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Poland recorded the highest annual housing price increase in the EU, rising 18% in the first quarter of 2024. Eurostat figures reveal that Poland's prices surged due to strong demand, subsidies, and a housing shortage, outpacing all other member states.
Poland Leads EU in Housing Price Surge with 18% Increase, Driven by Demand and Subsidies
As Notes Form Poland reported, New Eurostat figures indicate that housing prices in Poland were 18% higher than a year prior in the first quarter of 2024, the highest figure in the European Union for the second consecutive quarter.
Bulgaria and Lithuania followed Poland, experiencing increases of 16% and 9.9%, respectively. Luxembourg (-10.9%), Germany (-5.7%), and France (-4.8%) experienced the most significant price decreases at the opposite extreme of the spectrum. Prices increased by 1.3% throughout the European Union.
Poland's most recent figure represents an increase from the final quarter of 2023 when it experienced an annual increase of 13%, the highest in the EU. The bloc's second-highest increase was 9.3% in the third quarter of 2023.
Poland experienced a 4.3% increase in housing prices during the first quarter of this year, the third-highest rate in the EU, following Hungary (5.1%) and Bulgaria (7.1%).
Between the fourth quarter of 2023 and the first quarter of 2024, prices in the EU increased by 0.4%. The most significant decreases were observed in Denmark (-2.5%), France (-2.1%), and Slovakia (-1.7%).
The famous "Safe Credit" mortgage subsidy program for first-time purchasers, implemented by the previous Law and Justice (PiS) government in July, contributed to the growth in housing prices in Poland last year.
Record Mortgage Applications and Housing Shortage Drive Poland's Housing Prices Amid Influx of Ukrainian Refugees
In December, Poland experienced a record number of mortgage applications as the scheme approached its conclusion in late 2023. Mortgage lending surpassed 10 billion zloty (€2.3 billion) in January for the first time in history, as the contracts eligible for the program were finalized.
A housing deficiency in Poland has also contributed to the increase in prices, with some estimates indicating a shortage of as many as 4 million units. It has been challenging for young Poles to access the market, as over half of them, according to Eurostat, reside with their parents. This is one of the highest figures in the EU.
In addition, Poland's housing market has been subjected to significant pressure as a result of the substantial influx of refugees from Ukraine that immediately followed Russia's invasion in 2022.
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