“I’ve never encountered anything like this in the real estate market. 18-20 year olds who are complete newbies to real estate are calling me and want to make a booking right away before they even look at them,” he wrote. Radosław Chodkowski, investor and founder of the blog “Humanista na dziennik” on X.
Secured credit 2%. “Panic buying of anything begins”
He referred to the government loan program. We read: “There is panic buying of anything as long as the 2% safe credit is in effect. An interesting end to the year is coming.”
Credit broker Łukasz Sroczyński reacted to his entry. “I’m also getting more and more phone calls asking when I need to apply to qualify for the 2% Secured Loan,” he wrote.
“Do we expect a second wave of 2% safe credit at the end of the year? October was quieter, also in terms of developer sales,” Andre Bragnar, an economic analyst and journalist, noted.
Poles jumped on safe credit by 2%. Real estate prices are rising significantly
Apartment prices in Poland have increased significantly due to several factors. The most important of which is Safe Credit 2%. And reduce interest rates. The latest report of the RynekPierwotny.pl portal shows that in August the value of a square meter in Warsaw reached PLN 15,000. PLN, after a month 16 thousand. Zloty. However, in October, this value practically did not change.
At the same time, there was a sharp decline in new apartment sales. In Poznań, the decrease was 65%. Compared to September, in Warsaw by 17 percent. The exception in the statistics was Tricity, where sales increased, rather than decreased, by up to 44%. The average price per square meter for apartments offered by development companies also increased. This happened because in September developers delivered a large batch of affordable apartments there, effectively bringing down the average price per square meter. This led to increased sales in October. The same measure led to cheaper apartments disappearing from the market and being replaced by more expensive apartments, the average price of which was about PLN 15,000. Polish złoty per square metre.
However, as the Association of Polish Banks (ZBP) noted in this year’s edition of the “InfoKredyt” report, in September banks granted a total of 9,316 secure loans at 2% interest. (51% of total loans granted) in the amount of PLN 3.744 billion (52% of total loans granted). This month banks and credit unions sent inquiries to BIK Bank about home loans with a 248.8% higher amount. Compared to September 2022. But since July, 78,000 applications have been submitted. Loan applications, which have already resulted in 30.4 thousand deflation. The average loan amount is PLN 397.3 thousand. Polish złoty as of November 2, 2023.
The InfoCredit report indicates that the increase in demand for apartments, thanks to the better availability of housing loans to a wide segment of people, while not simultaneously increasing the supply of real estate, is the main reason for the increase in the supply of real estate. Prices in the market. Since the announcement of the 2% Secure Credit Program in mid-December 2022, apartment prices have been rising month after month.
The largest increase in the average transaction price was recorded in the second quarter of 2023 in Warsaw (2.84%). The average transaction price here was PLN 12,036 per square meter. Slightly smaller price increases were recorded in Wrocław (by 0.73%) and Łódź (by 1.01%). In other cities, slight decreases in average prices were recorded: in Gdańsk by 1.83 percent, in Poznań by 1.61 percent, and in Kraków by 0.24 percent. (Up to PLN 9,504 per square metre, PLN 7,922 per square metre, and PLN 10,197 per square metre, respectively).
An economic expert suggests a solution. “The idea is to create an offer for those who earn less.”
On Wednesday in “Studio Biznes,” economist Hubert A. Janiszewski of the Polish Business Roundtable suggests that safe credit is 2%. It caused housing prices to rise. – As the cost of the land on which the building is built is about 20 percent. The value of the entire facility, if we try a solution in which the municipality obtains permits for the developer on the condition that it is 20 percent and he said that the apartments will be delivered. According to the economist, the municipality can rent these apartments. – The idea is to create an offer for those who earn less and for those who never intend to buy their own property. Hubert A. Janiszewski said that after some time, there may be a takeover option.
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