Residential property prices see sharp rise

Residential property prices in Poland have increased by 45.5 percent since 2015, the Central Statistical Office (GUS) reported on Tuesday.

Average prices for new apartments are up by 33.5 percent on 2015, while properties on the secondary market have increased by 56.1 percent.

Year on year, residential real estate was up 8.3 percent on average in the second quarter of 2021, GUS said, with new build up by 8.6 percent and used properties up 8.3 percent.

Compared to the first quarter of the year, apartment prices rose by 3.1 percent in Q2, with new build up 2.5 percent and second-hand apartments up 3.6 percent.

GUS also reported that in the second quarter of 2021, the biggest growth in comparison to Q2, 2020, was seen in the southern Silesia province (10.2 percent up) while a drop (of 2 percent) was noted in the south-western Opolskie province.

GUS explained that in calculating residential price indices for 2021, the secondary market is assigned 52-percent weight and the primary market 48 percent.