Black Whale - nieruchomości inwestycyjne

The residential real estate market in Poland experienced a significant decline in the first quarter of 2024. According to data from the Central Statistical Office (GUS), the number of new residential buildings completed was 21.6 thousand, marking a 22.9% decrease compared to the same period of the previous year. The vast majority, 97.5%, were single-family homes, which accommodated nearly half of all newly built apartments.

Technology and Structure of Buildings

Traditional enhanced construction technology was used in the construction of 98.2% of residential buildings. Most of the new buildings were two-story (62.7%) and one-story (32%), which together accounted for almost 48% of all new apartments. Buildings with three or more stories, although constituting only 5.3% of all newly built buildings, housed as much as 52.2% of the apartments.

Developers vs. Individual Investors

In Q1 2024, developers were responsible for 60.3% of all newly completed apartments, while individual investors accounted for 37.5%. Compared to the previous year, the share of apartments intended for sale or rent increased by 5 percentage points, while those built by individual investors decreased by 5.2 percentage points.

Infrastructure and Amenities

Most new apartments (94.2%) had access to a network water supply, and 79% to a sewage system connected to the network. Gas from the network was available to 33.4% of the apartments, while hot water from a combined heat and power plant, heating plant, or district boiler was supplied to 37.6% of the apartments. Central heating was provided to 37.5% of the apartments, while the rest had individual heating systems.

Construction Time and Apartment Area

The average construction time for a new residential building was just over 44 months. Multi-family buildings were constructed almost twice as fast as single-family homes. In Q1 2024, 48.3 thousand apartments with a total usable area of 4.4 million square meters and 184.6 thousand rooms were completed. Compared to the previous year, there were declines in the number of apartments by 12.3%, usable area by 16.7%, and the number of rooms by 15.8%.

The average usable area of a newly completed apartment was 90.9 square meters, compared to 95.8 square meters in the previous year. The average area of apartments in single-family buildings was 132.6 square meters, while in multi-family buildings it was 52 square meters.

Summary

The first quarter of 2024 saw significant declines in the number of newly completed residential buildings. This decline can be partially attributed to economic challenges and changes in the developer market and the individual investor sector. Despite this, developers remain a dominant force in the market, adapting their projects to current needs and market conditions.