Real estate market sentiment rises to 53.5 points in early 2025

The real estate market sentiment index in Poland rose to 53.5 points in the first quarter of 2025, according to a survey conducted by the Nieruchomosci-online.pl portal in collaboration with the University of Economics in Wrocław. This marks a 6-point increase compared to the previous quarter, driven in part by government announcements regarding a new loan subsidy program and a slight easing of seller price expectations.

Although the subsidy program has not yet been launched, its announcement in February sparked renewed interest among prospective buyers. Activity on property listings increased, and there was a noticeable uptick in inquiries, suggesting that optimism is beginning to return to the market. However, the sector remains cautious, according to commentary from Rafał Bieńkowski of Nieruchomosci-online.

Contributing to the improved sentiment was a moderation in price expectations. While real estate prices remain high—due to previous government support programs—sellers in many cities have become more willing to negotiate. Seasonal factors also played a role, as the onset of spring traditionally brings more activity to the housing market.

The sentiment index aggregates perceptions across multiple property categories, including apartments, houses, building plots, rentals, and commercial real estate. In the first quarter of 2025, an improvement in sentiment was observed across all these sectors, albeit to varying degrees.

Among surveyed intermediaries, 42% reported a modest increase in local demand for apartments on the secondary market. In the category of building plots, 40% noted a similar trend. In contrast, the market for single-family homes remained stable, with 36% of agents reporting no significant changes in demand. Rental markets saw little movement during the period.

While sentiment improved quarter-on-quarter, it remains lower than levels seen in the same period of 2024, when the index stood at 55.6 points. Despite the modest revival, uncertainty continues to shape market behavior. Buyers remain cautious, often delaying decisions while comparing options and awaiting further policy clarity, particularly regarding interest rates and the implementation of the proposed housing program.

Sellers, on the other hand, are split between those anticipating further price increases and those willing to lower prices to achieve quicker sales. This dynamic reflects a market still operating in a state of observation and restraint, despite early signs of renewed activity.

The survey gathered responses from nearly 1,400 real estate intermediaries across Poland.