{"id":6148,"date":"2026-07-01T19:42:34","date_gmt":"2026-07-01T19:42:34","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=6148"},"modified":"2026-07-01T19:42:43","modified_gmt":"2026-07-01T19:42:43","slug":"warsaw-housing-prices-have-more-than-tripled-over-the-past-20-years-19560","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/warsaw-housing-prices-have-more-than-tripled-over-the-past-20-years-19560\/","title":{"rendered":"Warsaw Housing Prices Have More Than Tripled Over the Past 20 Years"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Over the past two decades, the average offer price per square meter of housing in Warsaw has risen from PLN 5,873 to PLN 18,055.84 on the primary market \u2014 an increase of 207%. On the secondary market, prices climbed from PLN 7,179 to PLN 18,919.02, up 164%. Warsaw&#8217;s boom-bust cycle ran on a slightly different timeline than in other Polish cities, with prices continuing to rise for a year or two after the 2008 financial crisis before a long, shallow correction set in.<\/p>\n\n\n\n<div class=\"waw20en-wrap\">\n<style>\n.waw20en-wrap { --waw20en-navy:#131F49; --waw20en-amber:#e67a2d; --waw20en-bg:#f7f8fb; --waw20en-border:#e2e5ee; font-family:-apple-system,BlinkMacSystemFont,\"Segoe UI\",Roboto,Arial,sans-serif; color:#232733; line-height:1.65; max-width:960px; margin:0 auto; }\n.waw20en-wrap p { margin:0 0 16px; font-size:16px; }\n.waw20en-wrap h2 { color:var(--waw20en-navy); font-size:24px; font-weight:700; margin:40px 0 16px; padding-bottom:8px; border-bottom:3px solid var(--waw20en-amber); }\n.waw20en-wrap h3 { color:var(--waw20en-navy); font-size:18px; font-weight:700; margin:24px 0 10px; }\n.waw20en-lead { font-size:18px; color:#333c50; font-weight:500; margin-bottom:28px; }\n.waw20en-cards { display:grid; grid-template-columns:repeat(4,1fr); 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} .waw20en-table { min-width:560px; } }\n<\/style>\n<div class=\"waw20en-cards\">\n<div class=\"waw20en-card\">\n<div class=\"waw20en-card-label\">Primary market today (Q1 2026)<\/div>\n<div class=\"waw20en-card-value\">PLN 18,055.84\/m\u00b2<\/div>\n<div class=\"waw20en-card-delta up\">+207% since 2006<\/div>\n<\/div>\n<div class=\"waw20en-card\">\n<div class=\"waw20en-card-label\">Secondary market today (Q1 2026)<\/div>\n<div class=\"waw20en-card-value\">PLN 18,919.02\/m\u00b2<\/div>\n<div class=\"waw20en-card-delta up\">+164% since 2006<\/div>\n<\/div>\n<div class=\"waw20en-card\">\n<div class=\"waw20en-card-label\">Deepest correction (2009\u20132016)<\/div>\n<div class=\"waw20en-card-value\">-23.6%<\/div>\n<div class=\"waw20en-card-delta down\">primary market, peak to trough<\/div>\n<\/div>\n<div class=\"waw20en-card\">\n<div class=\"waw20en-card-label\">Post-subsidy price jump<\/div>\n<div class=\"waw20en-card-value\">+21.7%<\/div>\n<div class=\"waw20en-card-delta up\">Q1 2023 \u2192 Q1 2024<\/div>\n<\/div>\n<\/div>\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-housing-prices-have-more-than-tripled-over-the-past-20-years-19560\/#Two_decades_of_Warsaws_housing_market\" >Two decades of Warsaw&#8217;s housing market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-housing-prices-have-more-than-tripled-over-the-past-20-years-19560\/#A_later_peak_a_longer_correction\" >A later peak, a longer correction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/warsaw-housing-prices-have-more-than-tripled-over-the-past-20-years-19560\/#Key_moments_by_the_numbers\" >Key moments by the numbers<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Two_decades_of_Warsaws_housing_market\"><\/span>Two decades of Warsaw&#8217;s housing market<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NBP&#8217;s BaRN data makes it possible to track housing price changes in Warsaw from Q3 2006 through Q1 2026 \u2014 a span of almost 20 years. Over that period, the average offer price per square meter on the primary market rose from PLN 5,873 to PLN 18,055.84, an increase of 207%. On the secondary market, prices rose from PLN 7,179 to PLN 18,919.02, up 164%. That works out to an average annual growth rate of roughly 5.9% on the primary market and 5.1% on the secondary market over the full period.