Latest report shows Poland property prices up 10.9% from Q2 2019
Despite Covid-19, demand for property is still very very strong in Poland, resulting in a continuation of price increases.
Eurostat, the EU statistics office, reported this week that property prices in Poland went up by 10.9 percent year on year (YoY) in the second quarter of 2020. This compares to an EU average of 5.2%, or a Eurozone average of 5.0%.
Whilst we would have expected that Poland would have done better than its European counterparts, simply by having a relatively better performing economy, the size of the increase has taken us by surprise.
Back in March, as the global pandemic took hold, we saw banks beginning to tighten their lending criteria and in some cases, effectively withdraw from the market altogether.
The reasons for this were twofold. They weren't sure what was going to happen ( join the club!) and so there was general nervousness about valuations on property in such an uncertain time. The times may remain uncertain but the valuation question has become easier to measure.
It should be noted that whilst the 10.9% jump was greater than that reported for the same period in 2018-2019, the second quarter increase was slightly down on the previous quarters numbers.
All in all, a very positive direction for Polish property in these troubling times.