Covid-19 didn’t stop the rise in housing prices
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Poland registered a nearly 11% y/y increase in residential prices in Q3 2020, data from the Central Statistical Office (GUS) show. On an annual basis, a faster price growth was recorded on the secondary market than on the primary market.
In Q3 2020, a 10.9% y/y increase in residential prices was noted, while in quarterly terms, the increase amounted to 2%. In the primary market, price growth was much slower – by 7.2% on an annual basis, while in the secondary market by 13.7%. Compared to the average price for 2015, prices of residential units increased by as much as 37.1% in Q3 2020.
Compared to Q2 2020, the highest increase in prices of residential units was registered in the Mazowieckie Voivodeship – by 3.8%, as well as the Podkarpackie and Pomorskie Voivodeships. In turn, in the Opolskie, Świętokrzyskie and Lubuskie Voivodeships, a decrease in prices quarter-on-quarter was recorded, which in the Opolskie Voivodeship reached 4.2%.
When calculating residential price indices for 2020, the GUS assigned a weight of 57.6% to the secondary market and 42.4% to the primary market.
GUS and NBP data agree
Similar data was recently published by the National Bank of Poland (NBP). According to the bank, in Q3 2020, the secondary market saw a 1.6% q/q increase in flat prices. The highest increase, by 5%, was seen in the city of Lodz; the highest decline, by 10%, was recorded in Opole.
According to the National Bank of Poland (NBP), an average 10.8% increase in flat prices was recorded compared to Q3 2019, with the largest increase occurring in Łódź. The largest y/y decrease was observed in Zielona Góra, by as much as 8.8%, where the average transaction price was PLN 4,430 per m2. The highest prices were recorded in Warsaw – an average of 9,962 PLN per m2 .