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The Polish Economic Institute (PIE) estimates that in 2024, the number of apartments completed and ready for occupancy in Poland will be around 200,000, marking the lowest figure since 2018. This forecast is linked to the current mismatch between supply and demand, which will lead to further price increases in the current year.

 

PIE predicts a decrease in the supply of apartments in Poland in 2024, due to a smaller number of construction projects initiated in previous years. Although the end of 2023 brought some increase in the number of new construction projects, it is not expected to have a significant impact on the supply of apartments completed and ready for occupancy in the upcoming year. The number of apartments for sale has also decreased, which is the result of factors such as the "Bezpieczny kredyt 2%" (BK2) program and other market influencers, such as the reduction of prudential buffers and decrease in interest rates.

 

The increase in apartment prices in 2024 will continue the trend from previous years, especially noticeable in large cities where the number of available apartments on the market will be limited. The final price increase will depend on several factors, including the continuation of the BK2 program, interest rates, inflation, and the overall real estate market situation.

 

Sentiments in the construction sector remain uncertain, which may affect entrepreneurs' willingness to build new apartments. Rising labor and material costs are the main challenges for entrepreneurs in the construction industry.

 

Similar trends can be observed in developed European countries, where the supply of apartments is also decreasing. Analysts forecast a slight increase in apartment prices in European markets in 2024; however, the issue of housing shortages, especially in large cities, will remain a significant challenge for the housing sector.

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Forecast for the Housing Market Development in 2024

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