Apartment prices in Warsaw are up again. Customers are looking for premises on the outskirts of the city

Students return to cities.  "Don't ask or you will lose the casting for an apartment" vs.  "I need to know who I'm giving the keys to"

Apartment prices in Warsaw, both on the primary and secondary markets, are constantly evolving. The government program increased interest in buying your own M, and prices skyrocketed month after month. You have to pay dearly for the prestige of an apartment in the capital – say clients who are looking for cheaper apartments on the outskirts and in towns near Warsaw.

“I am selling an apartment in Górny Mokotów. Price PLN 17.5 thousand PLN per square meter. – the announcement of this content appeared on the website of one of the Warsaw real estate agencies. Agents did not have to wait long for a response from customers. – Our phones rang non-stop for several days. Within three hours we received dozens of e-mails asking to book an apartment. Customers were guaranteed instant purchase of real estate for cash – says a representative of the sales agency.

Sale of apartments in Warsaw. Customers are looking for price opportunities

Even though the rest of the ad contained information that the two-room apartment was intended for renovation, potential customers did not intend to give up purchasing this property. Many of them started the conversation with a question: is there an error in the offer? They couldn’t believe that they could buy an apartment in an old tenement house at such a bargain price, located in a prestigious location, just three hundred meters from Śródmieście.

“Why is the price of an apartment in such a location so low?” – they asked. – The heirs wanted to sell quickly and divide the money – explains the broker. For similar premises in the neighborhood you have to pay at least PLN 20,000-23,000. PLN per square meter Modern apartments are much more expensive, their prices often range from PLN 30,000. PLN per square meter

Apartments in Warsaw. Prices depend on the prestige of the district

Mokotów is one of the most prestigious districts of Warsaw. However, for many people, buying an apartment in this part of the capital remains an unfulfilled dream. The obstacle is the very high prices of apartments. The estimated price per square meter for this district has increased by 12.53% since the beginning of the year. “The average expiration time for a sales offer is 90 days” – this is according to the price report of SonarHome. This month, the number of available real estate offers on the market decreased by 4.79%. compared to the previous month – say the authors of the study.

However, according to intermediaries, location plays a key role here. “Mokotów is not equal to Mokotów” – they add. Therefore, the prices of apartments in Górny Mokotów differ significantly from the prices of apartments in Wierzbno, Służewiec or Dolny Mokotów. The cheapest way to buy an apartment is in a large housing estate, i.e. in the so-called housing estates from the previous era.

Cheap apartments quickly find buyers

However, an important factor here is the technical condition of the property, and the offer prices differ significantly from the actual sales amounts. Premises priced at PLN 13,000-15,000. PLN per square meter, but intended for renovation or general renovation, are selling like hot cakes. An offer that is posted online in the morning may no longer be valid in the afternoon. A similar price list for apartments as in Mokotów can be found in neighboring Ochota, Wilanów or the equally prestigious Żoliborz. Other districts are also expensive, especially those housing estates that boast a subway system. Therefore, Wola and Ursynów took further places.

The most expensive district in Warsaw has been Śródmieście for years. The average price per square meter in the center of the capital is unrivaled. On paper it is 19 thousand. PLN per sq m, it is almost PLN 4,000 higher. PLN higher than the average price in the city in general. And here too, changes are visible not from quarter to quarter, but from month to month. The latest analyzes show that in July this year the average price per square meter of a developer’s apartment in Warsaw was PLN 14.7 thousand. zloty. Now you have to pay PLN 15,400 for the same apartment. zloty.

The average price of an apartment in Warsaw is almost PLN 800,000. zloty

Both developers and real estate agents repeat like a mantra that prestige has its price and must cost a fortune. The average value of a flat in Warsaw is currently PLN 779,000. zloty. Buyers have a different opinion, claiming that the prices of apartments in prestigious districts of the capital are astronomical and unattainable for most customers. In their opinion, there are no economic reasons for housing prices to continue to grow at such a rapid pace.

Many expected that a significant drop in apartment sales this year would be a warning signal for developers. The results for the first half of the year clearly indicated that the sales boom on the real estate market was already behind us. Looking only on a quarterly scale, we can see an almost ten percent decline. Many people were waiting for the government’s Safe Credit 2% program to decide to buy a flat, which came into force at the beginning of July.

