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Real estate market in Poland - statistics & facts

The coronavirus (COVID-19) pandemic changed demand on the real estate market in Poland. The retail and office property segment were affected the most by the market crisis. The demand for residential real estate has also changed. Before the pandemic, the most sought-after properties were apartments for rent or sale.

Residential market

The residential sector in Poland is still stable and safe for investing capital. Despite rising inflation and increasing housing prices on the market, the demand for residential real estate remained high. The low NBP reference rate and unabated supply in the market resulted in growing interest in housing loans. In April 2021, demand for mortgage loans noted a record growth.

In 2020, more than 220.8 thousand apartments were built, and more than 828 thousand were under construction. The value of sales on the real estate market amounted to over 143 billion zloty. Poles were most willing to buy two- and three-room apartments. In the primary market, the most popular units had an area between 40 and 80 square meters. On the other hand, the secondary market was characterized by increased demand for smaller apartments, up to 60 square meters.

The COVID-19 pandemic did not lead to reductions in housing prices, and the continued high demand for residential real estate accelerated their growth. By the end of 2021, residential prices increased by over 12 percent on a year-on-year basis, with primary-market dwellings showing an increase of over 11 percent. In March 2022, in three cities (Warsaw, Gdańsk, Kraków), apartment prices in both the primary and secondary market exceeded the 11 thousand zloty per square meter barrier.

Commercial market

Unlike residential real estate, the commercial market was dominated by the COVID-19 pandemic. The sectors most affected by the pandemic were office and retail real estate. The reduction in trade and the shift to remote working caused significant losses in these sectors. The value of commercial real estate investments fell by more than 66 percent in 2020. The following year, the market slowly began to recover and investment values increased by nearly 37 percent.br>
Warsaw has the largest share of the office market in Poland. In 2020, nearly 556 thousand square meters of space were under construction. Poland's capital city was characterized by the highest supply of office real estate and a relatively low vacancy rate. Warsaw was also the most expensive city in terms of lease price. One meter of office space cost from 12.5 to 24.5 euros in 2021.

The sector most resilient to the adverse economic effects of the pandemic was industrial real estate. Changing consumer habits and the shift from traditional to online shopping helped the industry survive this difficult period. The trend of nearshoring and last-mile logistics will contribute to the further development of the warehouse market in Poland.

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