Despite the fact that housing prices slowed down due to the coronavirus, the average price of used apartment in the second quarter increased by 11.7 percent y/y, as indicated HRE Investments. Moreover, in the months of the epidemic, used housing was more expensive than at the beginning of the year.
HRE Investments analyst Bartosz Turek, indicated that the changes in prices of housing are measured by the so-called hedonist index. It includes a correction taking into account the differences in the features of flats due to e.g. their location, area, finishing standard.
"If we compare transaction prices between quarters, we will also be surprised here. It turns out that in the months of the epidemic, used housing was paid more than at the beginning of the year. The average transaction price for the seven cities increased by 2.3 percent during that time. This is all the more surprising as at the same time the average price in advertisements about the will to sell flats was slightly lower than at the beginning of the year (by 0.8 percent)," Turek added.
However, the analyst pointed out that there were quite significant regional differences. Between the first and second quarters in Warsaw, the Tri-City and Krakow, we dealt with price stabilization (increases by 0.7-1.4 percent). On the other hand, in Poznań, Wrocław and Kraków, NBP data suggest that the prices of second-hand flats increased by as much as 4-6%. However, it should be remembered that the central bank may still revise these figures on the occasion of subsequent publications.