Welcome to our Residential MarketBeat, your essential resource for comprehensive insights into Poland's dynamic residential property sector. Produced by Cushman & Wakefield, this analysis offers an in-depth overview of residential property activity across Poland.
The report highlights key trends in housing supply, demand, and pricing, providing you with the most up-to-date data to guide your investment and housing decisions. Stay informed about the forces shaping Poland’s residential landscape with our expert analysis.
Residential Market in Q3 2025
Economy
In the third quarter of 2025, the Polish economy continued to grow, with GDP increasing by 3.7% y/y. The continuing stable labour market and falling inflation (2.9% in September) are supporting consumption and demand for housing.
Mortgage loans
According to data from the Credit Information Bureau, the number of mortgage loan enquiries in September increased by 42% y/y. Banks granted 29.5% more loans than a year earlier. Mortgage debt already affects almost 12% of adult Poles, with the highest percentage in Warsaw (18.1%).
Housing construction
In the first three quarters of 2025, construction began on over 100,000 flats for sale and rent (a decrease of 14% y/y, but an increase of 24% compared to 2023). The number of flats completed increased by 1% y/y, and the number of building permits issued amounted to 120,000 (a decrease of 23% y/y, an increase of 4.6% compared to 2023). In total, over the last five years, building permits were issued for 962,000 flats in Poland in the for sale and for rent category. For comparison, according to data from the Central Statistical Office (GUS), Kraków had 466,000 flats in its housing stock at the end of 2024. Poland's housing stock at the end of Q3 2025 already exceeded 16 million units.
Apartment prices
The primary market shows price stabilisation – in Warsaw, the average asking price is PLN 17,322 per square metre, in Gdańsk PLN 17,210 per square metre, and in Kraków PLN 15,982 per square metre (according to Otodom, quarterly prices). Against the backdrop of a stable situation and slight increases and decreases, Gdańsk stands out with an annual increase of +19%.
Prices on the secondary market were also stable in Q3 2025, with slight adjustments in individual cities.
Rental market
The rapid growth in rents in Poland has slowed down — over the last two years, growth has remained stable, largely in line with inflation. Over the last five years, the European residential rental market has seen significant increases in residential rents, with the Central and Eastern European region experiencing the highest increases. For a long time, Poland ranked second, just behind Hungary, in terms of rental growth dynamics.
Warsaw remains the most expensive city in the country (the median rent for a studio flat in Q3 2025, excluding service charges and utilities, was PLN 2,800/month, PLN 3,500/month for a two-room flat), but despite the high growth rate of rents, it ranks in the middle of the pack in nominal terms compared to other European capitals.
The institutional rental market (PRS) is growing rapidly, although private rentals still dominate. In the last two years, several investors have decided to commercialise their PRS projects to individual buyers. At the same time, the third quarter of 2025 saw the largest transaction on this market in Poland. TAG Immobilien acquired 18 projects from Resi4Rent worth over EUR 565 million, establishing Vantage Rent as the largest rental platform in Poland. The transaction is awaiting approval by the Office of Competition and Consumer Protection (UOKiK).
