In the secondary market, prices remain high but relatively stable. Of the 7 most important markets, the largest price increase occurred in Katowice. In other cities, changes did not exceed 10%. However, over the past 10 years, the price per square meter of an apartment has risen the most in Gdansk (+170%), and the least in Poznan (+108%).
Offer prices for apartments from the secondary market month by month record small increases or decreases. In November 2024, an average square meter of an apartment cost approximately 18.6 thousand PLN in Warsaw, close to 16.8 thousand PLN in Krakow, 15.8 thousand PLN in Gdansk, about 13.7 thousand PLN in Wroclaw, 11.7 thousand PLN in Poznan. In Katowice and Lodz, the prices of apartments are 9.5 thousand PLN/sqm and 8.6 thousand PLN/sqm respectively.
On a monthly basis, price changes did not exceed 1%. However, compared to November 2023, a double-digit increase was recorded only in Katowice (+15%). In other cities, increases are at a single-digit level and range from about 6% in Gdansk and Lodz, through 7-8% in Poznan, Warsaw and Krakow, to 9% in Wroclaw.
According to data from Otodom published on the bankier.pl website in 2014, the price per square meter of second-hand flats in 10 years in Warsaw, Krakow and Gdansk increased by about 10,000 PLN, in Wroclaw by 8,000 PLN, in Poznan by 6,000 PLN, and in Katowice and Lodz by 5,000 PLN.
Smaller markets
On smaller markets, a square meter of an apartment from the secondary market is most expensive in Gdynia (14.3 thousand PLN), Rzeszow (10.8 thousand PLN), and Lublin and Bialystok (10.3 thousand PLN). On the other hand, the cheapest apartments can be found in Bytom (4.3 thousand PLN/sqm), and then in Wloclawek, Zabrze and Ruda Slaska, where the average cost does not exceed 6 thousand PLN/sqm.
In a month, the biggest change occurred in Zabrze and Tychy, where apartments became more expensive by 2%, and in Plock and Bytom, where prices fell by 2-2.5%. Year on year, prices have risen the most in Radom, Plock, Tychy, Rzeszow and Gliwice (+13%).
Offer in the secondary market
The November offer of apartments from the secondary market on the Otodom website in all 18 provincial cities was larger than a year ago. The number of ads increased the most in Warsaw (+69%), Poznan and Krakow (+60%) and Wroclaw (+55%). Increases in the range of 40-50% are noted in Lodz, Rzeszow, Gorzow Wielkopolski and Opole. On the other hand, on a monthly basis in all cities – except Rzeszow, Opole and Gorzow Wielkopolski, where the offer increased a little – there were drops, including the biggest drop in Olsztyn and Szczecin (by 7-8%).
In the remaining of the 39 analyzed cities, the annual offer increased the most in Kalisz and Plock – by 97% and 86% respectively, and fell in Radom – by 10%. On a monthly basis, the biggest increase was in Plock (+13%), and the biggest decrease in Elblag (-13%).
In November, similar to the previous month, most ads on the Otodom website concerned apartments in the amount of 5-8 thousand PLN/sqm., and then those for 12-15 thousand PLN/sqm. In terms of the number of rooms, 2-room (40%) and 3-room (37%) apartments dominated.
Demand for apartments
Among all 39 analyzed cities, the number of searches for secondary market apartments on the Otodom website, year on year, increased in Lodz, Bielsko-Biala, Olsztyn, Zielona Gora, Koszalin, Legnica, Wloclawek, Kalisz and Plock. In other cities, interest dropped – most, by over 55%, in Walbrzych, Rybnik and Ruda Slaska. In Krakow, Poznan, Wroclaw and Katowice by 20-25%, and in Warsaw and Gdansk by 16-18%.
The number of apartment rental searches m/m was higher nearly in each of the analyzed cities in the previous month. Currently, in most cities drops dominate – in a month, interest dropped the most in Gorzow Wielkopolski (by 22%) and Plock, Wloclawek and Olsztyn (by 15-16%). Zabrze, where the number of searches increased by 36% in a month, is an exception. Of the 7 main markets, Krakow (+4%) and Warsaw (+2%) also record an increase.
Analysis of the secondary market indicates that the end of 2024 will be calm and without major revolutions. Although high apartment prices still deter, it may be comforting for buyers that the price dynamics in annual terms are falling.
Source: https://managerplus.pl/stabilizacja-cen-na-rynku-wtornym-katowice-z-najwiekszym-wzrostem-gdansk-liderem-dekady-62923
