Polish developers see rush of buyers fearing apartment price hikes

Developers' offices are experiencing a significant influx of clients, as potential buyers rush to secure new apartments amid growing fears of price hikes. July saw a notable surge in sales across Poland's major cities, with Poznań experiencing a particularly dramatic rebound. After a weak June, sales in Poznań more than doubled in July, although analysts caution this reflects a return to normal levels rather than a sustained boom.

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The scale of the rebound is impressive, but it must be remembered that June was exceptionally weak on the Poznań market.

Similar strong growth was observed in the Tricity area (Gdańsk, Gdynia, Sopot) and Katowice, where monthly sales of new apartments increased by nearly 50%. Warsaw and Kraków saw more modest results, with slight decreases in sales. This heightened activity appears linked not only to financing conditions but also to a palpable anxiety among buyers about future price increases.

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Growing sales of new apartments may be related not only to financing conditions but also to customers' growing fear of price increases.

Robert Chojnacki, founder and vice-president of Tabelaofert, noted that while politicians assure the market is stable with a wide supply of units, buyers remain uncertain. A recent IBRIS survey for Tabelaofert indicated that 48% of respondents expected housing prices to rise, up from 38% in February. This fear, coupled with a lack of clear improvement in credit conditions, is prompting buyers to act now rather than delay their purchases.

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If the client does not see a clear improvement in credit conditions at the same time and fears that prices will be higher in a few months, postponing the purchase ceases to be an obvious strategy.

Chojnacki also pointed out that the average interest rate for new mortgages rose slightly from 5.9% in March to 6.1% in July. While a small increase, it signals to buyers that waiting for significantly better financing terms might not be a viable strategy. With a large inventory of ready-to-occupy apartments available, making up 25.6% of the total offer across seven major markets by the end of July, buyers can move in quickly and avoid paying rent.

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The client looks not only at the price of the apartment but also at the bank's offer. Further waiting does not necessarily mean better purchase conditions.