Prices of used apartments go up significantly. The worst in Krakow
As much as 36.5 percent average transaction prices of used apartments in Krakow increased during the year – according to a report by Metrohouse and Credipass. In the capital, prices went up by almost 30 percent, and in Łódź by over 20 percent.
PLN 15,463 – this is the average price you had to pay in the first quarter of this year for a square meter of a used apartment in Warsaw. That's 29.6 percent. more than in the same period last year.
Preliminary data from the report “Metrohouse and Credipass Barometer”, quoted by “Rzeczpospolita”, indicate that the average total price of premises purchased in the capital is PLN 849.5 thousand. PLN, and the average area is 56 square meters.
Prices of used apartments go up. Record in Krakow
Second place in the ranking goes to Kraków, where the average transaction price per square meter in the last quarter was PLN 13,700. In this case, however, there was an increase of as much as 36.5%. compared to last year, which gives the former capital of our country the position of an infamous record holder. The average total price of an apartment in Krakow is PLN 648,000. PLN, and the average area is 48 square meters.
Rounding out the podium is Gdańsk, where in the first quarter of 2024, customers paid an average of PLN 11,805 per square meter. In this case, we are dealing with an increase of 12.8%. compared to the beginning of 2023. The average total price of the premises is PLN 478.2 thousand. PLN, and the average area is 40 square meters.
The next places are taken by Wrocław and Łódź (PLN 10,815 and PLN 7,650, respectively). In the capital of Lower Silesia, the increase was relatively small, by 6.1 percent, while in Łódź prices went up by just over 20 percent.
Smaller quarterly increases
On a quarterly basis, the price increase in Warsaw was 3.6 percent, and in Krakow, used apartments increased in price by 1.3 percent. In Gdańsk, however, we experienced a decline of 1.6%. They also fell by 3.5 percent during the quarter. second-hand apartments in Wrocław. In Łódź, prices went up by 2.1%.
The authors of the report emphasize that after a series of significant increases, the first quarter of 2024 brought some stabilization on the secondary market. However, buyers of second-hand premises cannot count on large discounts. According to Metrohouse expert Marcin Jańczuk, people planning to buy an apartment in the coming months will become more active in the second quarter.
– Decisions about entering the market may be accelerated by more precise assumptions of the new loan subsidy program – predicts Jańczuk, quoted by “Rzeczpospolita”.
The government program “Mieszkanie na start” is to be launched in the second half of this year. Andrzej Łukaszewski, a financial expert at Credipass, points out that the initial assumptions of the program indicate that it will be completely different than the “Safe 2% loan” which expired at the turn of the year.
– It may not cause such a revolution on the market as its predecessor – says Łukaszewski. – Despite this, everyone is afraid of another wave of property price increases, which may not be able to keep up with bank algorithms for calculating customers' creditworthiness – he adds.