<\/p>\n\n<div class=\"waw20en-chart-box\">\n<div class=\"waw20en-chart-title\">Average offer price for housing in Warsaw, Q1 of each year, 2007\u20132026 (PLN\/m\u00b2)<\/div>\n<div class=\"waw20en-chart-canvas-wrap\"><canvas id=\"waw20en-chart-trend\"><\/canvas><\/div>\n<\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"A_later_peak_a_longer_correction\"><\/span>A later peak, a longer correction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first phase, spanning 2006\u20132009, was a sustained credit-fueled boom. Primary-market prices rose from PLN 5,873 in Q3 2006 to a peak of PLN 9,992.96 in Q3 2009 \u2014 notably, the peak came almost two years after the onset of the global financial crisis, reflecting Warsaw&#8217;s relative resilience as Poland&#8217;s capital and largest labour market. The secondary market peaked slightly earlier, in Q4 2008, at PLN 10,196.<\/p>\n<p>The correction that followed was long but comparatively shallow. Primary-market prices declined gradually until Q4 2016, bottoming out at PLN 7,638.06 \u2014 a decline of 23.6% from the 2009 peak, spread over seven years. The secondary market&#8217;s trough came earlier, in Q3 2013, at PLN 8,544.23, a milder 16.2% decline from its 2008 peak.<\/p>\n<p>Recovery began in earnest around 2017\u20132018 and accelerated steadily through the pandemic years, as low interest rates and strong demand for rental investment property pushed prices higher without the sharp swings seen in the previous decade.<\/p>\n<p>The final leg of the run-up followed the mid-2023 launch of the government&#8217;s &#8220;Bezpieczny Kredyt 2%&#8221; mortgage subsidy program. The average primary-market offer price rose from PLN 13,301.62 in Q1 2023 to PLN 16,189.65 a year later \u2014 up 21.7%. On the secondary market, the increase over the same period was 27.0%, reaching PLN 17,560.14. Since 2024, growth has continued at a more moderate pace, with prices reaching PLN 18,055.84 on the primary market and PLN 18,919.02 on the secondary market in Q1 2026 \u2014 comfortably the highest level of any city in the BaRN dataset.<\/p>\n\n<div class=\"waw20en-callout\">\n<p>BaRN data covers offer and transaction prices for multi-family housing units sold, and includes VAT. The survey runs on a quarterly cycle: Q1 covers December\u2013February, Q2 covers March\u2013May, Q3 covers June\u2013August, and Q4 covers September\u2013November. The database has been maintained by the National Bank of Poland since Q3 2006.<\/p>\n<\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"Key_moments_by_the_numbers\"><\/span>Key moments by the numbers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"waw20en-table-wrap\">\n<table class=\"waw20en-table\">\n<thead>\n<tr>\n<th>Period<\/th>\n<th class=\"waw20en-highlight\">Primary market, offer (PLN\/m\u00b2)<\/th>\n<th>Secondary market, offer (PLN\/m\u00b2)<\/th>\n<th>Context<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr><td>Q3 2006<\/td><td class=\"waw20en-highlight\">5,873.00<\/td><td>7,179.00<\/td><td>Start of the BaRN database<\/td><\/tr>\n<tr><td>2008 \/ 2009 (peak)<\/td><td class=\"waw20en-highlight\">9,992.96<\/td><td>10,196.00<\/td><td>Peak of the boom (primary Q3 2009, secondary Q4 2008)<\/td><\/tr>\n<tr><td>2013 \/ 2016 (trough)<\/td><td class=\"waw20en-highlight\">7,638.06<\/td><td>8,544.23<\/td><td>Bottom of the correction (primary Q4 2016, secondary Q3 2013)<\/td><\/tr>\n<tr><td>Q1 2019<\/td><td class=\"waw20en-highlight\">9,426.99<\/td><td>10,287.43<\/td><td>Pre-pandemic price level<\/td><\/tr>\n<tr><td>Q1 2023<\/td><td class=\"waw20en-highlight\">13,301.62<\/td><td>13,829.75<\/td><td>Before the &#8220;Bezpieczny Kredyt 2%&#8221; program<\/td><\/tr>\n<tr><td>Q1 2026<\/td><td class=\"waw20en-highlight\">18,055.84<\/td><td>18,919.02<\/td><td>Current level<\/td><\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n<p class=\"waw20en-source\">Data source: National Bank of Poland (NBP), BaRN residential property price database, Q3 2006 \u2013 Q1 2026. Own compilation based on NBP data.<\/p>\n\n<\/div>\n\n<script class=\"nowprocket\" data-cfasync=\"false\" data-no-minify=\"1\" src=\"https:\/\/cdnjs.cloudflare.com\/ajax\/libs\/Chart.js\/4.4.1\/chart.umd.min.js\"><\/script>\n<script class=\"nowprocket\" data-cfasync=\"false\" data-no-minify=\"1\">\n(function () {\n  var waw20en_attempts = 0;\n  var waw20en_maxAttempts = 100;\n  var waw20en_interval = setInterval(function () {\n    waw20en_attempts++;\n    if (typeof Chart !