The surge in mortgage applications reported by BIK during the summer holidays has raised questions about whether this trend reflects a real increase in contracts signed and reservations made, or if many buyers are simply testing their creditworthiness ahead of expected interest rate cuts and potentially cheaper mortgages. At the same time, developers and market analysts are watching closely to see if demand for new flats is beginning to strengthen. Zbigniew Juroszek, President of the Management Board of Atal Since spring, there has been a noticeable increase in customer interest in flats in new developments, as evidenced by the growing number of enquiries about loans. This is also supported by the cycle of interest rate cuts that began and has continued in recent months. Affordability is increasing, monthly instalments are decreasing, and the supply of properties is high, which is prompting those who are determined to buy to intensify their search. They assume that it is better to do so in such conditions than when demand revives even more and the choice of properties decreases, also as a result of the slowdown in investment. We are also observing changes in consumer behaviour. Flats in housing estates that are at an advanced stage of construction or ready for occupancy are becoming increasingly popular. We therefore expect customers to become even more active in the autumn due to the expected interest rate cuts and our construction schedule, which predicts that a number of development projects will be completed in the last months of 2025. Tomasz Kaleta, Managing Director of Sales and Marketing at Develia BIK data confirms the growing credit activity, which we also see in our sales offices. Since July, we have observed greater interest in purchasing flats among customers using credit, which translates into an increase in the number of enquiries, reservations and transactions. Currently, at Develia, credit buyers account for more than half of sales, which is similar to the level before the interest rate hikes. The increased customer activity is due, among other things, to lower interest rates and a decline in inflation, which fell below 3 per cent in August, as well as a very large supply of flats. Demand is also supported by property developers, who have launched a record number of flats and are showing greater flexibility in terms of prices and payment schedules. Mariusz Gajżewski, Head of Sales, Marketing and Communication, BPI Real Estate Poland We are seeing an increase in lending activity, which is also confirmed by BIK data. However, the share of credit transactions in our offer is relatively small, but we are indeed seeing a revival in financing agreements. Importantly, this is not just an increase in the number of reservations, but actual transactions. Of course, some customers are still assessing their creditworthiness in preparation for possible interest rate cuts, but at the same time, more and more people are making purchasing decisions here and now, without waiting for further changes. Barbara Marona, Sales Office Manager, Matexi Polska BIK data shows that in July this year, the number of loan applications increased both year-on-year and compared to June. This trend was also reflected in the sales of our investments in Krakow, where the number of reservations and signed contracts in July was significantly higher than in the previous month. Only in August did we observe a slowdown in customer activity typical for the holiday period. Recently, completed investments have been particularly popular, as customers were able to view selected flats before making a decision. Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at the Robyg Group We are definitely seeing a revival on the customer side. BIK data, showing a more than 30% increase in the number of loan applications in July on an annual basis and a 10% increase month-on-month, despite the holiday season, confirm the growing interest in purchasing flats. At Robyg, we also saw increased customer activity in July and August, both in terms of visits to sales offices and the number of reservations and finalised transactions. Slowly falling interest rates will strengthen demand. We can see that for many of them, the decision to purchase a flat is based on real housing needs and the belief that investing in real estate is still a stable and safe form of capital investment, especially in the long term. At the same time, we are observing a group of customers who are actively researching their creditworthiness and preparing to buy in the coming months, assuming that with possible interest rate cuts, the availability of financing will improve. This means that the demand potential in the housing market remains high, and many customers are now at an advanced stage of the purchasing process. Andrzej Gutowski, Sales Director, Ronson Development We are seeing an improvement in customer activity in the housing market. More and more people are exploring their creditworthiness, while still maintaining a slight expectation of potential interest rate cuts. At the same time, we are seeing that some of these enquiries are actually resulting in the signing of contracts. At Ronson, a very good July translated into an equally satisfying August, and in addition, on 3 September, the Monetary Policy Council announced another interest rate cut. We therefore expect an influx of new customers and forecast that sales in the second half of the year will be higher than in the first. The increase should be around 5-10 per cent. Renata Mc Cabe-Kudla, Country Manager at Grupo Lar Polska We assume that people who were waiting for government loan programmes are no longer counting on them to be implemented, so they are returning to the housing market. They are also counting on interest rates to fall. Hence the increase in the number of loan applications. Michał Witkowski, Sales Director at Lokum Deweloper The increase in the number of loan applications is primarily due to the need to finalise the purchase of properties for which development agreements were concluded several or even more than a dozen months ago. Although mortgages in our country remain exceptionally expensive, ranking us in an unenviable second place in the European Union in this respect, the completion of construction and commissioning of investments mean that customers must obtain financing for the purchase of their chosen flat. We observed growing demand during the summer holiday period. Following the recent interest rate cuts, customers are hoping for further reductions, and thus an improvement in their creditworthiness and lower mortgage costs. As a result, interest in purchasing property has increased, and customers are more willing to sign reservation agreements to check their creditworthiness. Witold Kikolski, member of the management board of MS Waryński Development S.A. BIK data confirms the growing interest in mortgages. In July, the number of applications was as much as one-third higher than a year earlier and 10 per cent higher than in June, despite the holiday season. This is a sign that customers are returning to banks more actively, even at the current interest rate level, which is still one of the highest in Europe. This increase in activity has not yet had a significant impact on the property development market. Some customers are currently testing their creditworthiness in preparation for expected interest rate cuts. For many people, this is a time to check options and compare bank offers, and they will make a purchase decision when financial conditions become more favourable. This is natural behaviour in a market that responds to monetary policy. We are optimistic – we assume that the prospect of cheaper financing will further strengthen demand in the coming quarters. That is why we are preparing our projects, such as Stacja Ligocka in Katowice and the planned investment in Warsaw's Mokotów district, with a view to the growing interest of individual customers and families looking for modern flats. That is why we are consistently developing our offer and launching subsequent stages of our investments to provide customers with a wide choice, both in the popular flat segment and in higher standard projects. Damian Tomasik, President of the Management Board of Alter Investment We are seeing greater customer activity in banks and an increase in the number of loan applications, but this is not yet translating proportionally into flat sales. Many customers are checking their creditworthiness in anticipation of further interest rate cuts and cheaper financing. Despite this, July and August saw a higher number of enquiries than in the spring, which shows that demand is gradually recovering. Looking ahead to the coming quarters, we expect that credit decisions will translate into a growing number of transactions. Source: dompress.pl Photo: Develia - Morska Vita, Gdynia