14:31 22 November 2025
Apartment prices may fall in the first quarter of 2026
Bank Pekao expects Polish apartment prices to keep falling until the first quarter of 2026, with average prices dipping over 2% below current levels, likely dropping under 14,000 zł/m² in the seven largest cities. Recent NBP data already show price stabilization, with Q3 2025 prices down 0.7% q/q on both primary and secondary markets. Analysts attribute the slowdown to high real interest rates, abundant housing supply, the end of the “Safe 2% Mortgage” program, and lower construction costs.
From Q2 2026, however, Pekao forecasts renewed growth as falling interest rates boost household credit capacity and demand. Housing loan volumes already exceed 20,000 monthly, approaching previous boom levels.
