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. This marks the first annual drop in primary prices since 2014 and in secondary prices since 2016.
Why It Matters
The decline in housing prices is significant as it reflects a shift in the Polish real estate market, which had previously seen rapid price increases driven by a robust economy and a state-backed mortgage subsidy scheme. The simultaneous drop in both primary and secondary markets has not been observed since the second quarter of 2013, indicating a potential change in market dynamics.
What’s Next
As Poland navigates this new phase in its housing market, stakeholders will be closely monitoring the implications of these price changes. The decline may influence future housing policies and investment strategies, particularly in light of the previously soaring prices that characterized the market from 2023 to 2024.