== 'undefined') {\n      clearInterval(waw20en_interval);\n      waw20en_renderCharts();\n    } else if (waw20en_attempts >= waw20en_maxAttempts) {\n      clearInterval(waw20en_interval);\n    }\n  }, 100);\n\n  function waw20en_renderCharts() {\n    try {\n      var el = document.getElementById('waw20en-chart-trend');\n      if (el) {\n        new Chart(el.getContext('2d'), {\n          type: 'line',\n          data: {\n            labels: ['2007', '2008', '2009', '2010', '2011', '2012', '2013', '2014', '2015', '2016', '2017', '2018', '2019', '2020', '2021', '2022', '2023', '2024', '2025', '2026'],\n            datasets: [\n              {\n                label: 'Primary market (offer)',\n                data: [7509, 9427, 9880, 9118.69, 8211, 7879.18, 8076.08, 8005.40, 7839.31, 7877.69, 7706.53, 8201.53, 9426.99, 10610.41, 10969.47, 12517.31, 13301.62, 16189.65, 16948.16, 18055.84],\n                borderColor: '#e67a2d',\n                backgroundColor: 'rgba(230,122,45,0.12)',\n                borderWidth: 3,\n                tension: 0.2\n              },\n              {\n                label: 'Secondary market (offer)',\n                data: [9316, 9850, 9626, 9901.01, 9706, 9110.86, 8606.02, 8622.18, 8607.92, 8657.87, 8815.73, 9346.35, 10287.43, 11655.77, 12221.14, 13365.57, 13829.75, 17560.14, 18491.85, 18919.02],\n                borderColor: '#131F49',\n                backgroundColor: 'rgba(19,31,73,0.08)',\n                borderWidth: 2,\n                tension: 0.2\n              }\n            ]\n          },\n          options: {\n            responsive: true,\n            maintainAspectRatio: false,\n            scales: {\n              y: { ticks: { font: { size: 11 } } },\n              x: { ticks: { font: { size: 11 } } }\n            },\n            plugins: {\n              legend: { position: 'top', labels: { font: { size: 11 } } },\n              tooltip: {\n                callbacks: {\n                  label: function (ctx) {\n                    return ctx.dataset.label + ': PLN ' + Math.round(ctx.raw).toLocaleString('en-US') + '\/m\u00b2';\n                  }\n                }\n              }\n            }\n          }\n        });\n      }\n    } catch (e) {}\n  }\n})();\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>Over the past two decades, the average offer price per square meter of housing in Warsaw has risen from PLN 5,873 to PLN 18,055.84 on the primary market \u2014 an increase of 207%. On the secondary market, prices climbed from PLN 7,179 to PLN 18,919.02, up 164%. Warsaw&#8217;s boom-bust cycle ran on a slightly different [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"Housing prices in Warsaw are now at their highest levels on record.\n\nIn the first quarter of 2026, the average asking price on the primary market reached PLN 18,056 per square metre, up 207% from 2006. On the secondary market, prices climbed to PLN 18,919 per square metre \u2014 164% higher than two decades earlier.\n\nWarsaw\u2019s housing cycle followed a different path from many other major Polish cities. Prices continued rising after the 2008 global financial crisis, before a long but relatively moderate correction set in. Growth accelerated again after 2017 and received another major boost following the launch of the \u201cSafe 2% Mortgage\u201d subsidy programme in 2023.\n\nHow has Warsaw\u2019s housing market changed over the past 20 years?\n","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[3804,3263,64,2692,2941,82],"class_list":["post-6148","post","type-post","status-publish","format-standard","has-post-thumbnail","category-real-estate","tag-kredyt","tag-nbp","tag-poland","tag-sharp","tag-vat","tag-warsaw"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/6148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=6148"}],"version-history":[{"count":1,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/6148\/revisions"}],"predecessor-version":[{"id":6149,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/6148\/revisions\/6149"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=6148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=6148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=6148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}