Poland: Did the May Interest Rate Cut Translate into Apartment Sales?

Following the interest rate cut in May, which improved mortgage availability, the residential market saw a moderate uptick in buyer activity. While the reduction in rates helped restore some confidence among individual buyers—particularly first-time homeowners—developers noted a slight increase in inquiries and reservations, though not a dramatic surge. Many companies reported improved interest, but the impact on actual apartment sales varied depending on location, pricing, and project readiness. Overall, the rate cut supported market stability and encouraged movement, but it did not lead to a significant spike in transactions.

Agnieszka Majkusiak, Sales Director at Atal, observed more active buyer behavior following the rate cut, partly due to diminishing expectations around government subsidy programs. While Atal’s sales promotions have helped boost interest, she pointed out that despite improved creditworthiness, bank offers remain relatively unattractive—especially variable-rate loans, which have become more expensive.

Barbara Marona, Sales Office Manager at Matexi Polska in Krakow, highlighted the importance of the WIBOR index, which has been steadily declining since Q1 2025. This, in turn, has contributed to higher creditworthiness and increased interest in flats, with more enquiries and reservations observed recently.

Wojciech Wilhelm Zhang-Czabanowski, President of the Management Board at Waryński S.A. Holding Group, reported a moderate improvement in creditworthiness, estimating an increase of 5–8%. This has allowed many buyers to raise their purchasing threshold, though the impact is less significant than in previous interest rate reduction cycles.

Marcin Malka, President of the Management Board at Real Management S.A., emphasized that any interest rate cut positively affects financing and customer sentiment. For their projects, lower rates signal greater affordability, which helps encourage purchases.

Joanna Chojecka, Sales and Marketing Director for Warsaw and Wrocław at Robyg Group, called the rate cut an important market signal that helped restore a sense of stability. She noted a noticeable increase in customer activity and creditworthiness, with renewed interest from both individuals and investors. Robyg is cautiously optimistic, acknowledging that broader recovery depends on continued monetary stability.

Andrzej Gutowski, Sales Director at Ronson Development, described the rate cut’s impact as moderate. While there has been more customer engagement and traffic in sales offices, he stressed that only a rise in actual contract signings will confirm a genuine market rebound.

Damian Tomasik, President of the Management Board at Alter Investment, also characterized the response as cautious. While the cost of financing has improved slightly, purchasing decisions remain measured, and developers are only slowly returning to land acquisition plans.

Mariusz Gajżewski, Head of Sales, Marketing and Communication at BPI Real Estate Poland, observed no significant change, explaining that most of their clients purchase without mortgage financing.

Michał Witkowski, Sales Director at Lokum Deweloper, added that while banks initially raised margins after the cut—limiting its impact—there are early signs of rising creditworthiness and increased buyer interest. He believes that only further cuts combined with more favorable bank policies will lead to noticeable sales growth.

Finally, Renata Mc Cabe–Kudla, Country Manager at Grupo Lar Polska, mentioned that a new product launch is attracting strong interest, suggesting that while financing conditions are important, well-positioned projects can draw demand regardless of macroeconomic shifts.

Source: dompress.pl
Photo: Bukowinska Warszawa Matexi Polska