The banks have run out of fuel. There are fewer and fewer loan applications, but there is also another change

In October 2024, 34.52 thousand people applied for a housing loan. people. In October last year there were 41.33 thousand of them. year, which gives a y/y decline of 16.5%. However, compared to September 2024, the number of people applying for a housing loan increased by 21.1%, BIK added. The average value of the requested housing loan, in turn, amounted to PLN 440.18 thousand in October 2024. PLN and was higher by 4.6%. than in October a year ago. However, compared to September 2024, it decreased by 1.0%, as reported by BIK.

It seems that the market has come to terms with the lack of a subsidy program

– The BIK Housing Loan Demand Index remains negative for another month in a row. The low base effect from the first half of last year has disappeared. We compare the current data with the high base of the second half of 2023, stimulated by the “Safe Credit 2%” Program. We can therefore expect a continuation of the negative reading of the Demand Index for housing loans in the following months of this year – explains Waldemar Rogowski, Ph.D., chief analyst of the Group BIK.

Rogowski added that everything indicates that the market has already come to terms with the lack of a new loan subsidy program.

However, the average amount of the loan applied for increased. In October this year it amounted to PLN 440.18 thousand. PLN – this amount is 4.6% higher than last year, but 1% lower than that in September. – This may be a harbinger of price stabilization on the real estate market — explained the chief analyst of the BIK Group.

What’s happening on the real estate market?

On Wednesday, we described the conclusions from the latest Housing Price Barometer prepared by the website Tabofert.pl. As the summary wrote, “the housing market is ruled by an invisible hand.” Lowering prices resulted in an increase in sales. New apartments are more expensive only where the choice of premises is smaller.

• Price drops in large cities: average prices of new apartments in 7 out of 17 cities in Poland monitored by the housing portal latkaofert.pl in October 2024 dropped. Price increases were recorded primarily in towns where new, more expensive investments were introduced for sale and where the number of available apartments on the market was relatively (taking into account the size of the urban center) lower.

• The increase in sales in developers’ offices reached 17.4%. Developers intensified promotional activities, which translated into buyers’ decisions. Customers started looking for apartments, especially in places where they could count on discounts and attractive offers.

• At the same time, we are observing increased interest in cheaper apartments. Buyers are looking for favorable offers, often choosing smaller apartments or locations outside large cities. Among apartments meeting these two criteria, a sharp increase in sales was observed in October – reaching 52.2%. It is therefore clear that buyers have stopped waiting for the announced loan subsidies and are focusing on attractively priced options.