April brought a clear shift in Poland’s primary housing market. After two months in which apartments were disappearing from the market faster than new units were being added, sales slowed by 22% month on month. As a result, both the total offer and current supply increased across the seven largest housing markets in Poland. Paradoxically, although there were fewer buyers, prices of new apartments did not stop rising.
The situation is commented on by Katarzyna Kuniewicz, Director of Market Research at Otodom.
Data for April 2026 show that uncertainty and volatility in Poland’s geopolitical environment are having a significant impact on the housing market in the country’s largest cities. At the end of the month, developers in Katowice, Kraków, Łódź, Poznań, the Tri-City, Warsaw and Wrocław offered more than 59,200 apartments. This was 1% more than at the end of March and 2% less than in April 2025.
During the month, developers launched 4,300 apartments in 111 projects, 19% more than in March and 24% more than a year earlier. Meanwhile, April sales, according to preliminary data, amounted to 4,000 units. This was 22% lower than in March, but still 28% higher year on year.
Reservation Boom
It should be noted, however, that the correction of the very strong March sales result was, as expected, significant and reached almost 400 units. These apartments mainly moved into the pool of reserved units. At the end of April, Otodom recorded the highest number of reserved apartments in two years across the seven markets, with 6,700 units holding this status. A higher number of reservations was last recorded in 2023, as a result of announcements concerning the “Safe Credit 2%” programme.
Strong interest in buying new apartments is also confirmed by the regular increase in monthly reservations recorded in recent months. Reservations are an important measure of potential buyers’ activity in the primary housing market.
The relationship between apartments launched and apartments sold in April across individual markets shows that the clear surplus of supply over current demand in aggregated data was created mainly by the surplus recorded in Wrocław. Markets where such a surplus was also observed included Warsaw, Łódź and the Tri-City. In Kraków, Poznań and Katowice, by contrast, demand exceeded supply.
Is Warsaw Performing Better Than Other Markets?
An analysis of demand and supply summed over the last 12 months for individual markets shows that the situation in the capital is clearly better than elsewhere. Warsaw is the only market where the sales volume recorded over the last 12 months is higher not only than the number of apartments launched for sale during that period, but, more importantly, also higher than the offer available at the end of April.
Fluctuations in offer sell-out indicators in individual markets confirm that Poland’s housing market has been characterised in recent months by uncertainty and volatility. However, it is worth noting that in most markets, values recorded in the first months of 2026 are close to those seen at the turn of 2022 and 2023. At the same time, except for Katowice, they are clearly lower than the levels observed in 2024 and 2025.
Do Developers Have Reason for Optimism?
Data from the primary housing market for the last four months may provide a modest source of optimism on the supply side. There is no doubt that demand, stimulated by interest rate cuts and a large offer available since the beginning of 2026, has shown greater interest in buying new apartments than in the previous two years.
From January to April 2026, developers launched 13,100 apartments for sale. This is a significantly weaker result than in the corresponding period of 2024 and points to a realistic assessment of market conditions. For several months, the offer across the seven largest markets has remained at around 60,000 apartments, so limiting new launches is justified from a market perspective. Given such a large offer, sales of 16,200 units from January to April are not a sufficient argument for increasing new supply.
It would also be wrong to claim that the fact that more apartments were sold than launched in the first months of 2026 proves growing optimism on the demand side of the housing market. April sales, which were weaker than a month earlier, confirm the view that the March rebound was driven more by fear of worsening purchase conditions than by satisfaction with negotiated prices.
The main source of uncertainty on the demand side remains the rising total prices of apartments on offer. Only in Katowice can buyers who postponed their purchase last year expect to pay less for an apartment today than a year ago.
