Between January and September 2025, 144,400 new homes were completed in Poland, a slight decrease of 0.4% compared with the same period a year earlier. While the overall volume of new housing remains broadly stable, the activity levels of different investor groups are diverging.
Developers delivered 90,300 units, up 1.1% year-on-year, maintaining strong market presence. In contrast, individual investors completed 49,000 homes, marking a drop of 4.8%.
The total usable floor area of newly completed housing reached 12.8 million m², down 1.8% year-on-year. The average home size remained high at 88.6 m², indicating the continued dominance of family-oriented and premium housing, rather than compact apartments.
Developers and private investors accounted for 96.4% of all new completions. Social and municipal housing remained marginal, totalling just 5,100 homes.
Sharp slowdown in new permits signals weaker supply ahead
More significant shifts are visible in investment sentiment, reflected in building permits. A total of 191,000 permits were issued, down 13.4% year-on-year — a clear indication that supply may slow in the coming quarters.
- Developer permits plunged by 22.6%, to 120,100 units
- Individual investor permits rose by 7.6%, reaching 64,800 units
A similar trend appeared in housing construction starts — 166,000 homes began construction, 8.5% less than a year earlier. Developers scaled back heavily:
- Developer starts fell by 14.4% to 100,100 units
- Individual investors remained stable, with a 2.3% increase to 62,800 new projects
Major metropolitan regions continue to dominate
The majority of housing activity is concentrated in Poland’s largest economic centres:
- Mazowieckie (Warsaw region): 30,600 homes completed
- Wielkopolskie: 15,600
- Małopolskie: 13,700
These same regions also lead in new investments and permits, reinforcing the ongoing concentration of residential development in top metropolitan hubs.
Market still fuelled by earlier momentum — but outlook is developer-dependent
As of the end of September 2025, 856,300 homes were under construction — 2.2% more year-on-year. This highlights that the market is still being driven by projects initiated during previous boom periods.
September alone saw strong month-on-month acceleration across all key indicators:
- permits +23.2%
- construction starts +21.8%
- completions +25.8%
Despite signs of cooling in forward-looking data, the sector remains active — but its future trajectory will now increasingly depend on developer confidence amid changing macroeconomic conditions.
