Poland No drop in price from price transparency act

JLL and RynekPierwotny.pl have entered into a strategic, partnership to develop an ecosystem of data, analyses, and consulting for the primary residential real estate market. The collaboration between the companies will also include the joint publication of periodic reports and market analyses.

In the third quarter of 2025, developers sold a total of over 10,800 apartments in Poland's six largest housing markets, representing a large increase of several percentage points compared to the previous quarter. This situation can be explained by falling mortgage interest rates while wages continue to rise. Seeing prices stabilise, potential buyers are becoming increasingly confident in taking out loans, especially since it is now clear that no loan subsidy programme is planned. According to BIK data, banks granted a staggering 22,400 loans in July of this year. Although the number of loans granted in August fell by 13.9 pct to around 19,400, this was still similar to what was seen in May and June of this year. The significantly higher number of loans granted in July may be due to some of the delayed demand.

On the supply side, the number of units placed on the market is considerably reduced compared to previous quarters. A total of around 9,500 new apartments were added to the market in Poland's six largest housing markets, bringing the total offer to 60,300 units at the end of September. For the first time in two years, the quarterly sales exceeded the new supply. As a result, the number of apartments on offer decreased in four of the six markets, and only in Krakow and Warsaw did it remain at a similar level to the previous three months.

However, it should be noted that increased caution is needed when analyzing statistics this quarter. The slowdown in the number of new apartments introduced to the market may be a combination of several factors, including a reaction to persistently weak sales or the disruption caused by the new regulations following September 11th. In terms of offer readings, projects continue to appear in so called "pools," meaning that only a portion of the apartments are available for sale. It may also be that in some cases, some apartments were withdrawn from sale due to problems with meeting the requirements of the act.
Aleksandra Gawrońska, director, head of residential research at JLL Poland.

JLL's research results after Q3 indicate that the Price Transparency Act did not cause significant changes in the market, and asking prices at the end of the quarter did not change significantly compared to the end of the previous quarter. In most cities, only small (1-3 pct) decreases in asking prices were recorded (except for Poznań). This was due, among other things, to lower prices for apartments released for sale in the previous quarter. The current sales stock is increasing the share of cheaper units, located further from city centres and designed to appeal to the growing number of buyers using loans. Activities to suspend the sale of the most expensive units or lower prices to previous promotional levels may also have influenced the statistics.

The prospect of new price transparency regulations coming into force triggered a veritable wave of price list adjustments among developers. In just two months – in August and September 2025 – 25 pct of the entire apartment market changed prices. September 2025 alone brought above-average price list revisions, for example, affecting 13.8 pct of listings in Warsaw. In other major cities, the scale of the changes was even greater, reaching 26.4 pct in Łódź, 20.4 pct in Kraków, and 18.3 pct in Gdańsk in September 2025. Despite such a large scale of changes, the combined effect on average prices was zero or slightly negative. Overall, the increases and decreases across the entire market cancelled each other out. This means that the rapid repricing primarily served to adjust individual apartment prices to actual market conditions, rather than to massively increase or decrease the average price. Prices that were too high were lowered, and the lowest ones were increased.
Jan Dziekoński, head of Market Insights Rynekpierwotny.pl

Further sales growth can be expected in the last quarter of the year, especially if inflation remains around 3 pct and interest rates are lowered again, as expected.

An increased inflow of building permit applications can also be expected before the end of the year. As a reminder, from the beginning of 2026, projects submitted with building permit applications will be required to include temporary shelters. However, the impact of this regulation on implementation costs will only be visible in individual investments at the end of next year, and on a broader scale in statistics – in 2027-28. In 2026, investments launched will still be based on permits issued under the current rules.
Kazimierz Kirejczyk, Senior Strategy Advisor, Housing Sector, JLL Poland