The real estate market is very slowly emerging from the slowdown caused by high interest rates. According to a report by Rankomat.pl and Rentier.io, despite six interest rate cuts in 2025, offer prices in the 17 surveyed cities in December were, on average, only 3% higher than a year earlier. However, the market definitely favored buyers, who could often significantly lower these prices during negotiations or secure a free parking space or storage unit.
This was due to developers in the largest cities holding a record stock of unsold apartments, which will continue to limit price growth in the coming months. Stable prices combined with lower interest rates have made apartments more accessible. For example, the mortgage installment for a 50-square-meter apartment in Warsaw fell from PLN 5,416 in December 2024 to PLN 4,568—a decrease of PLN 848.
Apartment prices: PLN 10,000/m² – less in 7 cities, more in 9
Warsaw remains the most expensive housing market, where the average offer price per square meter in December 2025 was already nearly PLN 17,000 (primary and secondary markets combined). The ranking of the other most expensive cities remains unchanged: Kraków (PLN 15.7k/m²), Gdańsk (PLN 14.7k/m²), and Wrocław (PLN 13.2k/m²).
Among the surveyed cities, Gdynia remains the most expensive and largest non-provincial city with a rate of PLN 12.7k/m². Compared to other non-provincial cities in the list, this is nearly double the rates found in Radom, Częstochowa, and Sosnowiec.
The PLN 10,000 per meter threshold is set by Rzeszów—this was the offer rate in December 2025. Nine cities ranked above this threshold (with Białystok, Katowice, and Lublin closest to it), while seven fell below, with Łódź recording the result closest to the line (PLN 9,976/m²).
The cheapest cities for buying an apartment at the end of last year were again Radom, Sosnowiec, and Częstochowa; in each of these, the price per square meter in advertisements did not exceed PLN 8,000.
Translating these rates into the purchase of a 50-square-meter apartment in December 2025, such a property was offered on average from PLN 378,000 in Radom, through PLN 500,000 in Rzeszów, to nearly PLN 847,000 in Warsaw.
The end of the year is also a unique time regarding interest in buying an apartment. Despite the general shopping frenzy before Christmas, the real estate sector typically experiences stagnation during this period, with a decline in the number of available offers.
“December 2025 on the apartment sales market brought a slight slowdown in the inflow of new advertisements. The number of new offers fell by -12.0% m/m — a seasonal effect of the year’s end. In relation to December 2024, the inflow of new advertisements was lower by -4.5% y/y, indicating that the market was not ‘flooded’ with new offers in December. Looking at full years, two parallel phenomena are visible. On one hand, the total number of new sales offers in 2025 was 433.6 thousand, which is -8.0% less than in 2024; meanwhile, the average number of active offers in 2025 amounted to 108.7 thousand, which is +2.0% y/y. Although the inflow of new ads was smaller in 2025, the offers ‘hung’ on the market longer,” assesses Anton Bubiel, CEO of Rentier.io.
Apartments in cities rise in price more often; Kraków confirms drops
When looking at fluctuations in apartment offer prices, rising prices are still more common than falling ones. In the analysis by Rankomat.pl and Rentier.io, this comparison of December 2025 prices applies to both monthly and annual scales.
Comparing month-to-month (vs. November 2025), price increases occurred in 12 cities. The largest increases were in locations where rates per m² are already the lowest. In Sosnowiec, the increase was as high as +16.9%, and in Częstochowa +10.5%. A result of +5% should be considered one of the higher ones, achieved by Łódź, Katowice, and Radom—again, cities from the mid-to-lower price range regarding housing rates. Over the month, prices remained practically unchanged in Warsaw (+0.6%), Poznań (+0.3%), and Toruń (-0.1%). Toruń joined four other cities in the group recording price drops. The offer rate fell the most in Bydgoszcz (-3.7%).
In a broader perspective—between December 2025 and December 2024—the situation for homebuyers is even better, as price drops occurred in 7 out of 17 cities. Over the year, Gdańsk, consistently attractive due to its location between the bay and the moraine hills, saw the highest increase (+14.2%). Sosnowiec and Częstochowa also saw significant increases (each by over 10%), with slightly smaller rises in Łódź (+6.4%) and Poznań (+5.1%). Gdynia’s prices rose much less than Gdańsk’s, by “only” +3.7%.
Among the 7 cities with declining prices, Katowice and Szczecin performed best for buyers (both -3.8%), followed by Radom (-3.6%) and Białystok (-3.4%). Lower prices were also offered for apartments in top-tier cities, namely Warsaw, Wrocław, and Kraków.
A downward trend persists in Kraków, Szczecin, and Białystok, as only these three cities recorded price drops in both monthly and annual terms.
Small apartments most expensive: PLN 18,770 per m² in Warsaw
Apartment prices in Polish cities also depend on size. In the quarterly breakdown (Q4 2025) prepared by Rankomat.pl and Rentier.io, small apartments (up to 35 m²) are the most expensive. For such usable floor space, a square meter costs from PLN 6,877 in Sosnowiec to PLN 18,770 in Warsaw. Compared to Q3 2025, the situation is slightly better, as rates fell in 9 cities, led by Toruń (-3.8%), whereas they rose the most in Białystok (+8.7%).
In the segment of medium-sized apartments—between 35 and 60 m²—rates per meter are clearly lower, reaching a maximum of PLN 16,634/m² in Warsaw. Compared to Q3 2025, as many as 12 cities recorded price drops, and 5 recorded increases. In Sosnowiec, the offered square meter price was 11.9% lower, while the largest positive price difference occurred in Gdynia (+4.5%).
In the segment of apartments considered large (over 60 m²), the rate is on average PLN 2,000 lower compared to small apartments. Here, however, compared to the previous quarter, increases occurred in 12 cities, with drops in only 5. Sosnowiec became the cheapest (-7.9%), while Rzeszów proved to be the city with the highest growth (+6.8%).
Mortgage installments depend on the city
If an apartment is to be purchased on credit, the monthly installment will differ slightly in each city. The analysis by Rankomat.pl and Rentier.io is based on mortgage guidelines: 10% own contribution, fixed interest rate for 5 years, and a 30-year repayment period.
Thus, for a 50 m² apartment, the loan installment will range from PLN 2,130 in Częstochowa to PLN 4,568 in Warsaw. Notably, in each of the 17 cities, the installment for such a loan has fallen over the last year. The decreases range from a minimum of PLN 66 per month in Gdańsk to PLN 634 in Wrocław, PLN 741 in Kraków, and as much as PLN 848 in Warsaw. On average, the loan installment decreased by PLN 410 per month in each city.
“In recent months, both the value of inquiries for housing loans and the number of applicants have clearly increased. Additionally, the average amount of the requested loan is growing. This increase in demand is the result of improved creditworthiness following rate cuts in 2025 and wage growth. Moving forward, two scenarios are possible: without further rate cuts, demand may flatten out; however, if decreases continue, elevated credit activity may persist in 2026, reducing the housing supply faster and strengthening pressure to maintain higher prices. The January decision by the Monetary Policy Council (RPP) to keep interest rates at the current level supports the first scenario for now,” concludes Anton Bubiel.
