May 17, 2022

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The war in Ukraine has a strong impact on the Polish housing market: problems with workers on construction sites.

The war in Ukraine has a strong impact on the Polish housing market: problems with workers on construction sites.

Two weeks have passed since the military aggression of the Russian Federation on the territory of Ukraine, and this has already been reflected in the real estate market, a real test of what is happening outside our eastern borders. A very large part of the apartments disappeared from the rental market at that time, sales slowed down a bit, the construction industry had to deal with the sudden influx of workers from Ukraine, the currency and raw materials crisis and another increase in interest rates which of course will lead to an increase in real estate prices directly.

– At the moment, 1,330,000 people have come to Poland. Refugees from Ukraine, and there will be more of them. Each of them needs a roof over their heads. The Poles have opened their hearts, but the possibilities end somewhere, that’s why housing demand In a few months it will be very large, and rent prices will rise a little earlier – predicts Katarzina Torsk, managing director of RedNet 24, a company specializing in the sale of development apartments.

In addition, there is another jump in prices for building materials, which began with the war in Ukraine. After several months of continuous increases, prices of most building materials have risen to levels of around 30 percent. higher than in 2022, in February of this year. There was stability and, perhaps, had it not been for the war, prices would have only risen in line with the rate of inflation. Russian aggression against Ukraine, especially the later sanctions imposed on Russia and Ukraine, caused another sharp increase in prices, especially for materials traditionally imported from these countries: cement, wood, art. metal.

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The current situation is accompanied by uncertainty – the reality around us is very dynamic and unpredictable. Therefore, it is difficult to accurately estimate its long-term results. However, we can already see many elements that may affect the picture of the entire housing market in the future.