The value of residential loans in Poland surged by 66.9% year-on-year in July 2024, reaching PLN 6.98 billion, according to the latest data from the Credit Information Bureau (BIK). On a month-on-month basis, this represents a 12.3% increase.
The volume of housing loans issued also saw a significant rise, with 16,600 loans granted in July 2024. This marks a 48.8% increase compared to the same month last year and a 12.6% rise from June 2024.
From January to July 2024, the total number of housing loans granted reached 128,500, an impressive 93.8% increase compared to the same period in 2023. In terms of value, these loans amounted to PLN 53.53 billion, a staggering 127% increase year-on-year.
“The substantial growth in loan value compared to the number of loans indicates that customers are taking out higher loan amounts, likely due to the purchase of more expensive properties as a result of persistently high market prices,” commented Sławomir Nosal from BIK.
Nosal also noted that improved creditworthiness is enabling borrowers to secure larger loans. In July 2024, the average housing loan amounted to PLN 420,000, which is 12% higher than the average loan amount recorded a year ago. Additionally, by the end of July, 179,000 people had taken advantage of the new credit holiday terms introduced on 1 June 2024, covering 107,000 housing loans worth PLN 31.7 billion.
This sharp rise in residential loans reflects both a strong demand for housing and an ongoing trend of rising property prices in the Polish market.
Source: BIK and ISBnews
