Polish housing prices continue to slide

The housing market is seeing a continued decline in the prices of apartments. In November 2011, the average decrease for the 15 major cities was 1.5%, according to a reported prepared by Szybko.pl, Metrohouse and Expander. Last month saw a decline in asking prices. On a monthly basis, the biggest decreases compared to October came in Sopot (-4.2%), Gdansk and Gdynia (-3%) and Lodz (-2.8%). In the last quarter, the largest decreases were recorded in Sopot (-6.4%), and Wroclaw, Gdynia, Gdansk, Lodz, Opole and Torun where prices fell by more than 3%. On an annual basis, asking prices in Lodz tumbled 11% down, while prices in Gdansk and Wroclaw shrank by nearly 9%. Concerning transaction prices, the market slightly levelled off in November compared to the preceding month. In some cases, average prices even moved a notch up. Declines in average transaction prices from October 2011 were seen in Poznan (-2.2%) and Lodz (0.3%). In annual terms, the decrease in transaction prices in the latter city was 9.5% and was the largest in all the analysed towns. The widest gap between asking prices and transaction prices, of more than 10%, was seen in Gdynia. In other cities, it ranged from 4.5% in Warsaw to 8.4% in Krakow.

Source: ConstructionPoland.com