Following a deterioration in sentiment in June, property developers no longer assume that the coming months will necessarily bring weaker sales. The Sales Growth Index rose from –0.09 to 0.26 in July, while the proportion of companies expecting sales to decline fell by more than threefold.
This does not, however, signal the return of a housing market boom. Most respondents still expect stabilisation, while record-high supply and a growing number of completed apartments mean that sales performance increasingly depends on attractive promotional offers.
“The July reading shows that developers are no longer expecting the worst, but this does not mean that selling apartments has suddenly become easy. Buyers have not disappeared; they have simply stopped rushing. They have a wide choice, they can inspect completed apartments, compare layouts and, above all, negotiate prices,” said Robert Chojnacki, founder of Tabelaofert.
“The days when everything with doors and windows could be sold are gone for good. Today, results depend on whether a project is priced appropriately, designed well and genuinely responds to buyers’ needs,” he added.
Fewer Pessimists, but Most Developers Still Expect Stabilisation
In June, 26.8% of the companies surveyed expected sales to decline. In July, that figure fell to just 8.6%.
At the same time, the proportion of developers expecting sales growth increased from 18.2% to 34.4%.
The largest group, however, still does not anticipate a sudden change in market conditions. More than half of the respondents, 55.3%, expect sales to remain at a similar level.
The July reading therefore shows that the industry has clearly moved away from the prospect of further deterioration, but it is not yet expecting a strong market acceleration.
The rebound in the index also does not represent a return to the peak levels of optimism recorded in the second half of 2025 and at the beginning of 2026.
The July result of 0.26 was almost identical to the January 2025 reading of 0.27. Developers have therefore returned to moderately positive expectations, but remain far below the record level of 0.63 recorded in August last year.
“Buyers are currently in a very comfortable position. The supply of apartments is exceptionally broad, and an increasing number of units have already been completed, meaning customers no longer have to buy solely on the basis of a floor plan or visualisation,” said Ewa Palus, Chief Analyst at Tabelaofert.
“They can enter the apartment, see its layout and compare it with competing developments. This fundamentally changes the way purchasing decisions are made,” she added.
No Clear Direction for Prices
Expectations concerning prices are much less conclusive.
In July, the Apartment Price Change Index fell to 0.00, indicating an almost perfect balance between companies expecting price increases and those anticipating reductions.
A total of 10.7% of developers expect prices to rise, while 10.2% anticipate a decline. The overwhelming majority, 77.9%, expect current price lists to remain unchanged.
Such an even distribution of responses shows that the market currently has no single direction for prices.
Decisions will be made on a project-by-project basis, depending on location, the stage of development, the level of sales and the number of completed apartments.
Some projects may have room for price increases, while others will require discounts or corrections. Across the market as a whole, however, the most likely scenario remains broadly stable prices accompanied by numerous promotional offers.
“A completed apartment gives the buyer an advantage because it can be inspected and handed over quickly. For the developer, however, it represents tied-up capital as well as continued financing and maintenance costs,” said Katarzyna Tworska, Managing Director of Rednet Partners.
“This is why completed developments are generally where we see the greatest price flexibility and willingness to offer discounts,” she added.
Price Expectations Fall to Zero
The July result does not mean that developers have stopped considering price changes. On the contrary, compared with June, the proportion of companies expecting to keep their price lists unchanged declined, while the shares anticipating either increases or reductions both grew.
Price rises are currently expected by 10.7% of respondents, while 10.2% anticipate reductions. These nearly identical proportions brought the Apartment Price Change Index down to 0.00.
The market is therefore not frozen. Instead, it is becoming increasingly divided. Some companies see room to raise prices, while others are preparing for corrections.
“A zero reading does not mean that prices will remain unchanged in every development. It shows instead that the market has reached a point of equilibrium,” Palus said.
“Some projects may offer scope for increases, while others will face pressure to introduce discounts or price corrections. The market average may remain stable, but beneath the surface pricing decisions will increasingly depend on the circumstances of each individual development,” she added.
The Market Will Test Developers’ Earlier Decisions
The middle of the summer brought less fear, but sales remain difficult.
Developers hope that the weakness recorded in June will not develop into a longer-lasting trend. However, with nearly 70,000 apartments available for sale, even an improvement in demand will not benefit all projects equally.
The market average may appear stable, but beneath it some developments will sell very well, while others will experience almost no activity.
The market will increasingly scrutinise decisions made many months earlier, including the choice of land, the mix of apartment sizes, their layouts and pricing.
For years, the industry focused primarily on how many apartments needed to be built. The more important questions are now for whom they are being built, where they are located and what standard they offer.
“A customer does not buy a statistical number of apartments. They buy a specific home for themselves,” Chojnacki concluded.
Source: Managerplus.pl
