Sales of new apartments in Poland’s seven largest markets totaled about 5,000 in April 2023, 50% higher than a year ago, according to Otodom Analytics.
April turned out to be the best month for developers since January 2022. Recovering demand in major cities contributed to the sale of about 5,000 units. This was almost 10% higher than in March and nearly 50% higher than in the same period last year. The recovery in the market is also confirmed by another month with a high number of new bookings. Potential buyers booked more than 2.9 thousand apartments in April, more than twice as many as in the summer of last year, for example, it was announced.
Otodom Analytics data also shows that April was the eighth of the last nine months in which developers sold more apartments than they brought to market. In Poland’s seven largest markets, the offer grew by 3,000 new units. This is 3.5% more than in March and the most since last November.
“There are several factors behind the spring revival, which translated into good sales results. First, we have seen interest rates stabilize for more than half a year now. In addition, the loosening of the FSA’s recommendation on creditworthiness examination rules has warmed up the mortgage market, which has directly affected sales. The upcoming 2% Safe Credit program is also not insignificant. Although it is supposed to start in the vacations, some potential borrowers are already reserving apartments today. What’s more, those who are not eligible for the program have also set out to buy, amid fears of fewer and fewer choices,” Otodom Analytics housing market expert Marcin Krasoń commented.
Apartment seekers in April could choose from 43,700 listings available in seven major markets. This is an increase of 1.3% year-on-year. April was the third consecutive month with a 3-4% drop in offerings, it was also reported.
The data includes markets in Warsaw, Krakow, Wroclaw, Tri-City, Poznan, Lodz and Katowice.
Source: Otodom Analytics and ISbnews
