Polish home prices barely move, but fall in real terms, NBP says

Prices of new flats, Q2 2026, year on year

• Warsaw: +2.4% in nominal terms, −2.8% relative to wages.
• Six largest cities: −0.4% nominal, −5.4% relative to wages.
• Ten other cities: +3.1% nominal, −2.1% relative to wages.
• Resale flats: +1.3% in Warsaw, +0.3% in six cities, +2.6% in ten cities.

Rents fell slightly in Warsaw and the six cities and rose slightly in the ten-city group. NBP says the monthly cost of a mortgage was close to the cost of renting a similar flat.

More credit, more supply

About 45% of purchases were financed from buyers' own funds, down from 58% in the previous quarter, so more buyers used mortgages. In the six biggest markets, developers launched 13,077 flats and sold 11,364, and 64,377 were on offer at the end of the quarter. Permits for 76.4 thousand homes were issued, 29% more than a year earlier.

For buyers, ample supply and stable prices mean more room to negotiate. For permits and completions in January–September, see our earlier report.