The first national platform for self-analysis of the housing market designed for professionals.

At the beginning of 2026, we summarize the results for December and for the fourth quarter of 2025

Q4 2025

In December, due to the holiday season, sales were lower than in November. Across the seven largest markets, 3.7 k apartments were sold, which is 20% less than in November, which was most active month on the real estate market. However, this result was still 35% higher than in December 2024 (thanks to higher activity among mortgage buyers and strong discount campaigns by developers). Sales declined in all cities except Łódź, where they increased by 19%, making it the best month of the year. In total, 12.7 k apartments were sold in Q4, which is 2% more than in Q3 and 18% more than a year earlier.

In December, developers launched 4.4 k new apartments, which is 6% less than in previous month. However, new supply exceeded sales, so the total available stock increased to 79.1 k units - the highest level in the history of the our dataset. Most of this increase came from Łódź, where a record 1.6 k apartments were added, doubling total supply there up to 11.9 k units. Supply also increased, though to a much lesser extent, in Katowice and the GZM area, in the Tri-City, and in Wrocław. Slight decreases in supply were recorded in Warsaw, Poznań, and Kraków, but these markets still remain at historically high levels. In total, 12.8 k apartments were launched in Q4, almost equal to sales and 26% more than in Q3, which confirms improving confidence among developers.

As a result of the balanced supply and demand, the quarterly sales period remained unchanged, staying at the level of 6 quarters for over 1.5 years. However, market conditions vary by city. Warsaw and the Tri-City are relatively balanced, with an absorption period of about 4.5 - 5 quarters (and it has recently increased in the Tri-City). Kraków, Wrocław, and Poznań show excess supply, with absorption periods of 6 - 6.5 quarters. The most difficult supply situation is in Katowice/ GZM area and Łódź. Those cities have the tightest supply conditions, with a sell-out period of around 10 quarters.

As a result of the long-term impact of high supply, there is a growing phenomenon of buildings being commissioned with unsold apartments. Their number has almost doubled over the past year and now accounts for more than 23% of total supply, compared to 14% a year earlier.

This market environment supports intense price competition among developers. In Q4, a noticeable increase in average asking prices was observed only in the Tri-City (+3% quarter-on-quarter and +10% year-on-year). In other markets, quarterly price changes ranged between -1% and +1%. On an annual basis, oversupplied markets (Katowice and Łódź) saw virtually no price growth, while other cities recorded increases of 3.6 - 4.6%. However, strong discounting means that transaction prices are stagnating or even slightly declining.