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Recent months have brought a significant increase in development activity in the Polish construction market. According to data from the Central Statistical Office (GUS), October marked the fourth consecutive month with a notable increase in the number of initiated construction projects for apartments and houses. This phenomenon can be attributed to growing interest from buyers and favorable credit conditions.
In October alone, nearly 20,000 new apartments and houses were commenced throughout Poland. Developers play a crucial role in these investments, accounting for the majority of these projects. Compared to the same period the previous year, the number of initiated developer projects has increased by over 70%, indicating a significant revival in the construction sector.
The revival in the construction market primarily stems from increased demand, which is the result of several factors such as favorable credit conditions, flexibility in creditworthiness assessments, and the government's "Safe 2% Mortgage" program. Although this program has brought certain benefits, it is nearing the end of its mission, which may trigger additional changes in the real estate market.
One of the challenges facing the real estate market is maintaining a balance between supply and demand. Although developers are currently responding more actively to increased demand, the path to achieving full market equilibrium remains long.
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Increase in the Number of Construction Projects by Over 70% Compared to the Previous Year
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