What Happened
Housing prices in Poland have fallen year-on-year on both the primary and secondary markets for the first time in over 12 years, according to new data from the National Bank of Poland (NBP). In the fourth quarter of 2025, average transaction prices per square metre in seven major cities dropped by 0.8% in the primary market and 0.4% in the secondary market.
Why It Matters
This decline marks a significant shift in the Polish real estate market, which had previously experienced some of the fastest-rising property prices in Europe. The last time primary prices recorded an annual drop was in 2014, while secondary prices had not seen a decline since 2016. Both markets have not experienced simultaneous declines since the second quarter of 2013.
What’s Next
As Poland’s housing market adjusts to this new reality, analysts will be closely monitoring the impact on the economy and potential changes in housing policies. The decline in prices may signal a shift in market dynamics, influenced by factors such as economic conditions and housing supply.
