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Covid-19 didn’t stop the rise in housing prices

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Ten post dostępny jest także w języku: polski

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.

wykres GUS ENG
Source: GUS

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 .

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