After three years of turbulence in the housing market, July data from the National Statistical Office indicate very consistent and stable activity by developers this year, signaling a healthy housing market.
New statistics from the National Statistical Office show that the number of completed dwellings in Poland remains stable. In July, a total of 18.6 thousand homes were completed, marking a 29% increase from last year and a 10.5% increase from June. Developers accounted for 11.4 thousand of these, indicating a 5% increase compared to June and a 23% increase compared to July of the previous year. This is the best July result in three years, achieved without an apparent surge. Developers were responsible for over 60% of all the completed homes this month, but individual investors also played a role, contributing over 6.2 thousand homes, meaning every third completed dwelling came from them.
Looking at accumulative data from the beginning of the year, developers havedelivered 69.9 thousand homes, 5.8% less than last year, while individual investors delivered 41 thousand homes, 18.8% less.
An important aspect is also the July results of various investor groups applying for building permits. It turns out that the total number of permits issued in July was 26.6 thousand, of which developers procured 18.2 thousand, and individual investors 7.8 thousand. Compared to previous months, the number of building permits remains stable, suggesting a balance in the housing market.
The total number of construction starts from the beginning of the year to July, accounted for by these groups, was significantly higher than the same period last year. Developers started the construction of a total of 92.4 thousand units (a 61.5% increase y/y), while individual investors began 47.5 thousand (12.4% more). In July alone, nearly 20 thousand homes were started, with developers launching 11.8 thousand, and individual investors 7.5 thousand.
In summary, after three emotionally charged years, the housing market in Poland, particularly the production of developer homes, is looking for a new balance. Monthly data for July 2024, compared to the previous three years, seems balanced, a favorable forecast for the future.
Ula Olczak, Real Estate Expert at Otodom Analytics
Source: https://ceo.com.pl/rynek-mieszkaniowy-w-polsce-odzyskuje-stabilnosc-komentarz-do-danych-gus-o-budownictwie-mieszkaniowym-93308
