According to a survey conducted by the National Bank of Poland (NBP) in December 2022, developers do not see good prospects for the housing market in 2023. About 25% of developers investing in multi-family housing projects in the country participated in the survey. Of those surveyed, 48% expected a decrease in their profitability in 2023, while 37% predicted maintaining profitability at the same level as 2022, and 15% expected an improvement. NBP commented that the prolonged high market conditions led to the emergence of many new players who have not yet established a strong position in the market and may face difficulties in the difficult situation. The year 2022 saw a significant drop in contracting and significant oversupply, including a high proportion of unsold production in progress and cautious approaches to starting new investments or completing ongoing projects.
NBP reported that 76% of respondents identified an oversupply of homes in the primary market at the end of 2022, with 48% indicating a significant excess of supply over demand.
Source: PAP Business