Apartments in Warsaw. Instead of price reductions, there are price increases

“It was supposed to be cheaper, but it is more expensive. What’s going on with these housing prices?” – Internet users wonder on social media. Apartment prices have skyrocketed. In many Polish cities they are the highest in history. – Nowadays, the real estate market in Polish agglomerations is a hotly debated topic. Apartment prices, both on the primary and secondary markets, are constantly evolving, which makes the decision to buy an apartment more and more complex. – says Paweł Podgórski, Lendi loan expert.

Cheap credit and low interest rates came to the rescue of investors. – Another key issue is the government’s decision to introduce an initiative to help borrowers in 2023, which is an important factor influencing the real estate market. – says Paweł Podgórski. – This program offers financial support for people planning to buy a flat, especially for those who use mortgage loans – he adds.

Customers are looking for cheaper apartments. Such premises are located on the outskirts of the city

The expert points out that the government initiative includes subsidies for loan installments, which can significantly reduce the monthly costs associated with purchasing an apartment. In his opinion, this is an encouraging offer for both singles and married couples with children. However, the program has its limits and restrictions, which complicates matters for people looking for an apartment in Warsaw.

Loan amount of PLN 500,000. PLN for singles and PLN 600,000 PLN for married couples or couples with a child do not allow you to choose an apartment in your dream district, but where the statutory requirements are met. This includes your own contribution, which cannot exceed PLN 200,000. PLN, a single person can purchase a property not more expensive than PLN 700,000. zloty. It’s hard to find a studio apartment in Ochota or Mokotów for this amount. In the case of families, the amount at stake is up to PLN 800,000. zloty.

There is another option that young people want to use, but even here they encounter obstacles that are difficult to avoid. – In the second borrower support program, price limits per square meter were introduced. They are an important element of the Family Housing Loan program. These price limits are intended to control real estate costs – says Paweł Podgórski.

Apartments in Warsaw. There are restrictions and price limits

The price per square meter on the primary market in Warsaw cannot exceed PLN 11,824. In turn, the price per square meter on the secondary market cannot exceed PLN 10,979. Apartments at these prices per square meter can be found in only a few districts of the capital. Buyers do not hide their concerns regarding the announcement of further increases in real estate prices.

“There was supposed to be an apartment in Mokotów, but it will be in Białołęka” – wrote Mr. Adam on one of the forums. He noted that he was counting on a significant drop in prices, and now he can afford to live in two extremely located districts of Warsaw. Other forum members comment in a similar tone. They list not only the capital’s districts, but also towns near Warsaw, where you can still buy a two- or three-room apartment for a relatively normal price.

Wesoła, Rembertów and Białołęka. These districts have the cheapest apartments

The cheapest districts of the capital include Wesoła and Rembertów. Apartments in this part of Warsaw cost on average PLN 9,000 – PLN 9,600. PLN per square meter surface and join the government program. The cheapest way to buy an apartment is in Stara Miłosna. You can pay up to PLN 8,500 for a two- or three-room apartment. PLN per square meter However, these areas are not chosen first by apartment buyers in Warsaw. Single-family buildings predominate there.

Another cheaper district is Białołęka, very popular among young people, but somewhat distant. During the morning or afternoon traffic rush hours, the journey from the left-bank districts takes forever, and getting stuck in traffic jams is already standard.

The advantage for many people is much cheaper apartments. The price per square meter is PLN 10.4 thousand. zloty. In this district, buyers can choose from offers on both the primary and secondary markets. Wawer was third on the podium. The district located on the right bank of the city offers much fewer premises than the above-mentioned Białołęka. Buyers can purchase apartments here at an average price of PLN 10.49 thousand. PLN per square meter

Targówek and Ursus are also on the radar of customers

The next places were taken by Targówek (PLN 10.9 thousand) and Ursus (PLN 11.08 thousand). Both in both of them there is a very rich offer of apartments on the secondary market. In turn, Ursus attracts with new buildings that are being built on the premises of the former Ursus Mechanical Plant, which has been producing tractors for many decades. Now, as developers assure, a large town with several dozen thousand inhabitants will be built there.

What if not Warsaw? Where else is it worth buying an apartment? Which towns or towns near Warsaw do you recommend to live in? – are asked by Internet users who expect to buy cheaper real estate. The top ones include: Ząbki, Piaseczno, Piastów, Józefosław, Marki, Łomianki, Ożarów Mazowiecki and Otwock, located slightly further away. The closer to Warsaw, the more expensive the apartments are. However, prices vary greatly. Apartments in Ząbki can usually be purchased for PLN 8,500. PLN per square meter There are also offers that range around PLN 13,000. PLN per square meter surface.

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