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Poland defies EU housing trends with surging sales and prices

2023 marked the second consecutive year in which the majority of reporting EU countries registered drops in the number of housing transactions. Poland was one of the few countries to record an increase.


◾ According to Eurostat, 13 out of the 16 EU countries for which data are available noted an annual drop in the number of housing transactions last year. 

◾ The largest decrease was recorded in Luxembourg (-43.3% y/y). Finland experienced a drop of -24.5% y/y in 2023 and -16.6% y/y in 2022. 

◾ In contrast, increases were registered in Cyprus (+31.0% y/y), Poland (+3.9% y/y in 2023 vs -8.2% y/y in 2022), and Ireland (+0.6% y/y).


The chart below presents data for more European countries.




House prices


At the same time, Poland recorded one of the highest increases in house prices (+8.8% y/y) in 2023. The EU average was -0.3% y/y. In Finland, house prices fell by -5.7% y/y last year.


In the first quarter of 2024, housing prices in Poland increased by 18% y/y, marking the highest rise in the European Union for the second consecutive quarter.



Home loan applications


In June 2024, a total of 27.45 thousand potential borrowers applied for home loans in Poland, marking an annual increase of nearly 25%. The value of housing loan applications rose by 51.8% y/y last month. 


The average value of a home loan applied for in June 2024 was EUR 104.03 thousand, reflecting a 15.9% increase from June 2023.


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Sources:



 

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