyers own funds, but the credit action clearly accelerated,” the report added.
NBP economists pointed to the growing mismatch of housing supply to high demand.
“The structure of the flats being offered deviates from the ones preferred by the buyers (too many large flats on the market). There are also changes in production factors, such as increases in estimated prices of land plots for multi-apartment housing and emerging problems with the availability of contractors and building materials,” the report added.
Unsold apartments stock on Poland’s six biggest markets increased slightly to 50.8k in Q3.