The latest (Q2 2017) Residential Market in Poland report from REAS has revealed that steady demand for property in Poland over the past few quarters has encouraged developers to launch a record number of new developments.
The first half of 2017 saw 33,400 new units launched for sale in the six largest residential markets in Poland, (Warsaw, Krakow, Wroclaw, Tricity, Poznan and Lodz), as well as a record number of 441 new developments. This number has been increasing steadily over the past four years and in the first half of 2013 the number of new developments launched, and the number of units offered for sale off-plan, was almost three times less.
The Polish government had implemented a similar scheme to the UK’s Help to Buy, called MdM (Home for the Young) but it has started to phase out the scheme and the number of sales through MdM in Q2 declined rapidly. However, REAS says that this did not affect overall sales numbers, which amounted to 17,600 (an increase of 16.6% compared to Q2 2016).
Katarzyna Kuniewicz, partner and head of market research and analysis at REAS, says: “Optimism dominates on the property market. This is best illustrated by an increase in the number of newly launched investments. If the pace of the first half is maintained, it is expected that in all of 2017 developers would have begun construction on a record number of over 100,000 housing units.”