Data collected over recent months by the Credit Information Bureau (BIK) indicates a rise in both the value of housing loan inquiries and the number of applicants seeking such financing. Simultaneously, the average requested loan amount is growing. As an expert from SonarHome.pl emphasizes, this paints a consistent picture of heightened borrower activity.
At the beginning of January this year, the BIK Housing Loan Demand Index was published, revealing real growth in demand for mortgages. In December 2025, the value of inquiries rose by 41.3% year-on-year, while the average requested loan amount reached PLN 487,770, marking a 9.7% increase compared to the previous year. Compared to December 2024, the number of applicants was also higher—nearly 33,500 versus 26,000 a year prior—representing a 28.8% year-on-year increase, despite a 9.6% month-on-month decrease in applicants.
“The observed rise in demand coincides with improved creditworthiness resulting from the cycle of interest rate cuts in 2025, as well as current real estate price levels. BIK highlights the impact of rate cuts and also points to wage growth as a factor supporting credit availability,” notes Anton Bubiel, a housing market expert at SonarHome.pl.
An additional element is worth noting: according to BIK estimates, refinancing existing loans may account for approximately 18% of current demand, driven by improved financing conditions. This refers to situations where borrowers originally took out loans on less favorable terms and now, seeing better offers, wish to transfer the loan to another bank. At the same time, even accounting for refinancing, it must be assumed that a significant portion of inquiries and new loans still relates to property purchases.
What does the future hold?
“Increased credit activity may translate into the real estate market by unleashing pent-up demand. People who held off on purchasing decisions over the past two years while waiting for government support programs may now be interested in loans. Households that previously lacked sufficient creditworthiness to finance a property purchase due to high interest rates may also become new bank clients,” says the expert from SonarHome.pl, a platform that enables users to find agents and value apartments.
At the same time, buyers are currently operating in an environment of high supply and a wide selection of properties. This translates into favorable negotiation conditions, as many sellers are showing signs of fatigue and a willingness to accept lower prices. On the other hand, buyers are aware that creditworthiness is increasing and that more people may become active in searching for and buying apartments.
In the coming quarters, we may observe a jump effect linked to the dynamic wave of rate cuts, materializing as higher creditworthiness and actual searches and purchases. If the cycle of cuts does not continue and rates remain at the current level, demand may gradually flatten, followed by a return to more normalized activity levels.
However, a scenario where reference rates continue to fall, potentially even to 3.5%, can also be considered.
“In such a variant, the elevated level of inquiries and demand for loans could persist through 2026. This would result in a relatively faster ‘clearing’ of the large supply of apartments from the market and would signal sellers to maintain or test higher price levels. However, in a scenario of gradual normalization, it is possible that current transaction price levels will be maintained—without significant pressure for reductions, but also without arguments for introducing increases,” concludes Anton Bubiel.
