What Happened
Housing prices in Poland have experienced a year-on-year decline for the first time in over 12 years, according to new data from the National Bank of Poland (NBP). In the fourth quarter of 2025, average transaction prices per square metre fell by 0.8% in the primary market and 0.4% in the secondary market.
Why It Matters
This decline marks a significant shift in a market that had previously seen some of the fastest-rising property prices in Europe. The last time primary prices recorded an annual drop was in 2014, while secondary prices last fell in 2016. The simultaneous decline in both markets has not been observed since the second quarter of 2013.
What’s Next
As Poland’s housing market adjusts, experts will be monitoring the impact on the economy and potential changes in housing policy. The decline in prices may influence future investments and housing supply, especially in light of previous rapid increases driven by economic growth and state-backed mortgage subsidies.