What happened?
Housing prices in Poland have experienced a year-on-year decline 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 fell 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 housing market, which had previously seen some of the fastest-rising property prices in Europe. The drop in prices is notable as it is the first recorded annual decrease in primary prices since 2014 and in secondary prices since 2016. The simultaneous decline in both markets has not been observed since the second quarter of 2013.
What’s next?
As Poland’s housing market adjusts, analysts will be closely monitoring the impact of this decline on future property transactions and the overall economy. Factors contributing to the previous price increases, such as a growing economy and state-backed mortgage subsidies, may need to be reassessed in light of this new trend.
