Record purchases of apartments for cash in Poland

In just three months, developers sold around 12,000 apartments worth almost PLN 5.5 billion for cash in seven major Polish cities, according to the latest NBP data. This is the highest reading ever.

The central bank showed its estimates on cash purchases of apartments in the last quarter of 2019. Therefore, this data is not yet disturbed by the impact of the epidemic.

If we ignore the money constituting own contribution when buying an apartment on credit, it turns out that at the end of 2019 the cash accounted for over two-thirds (67%) of the amount spent by Poles on new apartments in seven cities (Warsaw, Wrocław, Kraków, Poznań, Łódź, Gdańsk and Gdynia). It is also the highest result in the history of the study. If we also take into account the money that was used as our own contribution when buying an apartment for a loan, it turns out that cash was responsible for about 75 percent of those funds.

(WBJ)