Real estate prices at a fork. Government implements predecessors’ idea

A year and a half ago, the then Minister of Development, Waldemar Buda, announced the creation of a central register of housing prices, which would include transaction prices, i.e. those that the buyer actually paid to acquire the property. The Minister explained that this would be a way to reduce prices by a few percent, because today buyers do not fully know how much properties with specific parameters in specific locations really cost. Lack of knowledge results in them accepting unfavourable offers.

In the meantime, the government has changed – but so has the situation on the real estate market. We analyze it in this text.

Real estate sales price register

The current management of the Ministry of Development and Technology has not rejected the idea of ​​creating a register. The government wants to adopt a draft law in the fourth quarter on the creation of the DOM Portal, containing current data on transaction prices of apartments and single-family houses in Poland.

“By providing universal access to current and reliable statistics on transaction prices of apartments and single-family houses in Poland, it will allow people looking for an apartment to compare market offers with real transaction prices on the local market, and consequently facilitate making purchasing decisions. The planned source of information on transactions on the housing market will also be helpful for business entities, including developers, because it will facilitate rational planning and parameterization of housing investments,” it was written.

Information from three sources

Data will be obtained from three sources. Firstly, data from the primary market regarding contracts for apartments and single-family houses covered by the obligation to maintain a housing escrow account, obtained from professional entities obliged to report data to the Register of the Developer Guarantee Fund.

Data from the primary market will also be published regarding contracts for the sale of residential real estate not subject to the obligation to maintain a residential escrow account, obtained from professional entities not subject to the obligation to report data to the register.

Finally – data from the primary and secondary markets provided by the Head of the National Revenue Administration based on information resulting from notarial deeds reported by notaries.