The bargain price of the apartment: if it is less than the advertisement

These are the conclusions based on data published by the Polish National Bank for the first quarter of 2022. It turns out that the largest differences between the bid price (from the advertisement) and Transaction price (in the contract of sale) Occurred in Poznan – an average of 23.3 per cent. In practice, this means that buyers were able to reduce the price by an average of PLN 1,000. PLN 780 for square meters of the apartment.

Such significant differences may indicate that the initial expectations of sellers of used apartments during the presentation of the offer and final negotiations are subject to serious verification – writes Bankier.pl.

The difference in Krakow was 18.4%, an average of one thousand. 844 PLN per square meter of the apartment. In Warsaw, 16.7 per cent, equivalent to 1,000. 915 PLN per square metre. According to a Cenatorium report, the larger the apartment, the easier it is to get a lower bargain price.

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The portal reports that in the first three months of 2022, compared to the previous quarter, the average price in advertising in the secondary market of Wroclaw increased by 8%. Meanwhile, the average transaction price at that time grew by only 2.8%. This illustrates the stratification between sellers’ expectations and their property appraisal, and buyers’ expectations and possibilities.

Because you have to remember that Nine-month interest rate hike Affected the cost of mortgage loans, reduced creditworthiness and, as a consequence, limited lending. We also read “According to the data of the Central Bureau of Statistics, developers are responding to weak demand in the housing market, which may lead to the need to review price lists.”

In April 2022, construction of 11,000 units began. 95 apartments 15% lower than in March. But when we look at the data from April 2021, we find that the decline is close to 27 percent.