The National Bank of Poland (NBP) published on 18 September the “Report on the situation on the residential and commercial real estate market in Poland in 2022”. It shows that “the estimated value of residential real estate assets in Poland at the end of 2022 was around PLN 6.5 trillion, compared to PLN 5.8 trillion at the end of 2021.”

The report also states that the estimated value of commercial real estate represented around PLN 380 billion, against PLN 355 billion in 2021.

The value of residential real estate at the end of the period in question equated to around 211 % of GDP, and commercial real estate to around 12 % of GDP.

The NBP states in the report that “during the period in question, the number of housing units in the stock per 1,000 population increased (amounted to 413 against 405 in 2021), as well as did the average usable floor area of a dwelling per person (about 31.1 against 30.4 in 2021). The average number of persons per dwelling decreased (2.4 in 2022 against 2.5 in 2021). The average size of a completed dwelling for sale or rent in Poland decreased to 62.4 m2 from 63.1 m2 in 2021.”

The effects of residential construction, measured by the number of dwellings commissioned in 2022 in Poland, reached a record level, as almost 238,500 units were delivered, including 72,800 in provincial towns.

At the same time, the central bank noted that in 2022, in the surveyed voivodship cities, price increases of flats were recorded, which was a result of a smaller supply of units on the market. Particularly in the largest cities, an increase in the cost of their production was observed at the same time as significantly lower demand caused by an increase in the cost of financing and economic uncertainty.

Summing up the past year, the NBP recalled that developments in the property market in 2022 were largely due to the effects of the COVID-2019 pandemic, which were compounded by the turmoil caused by Russia’s aggression against Ukraine in February 2022.

Adrian Andrzejewski