What Happened
Housing prices in Poland have fallen year-on-year for the first time in over 12 years, according to new data from the National Bank of Poland (NBP). In the fourth quarter of 2025, average transaction prices per square metre dropped by 0.8% in the primary market and 0.4% in the secondary market. This marks the first annual decline in primary prices since 2014 and in secondary prices since 2016.
Why It Matters
This decline is significant as it reflects a shift in the Polish housing market, which had previously experienced some of the fastest-rising property prices in Europe. Factors contributing to this change include a slowing economy and a reduction in demand, following a period of rapid price increases bolstered by a state-backed mortgage subsidy scheme and limited new supply.
What’s Next
As the housing market adjusts, analysts will be closely monitoring trends in property prices and the broader economic implications. The simultaneous decline in both primary and secondary markets, which has not been seen since 2013, may signal a more prolonged period of stabilization in the Polish real estate sector.
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