Three months after the launch of the Safe Credit 2% program, experts analyzed its impact on the housing market. In their opinion, some developers started playing trick-or-treating with their clients, consciously hiding apartments at the lowest price in order not to sell out all those they currently have.
October 3 marked three months since the launch of the government’s Safe Credit 2% program. The program and its impact on the housing market were discussed during the Housing Day at Bankier.pl.
Safe Credit 2%. after three months
Robert Chojnacki, CEO of REDNET Property Group, pointed out that after implementing the program, developers started playing tricks with customers. – Some developers consciously began to hide the smallest apartments with the lowest total price in order not to sell out all they currently have. This is a kind of gamble, but it happens because developers are aware that prices may be even higher – says Chojnacki, quoted by Bankier.pl.
The expert emphasizes that developers also want the apartments to be sold evenly – both the smallest apartments (from the so-called popular segment) and the largest apartments were sold at a similar pace. In his opinion, we will face “at least half a year of large supply imbalance, but later the supply will be found.” – Developers will always complain about supply, but – although the project cannot be created overnight – they can always pull out new investments up their sleeve – emphasizes Chojnacki.
Marcin Jańczuk, CMO of Metrohouse, emphasizes that the decline in supply is also felt on the secondary market. – Our data shows that demand on the housing market has doubled compared to last year. The number of offers on the secondary market also decreased. On average, this is a decrease of 6%. on an annual basis, but in some price segments and in some cities the supply decreased by several percent. The biggest shortage is apartments with an area of 40 to 60 square meters, which are the most popular premises. There is a lack of such apartments on the primary market, and if they exist, they often have long completion dates – says Jańczuk.
Data from the Polish Bank Association (ZBP) show that the number of applications for Safe Loan 2%. has already exceeded 50 thousand So far, however, banks have signed less than 15,000. credit agreements. ZBP representatives explain that the number of actual applicants is lower because many of them submitted applications to several banks at the same time.
Will there be a flood of applications?
Experts predict that the end of the year will be marked by an influx of applications for the 2% Safe Loan. – There is a psychological factor at work here. There is more and more talk about limits under the 2% Safe Credit. Therefore, at the end of the year, the second wave of applicants will include those who want to take out a loan for fear of exhausting the subsidy limit – says Marcin Jańczuk.
Minister of Development and Technology Waldemar Buda said yesterday in an interview for Radio Plus that this year everyone interested in a loan will be served, and next year the government intends to “add more”. – At the end of the year, we will update these values and add funds. The Prime Minister said that in 2024 we will rather adjust this limit to the number of interested parties – said the head of the Ministry of Development and Technology.
When asked whether, for example, next spring it will turn out that the pool allocated for the Safe Credit 2 percent exhausted, Buda replied: – NO. This is dedicated to a very narrow group, the group that wants to buy their first apartment. Such a program should always be in force.