The housing market in Poland has seen significant changes over the past few years, with property prices continuing to rise, albeit at a slower pace than before. As of 2024, various factors such as rising construction costs, increased demand for housing, and economic trends have contributed to the growth in prices, particularly in major cities. In this article, we will explore the average property prices in Poland for 2024, breaking down the costs in different cities, year-over-year trends, and the factors affecting the market.
1. Average Property Prices by City in 2024
The prices of houses in Poland vary significantly depending on the location, with urban areas such as Warsaw and Kraków being notably more expensive than smaller towns. The surrounding regions of major cities have also seen a double-digit increase in prices due to rising construction costs and the scarcity of building plots.
Here is an overview of average property prices per square meter in some of Poland’s largest cities:
- Warsaw: 9,700 PLN/m² (€2,255/m²) / (£174.5/sq ft)
- Kraków: 9,500 PLN/m² (€2,209/m²) / (£171/sq ft)
- Katowice: 7,200 PLN/m² (€1,675/m²) / (£130/sq ft)
- Wrocław: 9,400 PLN/m² (€2,185/m²) / (£169/sq ft)
- Łódź: 6,600 PLN/m² (€1,535/m²) / (£119/sq ft)
- Gdańsk: 9,150 PLN/m² (€2,127/m²) / (£164/sq ft)
- Poznań: 8,600 PLN/m² (€2,000/m²) / (£155/sq ft)
These figures represent transaction prices for houses and reflect the upward trend in Poland’s property market, especially in high-demand areas like Warsaw and Kraków. However, the rate of price increases varies by city, with some regions experiencing more rapid growth than others.
2. Year-over-Year Price Changes (2023-2024)
The increase in house prices across Poland has been substantial over the past year. The year-over-year growth rate from 2023 to 2024 shows a clear upward trajectory in all major cities. Here’s a breakdown of how much prices have changed in this period:
- Warsaw: +9%
- Kraków: +24%
- Łódź: +24%
- Wrocław: +15%
- Poznań: +12%
- Gdańsk: +11%
Łódź and Kraków stand out with an impressive 24% increase in house prices, reflecting heightened demand and growth in these regions. In contrast, Warsaw, Poland’s capital, saw a more modest rise of 9%, still reflecting robust demand but suggesting a potential plateau as the market adjusts to higher price points.
Market experts predict that the upward trend may start to slow down, with many anticipating a more stable growth rate of around 10% moving forward. This could be due to rising mortgage rates and the general economic climate in Poland, which may cool off the demand for housing.
3. Apartment Prices in Poland: June 2024
While house prices have soared, apartment prices in Poland have also experienced fluctuations. In June 2024, there were signs of price stabilization, with a slight downward adjustment observed in some regions. The following table presents the average asking prices for apartments in Poland’s major cities:
- Warsaw: 17,620 PLN/m² (€4,097/m²) / (£317/sq ft)
- Kraków: 15,170 PLN/m² (€3,527/m²) / (£273/sq ft)
- Katowice: 9,710 PLN/m² (€2,258/m²) / (£175/sq ft)
- Opole: 9,840 PLN/m² (€2,288/m²) / (£177/sq ft)
- Łódź: 8,900 PLN/m² (€2,069/m²) / (£160/sq ft)
- Zielona Góra: 9,120 PLN/m² (€2,120/m²) / (£164/sq ft)
- Poznań: 11,940 PLN/m² (€2,776/m²) / (£214/sq ft)
These prices reflect the average asking prices for apartments, which are generally higher than transaction prices. Warsaw and Kraków lead in terms of apartment costs, while cities like Łódź and Katowice remain more affordable.
4. One-Bedroom Apartment Prices in Major Cities
For those looking to purchase smaller apartments, particularly one-bedroom units, prices can vary greatly depending on the location. Below is an estimated range of prices per square meter for one-bedroom apartments (built between 1970 and 1990) in Poland’s ten largest cities, presented in USD for global comparison:
- Warsaw: $3,626 – $5,440
- Kraków: $3,590 – $5,180
- Wrocław: $3,590 – $4,400
- Gdańsk: $3,900 – $4,400
- Poznań: $3,350 – $3,800
- Łódź: $2,070 – $2,590
- Szczecin: $2,590 – $3,100
- Lublin: $2,590 – $3,100
- Katowice: $2,300 – $3,100
- Bydgoszcz: $2,400 – $3,150
Cities like Warsaw and Kraków continue to dominate in terms of pricing, reflecting their status as Poland’s most dynamic and economically vibrant cities. However, smaller cities like Łódź and Szczecin offer more affordable options, which may appeal to first-time buyers or investors.
5. Factors Influencing the Market in 2024
Several factors have contributed to the rising property prices in Poland:
- Construction Costs: Increased costs of building materials and labor shortages have driven up the cost of new homes.
- Land Prices: The price of building plots has risen sharply, particularly in high-demand areas surrounding major cities.
- Inflation and Mortgage Rates: Inflationary pressures and higher interest rates have led to increased mortgage costs, affecting the purchasing power of many buyers.
- Demand and Supply: There is still a considerable demand for housing, particularly in urban areas, but supply has struggled to keep pace, driving prices up.
Conclusion
The Polish housing market in 2024 remains dynamic, with property prices continuing to rise, albeit at a slower pace than in previous years. Major cities like Warsaw, Kraków, and Wrocław see the highest price points, while smaller cities and towns offer more affordable housing options. While the market shows signs of stabilization, potential buyers should remain cautious, considering economic factors like rising mortgage rates and inflation that may impact future pricing trends.
