Poland: Interest rate cut spurs questions on apartment demand and buyer budgets

Following July’s interest rate cut, the property market is watching closely to see if cheaper borrowing is driving a surge in apartment sales. Developers are assessing whether reservation numbers are climbing and which segments are benefiting most. With the average home loan application now reaching a record PLN 477,000, attention is turning to what kind of apartments this budget can secure — and in which projects — as industry players share their latest market observations.

Zuzanna Należyta, commercial director at Eco Classic
Despite two interest rate cuts, Poles pay about 70% more for mortgages than citizens of most EU countries. It is difficult to say what is behind the MPC's cautious approach to rate cuts. In June, inflation in Poland was 3.4%, and since July, the NBP reference rate has been 5%, while in the eurozone it is 2% and 2.15%, respectively. Perhaps the persistently high mortgage interest rates are intended to help banks offset losses caused by credit holidays and lost Swiss franc litigation.

In order for mortgage interest rates to enable more customers to purchase apartments, interest rates need to be reduced by at least 2%. The record mortgage values recorded this year are due to high apartment prices and not to increased sales.

Agnieszka Majkusiak, General Director of Sales and Marketing at Atal
It is too early for the July interest rate cut to have a significant impact. Mortgage loans, also taking into account high bank margins, are still very expensive compared to other European countries. Banks still prefer fixed-rate products, which affects the attractiveness of variable-rate products, which are now of interest to customers expecting further interest rate cuts.

The revival in lending is partly due to the fact that many people have decided to finalize the purchase of a home without waiting any longer for any subsidy program, which is now unlikely to be implemented. Their situation is also favored by several months of price stability and a greater willingness of developers to negotiate. The reported loan volume also includes refinancing of existing liabilities.

The record average value of the loan applied for is a direct result of current property prices in Poland. The amount of PLN 477,000 in our offer mainly includes one- and two-room apartments, although in smaller cities, such as Piotrków Trybunalski, customers can even buy three-room apartments. However, if even a minimal down payment is taken into account and the aforementioned amount is related solely to the liability towards the bank, the choice of available properties expands significantly and also includes three- and four-room apartments.

Janusz Miller, Sales and Marketing Director at Home Invest
The July interest rate cut, following the May cut, significantly increased interest in buying apartments, which translated into an increase in the number of reservations, especially in the Warszawski Świt and Enklawa Ursynów projects.

The record average value of loans applied for – PLN 477,000 in June 2025 – reflects the growing creditworthiness of customers, although apartments in Warsaw often cost more, which requires an additional down payment. Thanks to our wide range of products, customers can choose apartments tailored to their needs, at prices they can afford, or supplement their loans with savings.

Michał Witkowski, Sales Director, Lokum Deweloper
Our observations show that the increased interest in mortgages is due to applications submitted by customers who are finalizing previously contracted purchases, often under a 20/80 or 10/90 payment schedule. Nevertheless, the recent decisions of the Monetary Policy Council to lower interest rates are a slightly positive signal for the market. Once the indicators are updated by the banks and credit margins do not increase, we can expect more customers to visit developers' sales offices. It is worth noting that loans in Poland remain at record high levels, which for many potential buyers is a barrier that causes them to postpone their decision to purchase a flat.

Katarzyna Kwiatkowska, Sales Office Manager Warsaw, Matexi Polska
In the context of the Warsaw market, we noticed increased interest in purchasing apartments after the first interest rate cut, and after the July correction, this trend has continued with a slight upward trend. Properties in the PLN 560,000-588,000 range are available, for example, in the XYZ Place project on Żwirki i Wigury Street in Warsaw. It is worth adding that many of our customers have a down payment exceeding 20%, which opens the way for them to purchase larger apartments in our investments in better locations.

Barbara Marona, Sales Office Manager Kraków, Matexi Polska
As for the Kraków market, the July interest rate cut did not cause a sudden surge in interest. Customers had been expecting declines for months, so credit demand has been growing for a long time and remains high. In Krakow, we are seeing a steady influx of customers financing their purchases with loans, who, with the right down payment, can choose apartments of various sizes, e.g., in the Do Wilgi or Takt Lirników developments. We expect this trend to continue in the coming months.

Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at Robyg Group
The July interest rate cut, although expected and relatively small, is part of a trend towards monetary policy easing, which is affecting consumer sentiment. We can see that lower rates increase customers' creditworthiness and translate into greater interest in apartments, especially among those planning to purchase with a mortgage. In recent weeks, we have seen an increase in the number of inquiries and reservations, although this is not yet a sharp impulse. Customers remain cautious about their purchasing decisions, but the improvement in financing conditions is a clear factor motivating them to act.

In Warsaw, we have 14 apartments ranging in size from 25 sq. m. to 27 sq. m. priced below PLN 500,000. In Wrocław, there are 32 apartments ranging in size from 25 sq. m. to 31 sq. m. available at this price. In Gdańsk, you can choose from 164 units ranging in size from 27 to 45 sq. m., priced from approximately PLN 299,000 to PLN 491,000. In Poznań, the offer includes 39 apartments ranging in price from PLN 339,000 to PLN 515,000, with floor space of 27 sq. m. to 42 sq. m.

Agnieszka Gajdzik-Wilgos, Sales Manager, Ronson Development
With this amount, buyers can afford different types of apartments depending on the location. The Miasto Moje development offers four studio apartments ranging from 26 to 27 sqm. Assuming a 20% down payment and a loan of approximately PLN 480,000, it is possible to purchase a small two-room apartment with an area of approximately 37 sqm. Currently, there are three such apartments available.

In the Nowa Północ development, for up to PLN 477,000, customers can choose from six one-room apartments and fifteen two-room apartments. In Osiedle Startowe, with a minimum down payment of 10%, which gives a maximum apartment price of approximately PLN 530,000, as many as 27 apartments meeting these criteria are currently available for sale.

Tomasz Czuchra, Vice-President of the Management Board of Waryński S.A. Holding Group
The July interest rate cut is still too recent to clearly assess its impact on the market. At the moment, we are not seeing a significant increase in interest in purchasing apartments or an increase in the number of reservations. It should also be remembered that the holiday season is naturally associated with slightly lower customer activity.
At the same time, there is a high level of interest in loans. Our new investment, Stacja Ligocka, located in Katowice, consists mainly of spacious three- and four-room apartments, including duplexes, ranging in size from 45 sqm to 111 sqm. Due to their size, the price of most of these apartments exceeds PLN 477,000.
Within this price range, there are about 20 two-room apartments available, ranging in size from 30 sqm to 41 sqm. These are functional, compact units, well suited to the financial capabilities of many borrowers and attractive from an investment perspective.

Mariusz Gajżewski, Head of Sales, Marketing and Communication, BPI Real Estate Poland
The July interest rate cut has translated into a clear revival of the market. We are seeing an increase in the number of enquiries and reservations. Customers are more willing to make purchasing decisions and are also more likely to take out loans, with the average value of financing requested actually reaching record highs.

Damian Tomasik, President of the Management Board, Alter Investment
The July interest rate cut and record interest in housing loans are having a positive impact on the market, including the land segment. The increased number of inquiries and reservations from developers confirms that cheaper credit is increasing the propensity to invest.

For PLN 477,000, our customers can purchase plots of land for the construction of single-family houses in Pomlewie.

Photo: Home Invest-Przystan Żerań
Source: dompress.pl