Q3 apartment sales down 19% y/y – Reas

Developers sold a total of approximately 14,200 apartments in the six biggest residential markets in Poland – Warsaw, Kraków, Wrocław, the Tri-city, Poznań and Łódź – in the third quarter of 2018, which marks a 9% decrease on Q2 and a 19% decrease upon the same period last year, according to Reas. Growing apartment prices are to blame for the worsening sales results (which have already been recorded in three consecutive quarters), said Katarzyna Kuniewicz, partner, head of the market analysis and research team at the company. According to Reas, the current slowdown is not a repeat of the crisis in the real estate market that took place a decade ago. Developers’ difficulty in starting new projects, resulting from the shortage of sites for housing schemes and limited access to construction services, means that there is little risk of oversupply.

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