Developers sold 4,101 new homes in Warsaw in the third quarter of 2026, 11.6% above the average quarterly volume of the previous five years, according to CBRE and Polish property listings platform Tabelaofert.pl. Buyers nevertheless had more choice at the end of September, while newly launched apartments were priced substantially below those introduced in the preceding quarter.
Over the 12 months to September, developers sold 15,937 homes in the Polish capital, up 21.5% year on year. In the July–September quarter, they launched 4,481 apartments, 5.7% fewer than in the second quarter but still more than the number sold.
Available new homes increased to 16,883 at the end of September, a 3.3% rise over three months and the largest selection in several quarters. Of these, 3,313 units, or 19.6%, were completed and ready for buyers to take possession.
Although the share of completed apartments edged down from the previous quarter, it remained unusually high. Over the past four quarters, completed units accounted for between 19.6% and 20.5% of available homes, the highest range recorded in the past decade. The figures reflect a wave of projects completed in late 2025 and during 2026, and the share could remain elevated in coming quarters.
New launches are cheaper, even as average asking prices rise year on year
The average asking price for a new apartment in Warsaw was PLN 19,241 per square metre at the end of the third quarter, 5.2% higher than a year earlier, against September inflation of 4.1%. The average was nevertheless 0.8% lower than at the end of June.
The asking prices of homes that actually found buyers were markedly lower. Apartments sold in the third quarter had been advertised at an average of PLN 17,922 per square metre, almost 7% below the overall asking-price average and 3.6% below the corresponding figure in the previous quarter.
On an annual basis, the average advertised price of homes sold increased by only 1.5%, implying a slight decline in inflation-adjusted terms.
Newly launched developments were cheaper still: apartments introduced to the market in the third quarter carried an average asking price of PLN 16,722 per square metre, down 10.1% quarter on quarter and the lowest level since the first quarter of 2024. These are asking-price measures, not final transaction prices.
Mortgage costs remain central to demand
Agnieszka Mikulska, a residential property expert at CBRE, said lower mortgage interest rates and a wide selection of completed homes had supported demand. She added that concerns about possible interest-rate increases may also have encouraged purchases during the quarter.
On the supply side, Mikulska said higher construction costs and new regulatory requirements could constrain development activity. Cheaper new launches may temper growth in average asking prices, while homes that remain unsold for longer could attract more generous promotions.
Poland’s Monetary Policy Council, which sets interest rates at the National Bank of Poland (NBP), reduced rates by a cumulative two percentage points from May 2025, with the most recent cut in March 2026. The NBP reference rate remained at 3.75% at meetings from April through November 2026, according to the Polish article.
Methodology: CBRE and Tabelaofert.pl excluded six developments, including one launched in the third quarter of 2026, from their price indicators because their unusually high prices and substantial number of units could materially distort Warsaw averages.
Source: CBRE and Tabelaofert.pl. Original Polish report on CEO.com.pl.