In the third quarter of this year Warsaw residents bought 4,600 housing. This is twice as much as in the previous three months – according to the latest data from redNet Property Group and CBRE. Experts indicate that the low level of returns of only 113 apartments indicates growing caution of buyers. Three months earlier, as many as 304 units, i.e. almost 12 percent, returned to the developers' offer. Now the purchase decision is made more prudently than at the beginning of the year, which is all the more important as the prices of apartments purchased, despite the pandemic, go up instead of falling. At the end of the third quarter of this year the average offer price of flats sold was PLN 10,500 per sqm. This is 9.8 percent more than the year before and almost the same as in the previous quarter.

“The housing market, despite the challenges posed by the coronavirus epidemic, is behaving rather stable. Demand is driven largely by low interest rates kept amid relatively high inflation. Although sales have not yet returned to the results recorded before the pandemic, the quarterly number of transactions does not differ from those recorded in 2015. Developers stabilize the offer prices, but the buyers who remained in the market are willing to pay more, as long as the apartment meets their expectations. With interest rates kept low, the market has every reason to return to the upward path. Of course, it depends on the development of the epidemic situation,” Agnieszka Mikulska, an expert in the housing department of CBRE, said.

(WBJ)