Housing prices in secondary market growing more slowly than those in primary market
13:46
Housing prices have remained at similar levels for several months, which in the current macroeconomic situation means that they have fallen in real terms. Comparisons to levels from a year ago seem to contradict this thesis. In November, the year-on-year growth for Poland as a whole was 8 percent in the secondary and 11 percent in the primary residential market. Interestingly, second-hand flats were more expensive in four provincial cities. If we look at the data from all sales listings on Otodom, the average price per sqm in secondary market flats is lower than that for the primary market. In November 2022, it amounted to an average of PLN 10,300 per sqm in the primary market and PLN 9,600 per sqm in the secondary market.
Difficulties in access to mortgages have resulted in properties selling more slowly. This is probably also the reason for the slight price adjustments.
"On an annual basis, the price increase of second-hand flats was as high as 8 percent," Karolina Klimaszewska, the Otodom analyst, commented.
(WBJ)
