Apartment sales on the secondary market are falling slower than on the developer’s market. “Customers prefer a ready-to-live-in apartment, ideally with a garage”.
The last quarter of 2024 continues the difficult situation on the developer’s market across Poland. Experts speak of a real “nerve war” between sellers and buyers. On the one hand, the demand for apartments remains very high, but transactions are not completed due to high prices, relatively low credit capacity of Poles and hopes associated with government subsidy programs for real estate, which are still a big question mark. What does the situation look like on the secondary market?
Fewer offers on the secondary market. There are several reasons
In the last month, the prices of apartments on the secondary market have not really changed. The amplitude of price fluctuations in the largest cities usually does not exceed two percent. Experts admit, however, that many offers have disappeared from the market recently. This is due to stagnation and a lack of potential interested parties.
“The developer’s market in Poland has been experiencing significant problems in recent months due to the fact that Poles do not want to buy such expensive apartments. The number of transactions in some cities in the third and at the beginning of the fourth quarter of this year even fell by up to 70%. The situation on the secondary market is slightly better. Consumers see it as an alternative if they really want to buy an apartment and at the same time are looking for cheaper options. This means that the number of transactions has fallen less than in the case of developer investments, but at the same time there are fewer offers on the market,” says Mirosław Król, real estate market expert.
Offers disappear because sellers hope that in the coming months the economy may be better, which would result in price increases. At the moment, however, there is a certain stagnation visible on both the secondary and developer market, and there is no talk of significant price drops.
“That doesn’t mean that attractive offers don’t appear. There are cases when the prices of apartments on the secondary market have already fallen below 7 thousand PLN per square meter. But these are quickly spotted and sold out – admits Mirosław Król.
Superiority of the secondary market: equipped apartments, garage in standard and lower prices
As the expert adds, the argument for the secondary market is increasingly not only the price, but also… the equipment of the apartment.
“Buying an apartment from a developer costs more than buying on the secondary market, and you also have to pay for finishing which really raises already high apartment prices. I know people who chose apartments by coming to meetings with notebooks in which they wrote what is in a given apartment and what is not. They optimized costs this way. The superiority of the secondary market over the primary one is the possibility to find a ready-to-live-in apartment – adds Mirosław Król.
On the secondary market, two-room and larger apartments dominate.
“Studios started to be mass-produced only a dozen or so years ago. Previously, for one block there were a maximum of two small apartments, and the rest of the building was two-room or even larger. Therefore, in tenement houses, for example, you can find premises of even over 100 square meters. On the secondary market, clients also pay attention to a balcony, access to green areas, a garage or parking spaces nearby. Paradoxically, it’s easier to find these things in older buildings than with a developer,” admits Mirosław Król.
Source: https://ceo.com.pl/ceny-na-rynku-wtornym-nie-spadaja-ale-to-tam-klienci-kieruja-sie-chetniej-niz-do-deweloperow-33054
