Krakow is more expensive than Dubai. Apartment prices are breaking world records

According to Tuesday’s Puls Biznesu, real estate prices in Polish cities are growing the fastest in the world. According to an analysis by eXp Realty, conducted in 30 metropolises, Kraków recorded the largest increase in prices per square meter – almost 25%. on an annual basis. Dubai took second place with an increase of 19.4%, and Madrid was third, where prices increased by 18.9%.

Record price increases

Another Polish city also made it to the top ten. Warsaw took fourth place with an increase of 14.2%. – reports “Puls Biznesu”. Double-digit price increases were also recorded in Thessaloniki (11%), Barcelona (10.8%) and Abu Dhabi (10%). For comparison, in Los Angeles the increase was only 1.9 percent, in Sydney and Milan it was 1.6 percent, and in Rome, Delhi and Jerusalem it was around 1.2-1.5 percent. Minimal increases were recorded in Hamburg – only 0.3%.
In the seven metropolises analyzed, real estate prices fell. The largest reductions were recorded in Berlin (6.2%) and Paris (5.5%). In these cities, the market situation is much more stable, which distinguishes them from dynamically developing Polish agglomerations.

Experts emphasize that the Polish housing market is still struggling with the problem of a structural deficit of premises. There is a shortage of 2 to 3 million apartments, which is driving up prices.

Oversaturation with offers

However, despite the shortage of apartments, the market is beginning to feel oversaturated with offers. According to Otodom Analytics data, approximately 3.2 thousand were sold in November in seven main cities (Katowice, Kraków, Łódź, Poznań, Tricity, Warsaw and Wrocław). apartments. This means a 15% drop in sales. year to year.

The Polish real estate market remains dynamic, but its future may depend on adapting supply to the real purchasing possibilities of buyers.