According to the head of the NBP Department of Economic Analysis, there is no speculative demand on the real estate market in Poland. This is the main conclusion from the financial stability report prepared by NBP. In our opinion, although it is right on the scale of the entire real estate market, this cannot be said about the developer housing market.
the smallest dwellings disappear the fastest
In recent months, the norm is that when developers start selling in new investments, studio apartments or the most attractive compact apartments disappear from the very beginning. They are usually bought by investors who are guided by speculative and investment motives. This applies especially to apartments with distant delivery dates. This phenomenon manifests itself, for example, in such paradoxical situations when new investments debut at the housing fair, and the most attractive from the point of view of demand, the smallest and compact apartments are no longer available (sold or booked). Therefore, one cannot ignore this factor when describing the current situation on the housing market.
Despite the balance, tensions are rising
As the aforementioned head of the NBP department told PAP, the report on financial stability shows that the real estate market is in balance, although tensions are rising on it. The price increases that we observe in recent months are explained by NBP economists with strong increases in production costs, and imposition higher costs by developers to their clients is indicated as the main reason for price increases. According to the expert, the current price level is not significantly higher than the level at the peak of the previous business cycle (about 10 years ago).