Are you buying an apartment from a developer? Ready-made premises may be cheaper

Developers have a record number of completed apartments. There are almost 20,000 of them in the largest cities, and some of them cost less than the premises under construction.

In the largest housing markets in Poland, the number of apartments that can be picked up practically immediately is growing. In August, the premises already put into use accounted for over a quarter of the entire offer of developers. In some cities their share was even higher.

A record number of apartments ready for delivery

In the seven largest housing markets in August, developers offered approximately 71,000 sq m. apartments. Almost 20 thousand of them were already ready and put into use. This is the highest level since the end of 2019, i.e. from the beginning of the period analyzed by BIG DATA RynekPierwotny.pl.

– There has not been such a large number of completed apartments there during the entire analyzed period, i.e. at least since the end of 2019. This is the result of changes that have occurred on the market in recent quarters. Developers have launched a record number of new investments, which is why some of the apartments currently available for sale will only be ready in a few years. In the meantime, a large pool of completed premises has also accumulated on the market – says Marek Wielgo, an expert of the RynekPierwotny.pl portal.

The largest selection of ready-made premises was in Łódź, where there were approximately 4.2 thousand available. apartments. There were 3.6 thousand of them in Warsaw, 3.5 thousand in Kraków, 2.6 thousand in Wrocław, 2.4 thousand in Poznań, 1.8 thousand in Katowice, and about 1 thousand in Gdańsk.

Big differences can also be seen in relation to the entire offer. In Łódź, ready-made apartments accounted for 38 percent. all premises offered by developers. In Katowice it was 31%, in Kraków 30%, in Poznań and Wrocław 29% each, in Warsaw 20% and in Gdańsk 16%.

– This means that buyers no longer have to choose between quick collection and an attractive location or appropriate size. With such a large number of ready-made apartments, it is much easier to find a place that meets both your needs and financial possibilities – says an expert from the RynekPierwotny.pl portal.

A ready-made apartment does not have to cost more

Greater availability of ready-made apartments also changes the price relationship between apartments that can be picked up immediately and those that have to wait several years.

– In five of the seven largest metropolises, the average price per square meter of finished apartments is lower than that of premises whose construction has just started and will be completed in over two years – says Marek Wielgo.

This is most clearly visible in Warsaw. In August, completed apartments cost an average of PLN 19,700. PLN per square meter, while premises with acceptance more than two years away – PLN 26.2 thousand. zloty. For an apartment with an area of 50 square meters, the price difference would exceed PLN 320,000. zloty.

A similar situation occurred in Kraków. The average price of the finished premises was PLN 17.2 thousand. PLN per square meter, compared to PLN 20.7 thousand PLN in the case of apartments with the furthest collection date. In Wrocław it was 15.5 thousand respectively. and 24.6 thousand zloty.

Ready-made apartments were also cheaper in Gdańsk and Katowice. In the first of these cities, average prices were PLN 18.6 thousand. and 20.7 thousand PLN per square meter, and in the second one PLN 12.8 thousand. and 13.6 thousand zloty.

However, the relationship was not the same everywhere. In Poznań, you had to pay an average of PLN 14,300 for a ready-made apartment. PLN per square meter, compared to PLN 13.2 thousand PLN for the premises with acceptance in more than two years. In Łódź, prices were almost identical – PLN 11.6 thousand. PLN in the case of ready-made apartments and PLN 11.5 thousand PLN for premises with a long construction completion date.

– This is a very comfortable situation for the buyer. Just a few years ago, if you wanted to pick up an apartment quickly, you often had to accept a higher price or limited choice. Today, it turns out more and more often that an apartment that can be viewed and picked up almost immediately costs less than a place that exists today mainly in visualizations. In practice, this means that the buyer can save not only time, but also money, comments Wielgo.

You can check the apartment before purchasing

The advantage of a ready-made premises is not only the price. The buyer can see the apartment and its surroundings before signing the contract. You can check, among others: view from the windows, sunlight, distance from neighboring buildings or standard of common areas.

– No visualization will replace an actual visit to the estate. In the case of a ready-made apartment, the risk of disappointment is simply lower. For some buyers, time will also be important. A person who currently rents an apartment and waits two years to receive the new premises must bear the rental costs during this time. In the case of a ready-made apartment, this period can be significantly shortened – notes an expert from the RynekPierwotny.pl portal.

Sales data show that interest in such premises is growing. A year earlier, apartments put into use accounted for 18 percent. sales in the seven largest markets. Currently, their share reaches 32%. At the same time, from 57 to 45 percent. the share of apartments whose collection is more than half a year away has decreased.

In August, the share of ready-made apartments on offer was 40%. in Kraków, Katowice and Poznań, 37 percent in Łódź, 32 percent in Wrocław, 27 percent in Warsaw and 17 percent in Gdańsk.