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NBP Analysts Say Real Property Prices Started To Fall In 3Q2022 Despite Nominal Increase

NBP

In its quarterly report on the domestic property market, the National Bank of Poland noted that the number of contracts for building new dwellings in the largest primary markets "fell significantly" in 3Q2022, while property prices adjusted for inflation started to decline, especially in Warsaw.

  • "The number of contracts for the construction of new dwellings in the largest primary markets in 3Q2022 fell significantly and was about 6.6k, representing a 55% Y/Y decline (in 3Q2021 we observed a 12% increase)."
  • "In 3Q2022 we saw further increases of nominal property prices in most analysed cities, while Y/Y price changes remained elevated. (...) In real terms, relative to CPI, we observed declines in price dynamics (...). We observed declines in real prices [in secondary markets], which was especially pronounced in Warsaw."
  • Click here to see the full report.

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