Residential market in Poland – Q3 2020
Developers operating in largest cities in Poland sold 13,300 units, which is 94% more than in the previous quarter. Prices remained at the same level.
The numbers illustrating the primary housing market in Poland in Q3 are hardly thrilling. If we looked at them in isolation from the market behaviour during Q1 and particularly in Q2, we could say that they were simply three regular months in the market cycle. Developers sold almost exactly the same number of units as they put up for sale, so the number of units available for sale barely changed. Prices did not significantly fluctuate either. Since the inflation was close to 3% at the time, quarterly 1% increases might be perceived as a justified and moderate inflation adjustment.
Are these results a sign of upcoming stabilisation after a short period of turbulence, while the achieved scale of sales of new flats is the “new normal?” Or were we in the eye of the storm in the past quarter between one hurricane strike and another?
Answers to these questions depend primarily on the further course of the COVID-19 pandemic in Poland and the entire Europe. However, they are also connected with the behaviour of tens of thousands of Poles who still have enough money to buy new flats but are not sure if making this step in the upcoming months will be the best or the worst decision in their lives.
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