NBP: Apartment prices on the secondary market are down. Sales are more pronounced in larger cities.

The second quarter of 2025 saw continued declines in apartment prices on Poland's largest secondary markets, according to data from the National Bank of Poland. These reductions were easier to obtain than in the case of new apartments, where buyers had to settle for stabilized rates.

Data from the National Bank of Poland confirmed our earlier reports about falling rates on the secondary market and sellers lowering prices.

A quarterly decline in rents was recorded in most provincial capitals. For the second consecutive quarter, average rents fell in the largest markets: Warsaw, Krakow, Wrocław, and Gdynia. Reductions ranged from 0.4% to 1.4% quarter-on-quarter .

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Poznań is the leader of relegations

A more pronounced decline occurred in Poznań, where notarial deeds concerning the sale of second-hand apartments recorded an average of 4.8%, and nominally over PLN 500/sq m less, than three months earlier.

For the first time in over two years, and more specifically since Q1 2023, a reduction was also recorded in the average transaction price aggregated for the seven largest markets (Warsaw, Krakow, Wroclaw, Gdansk, Gdynia, Poznan, and Lodz). After rates stabilized in the form of increases of 0.1–0.2% quarter-on-quarter in the two previous quarters, Q2 2025 brought a 1.4% quarter-on-quarter reduction.

Of the seven largest markets, only Gdańsk and Łódź saw increases – by 0.5 and 0.6 percent quarter-on-quarter, respectively. In Łódź, the increase meant the average asking price returned to above PLN 8,000/sq m. In the case of the capital of the Pomeranian Voivodeship, the average price paid for apartments on the secondary market was still lower than a year ago.

Lower prices for second-hand apartments were also recorded in nearby Gdynia and Poznań compared to a year ago. Other provincial capitals saw price increases, with more pronounced increases in smaller towns.

For example, in Warsaw, notarial deeds recorded only 0.2 percent more than in the second quarter of 2024, in Krakow by 1.5 percent, and in Wrocław by 1.7 percent. In turn, in Rzeszów, Szczecin, Zielona Góra, and Białystok, among others, the annual growth exceeded 5 percent, which is more than the CPI inflation.

Let us repeat, however, like a mantra, what has been done to prices on the secondary market, albeit not directly, by subsidies to housing loans under the “Safe 2% Credit” program.

Up to 30% in two years

Compared to the second quarter of 2023 , i.e. the period just before the avalanche of housing loan applications began, the average amounts paid for second-hand apartments (after all, not covered by the subsidy program) increased from 15% (Gdańsk and Gdynia) to over 33% in the case of Krakow .

In turn, the fact that prices began to rise after the announcement of the “Safe 2% Loan” is evidenced by the change in rates over the past three years. Compared to the second quarter of 2022, the average prices paid for new apartments in Poland's largest cities were from less than 20% to nearly 40% higher.

Prices for new apartments are stable

However, buyers looking for their own apartment on the secondary market had more reason to celebrate in the second quarter of 2025 than buyers who opted for the primary market. It's worth noting that price increases dominated in new apartments, although they generally didn't exceed 1.5% quarter-on-quarter, with declines occurring primarily in smaller provincial capitals.

Only Katowice and Szczecin were cities where the average prices paid for new apartments decreased while prices on the secondary market increased.

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