The Polish property market grew exponentially between 2002 and 2008 but slumped for the following 6 years, with a much weaker sales volumes leading to falling prices.
However, Poland is the only European country to avoid recession during the global financial meltdown of 2008. After the crisis, the real estate market continues to develop, although more slowly than in the past.
Property prices in Poland vary depending on the city, with Warsaw traditionally the most expensive. The following is a list of average apartment prices per square metre (2010):
Warsaw – 8,200 PLN
Cracow 7,100 PLN
Gdańsk, Gdynia, Sopot, Poznań and Wrocław – 6,600 PLN
Łódź – 5,500 PLN
Other popular areas for buyers are the mountains and the seaside.
It is predicted that property prices will increase in 2015, given Poland’s plans to Poland join the Euro currency zone before 2018.
The record-breaking number of sales on the primary residential market in Poland in 2014 was a result of low interest rates and the government program, Accommodation for the Young.
The good economic performance of the residential market in 2014 gave rise to a large number of land sales for residential projects. It also made the investors more likely to participate in joint-venture projects. The increasing demand for new apartments led to interest from people previously known for investing in office projects.