The boom is only in Warsaw. The demand for new apartments is weakening

The new apartment market in Poland is clearly diversifying. Although not long ago it was assumed that sales would increase throughout the country, today it is clear that this scenario is actually taking place only in Warsaw. In other large cities, demand has slowed down, and some buyers are postponing purchase decisions.

– The sales results of development companies confirm our fears that after the revival in demand in March, the following months will be slightly weaker in this respect – admits Marek Wielgo, an expert at the RynekPierwotny.pl portal.

Additionally, financial factors influence purchasing decisions. The increase in the costs of fixed-rate loans and the decline in creditworthiness in the following months make some customers refrain from making purchases, even though the conditions are still relatively more favorable year on year.

Credit and uncertainty inhibit purchasing decisions

The real estate market is also influenced by geopolitical events. After the escalation of tensions in the Middle East, some people accelerated their decisions about purchasing apartments, fearing further changes in the financial market. However, data shows that this effect was short-lived.

According to information from the Rankomat.pl portal, mortgage loans with a periodically fixed rate began to become more expensive, and May was the third month in a row in which the creditworthiness of Poles decreased. Although it is still higher than a year ago, many potential buyers today choose a “wait” strategy.

As a result, only two markets – Warsaw and Tricity – recorded an increase in sales of new apartments. In the capital, the number of units sold increased from 1,442 to 1,488, i.e. by approximately 3 percent, and in the Tricity from 544 to 566, i.e. by 4 percent. month to month. In Warsaw, the result was also significantly higher than the average from 2025.

In other metropolises the situation was much worse. In Kraków, sales dropped from 670 to 579 apartments, in Wrocław from 574 to 561, in Poznań from 458 to 422, and in the Upper Silesian-Zagłębie Metropolis from 462 to 324 apartments. This means a clear weakening of demand outside the capital.

Developers are more cautious about new investments

The decline in buyer activity also translates into the activities of development companies. In most large cities, the number of apartments put on sale in May was lower than the monthly average for this year.

In Krakow, only 227 apartments were put on the market, which means a decrease of approximately 65%. relative to the average level. In Wrocław, there were 293 premises, i.e. approximately 69 percent more. less than average.

Against this background, Warsaw once again stands out for its scale of activity. In May, developers introduced 1,954 apartments there, compared to 919 in April, which shows a dynamic increase in supply. The capital remains the only market where both sales and new investments remain at a high level.

A large offer of apartments limits price increases

Despite the decline in sales, there is still no shortage of apartments on the market. In many metropolises, the offer is even increasing. In Warsaw, the number of available premises increased from 16.6 thousand. up to 17.3 thousand, and other large cities maintain similarly high levels.

In practice, this means that the upward pressure on prices remains limited. The oversupply of apartments means that developers are less likely to decide to raise rates, and in some cities prices remain stable or change only slightly.

– Warsaw still arouses the most emotions, where since the beginning of 2026 the average price per square meter has increased from almost PLN 18.5 thousand. PLN to nearly 20 thousand PLN, i.e. by approx. 8%. However, in May there was a slight correction – the average dropped by approximately PLN 100, to PLN 19.9 thousand. PLN per square meter. However, this was not the result of reductions in price lists, but of changes in the structure of the offer, says Wielgo.

The RynekPierwotny.pl portal expert also emphasizes that the differences between markets are becoming more and more visible. On an annual basis, Warsaw, Tricity and Poznań are recording increases, while in Łódź and parts of Upper Silesia prices remain stable or lower than a year earlier.