Secondary market for real estate - October 2009

The Polish market of mortgages shows more and more sympthoms of recovery. A growing number of banks introduces promotion offerts. For the first time since March the average margin of a mortgage in PLN fell in November. Presently it is equal to 2,6% comared to 2,8% in the last 7 months. Also a mortgage in euro can be taken on more favourable conditions.

A monthly instalment for a new mortgage in PLN for 300 000PLN (30 years) in November is 34PLN lower than in October. For a mortgage in euro fell by 57 PLN. The discrepancy in the instalments between the cheapest and the most expensive mortgages in PLN for 300 000 PLN (30 years)is equal to 651 PLN (36%). In case of a mortgage in euro the discrepancy reaches 705 PLN (47%).

The October data does not confirm the thesis about the definite end of the fall of the prices in the real estate market. The supply of apartments in comparison to the supply of 2008 is 66% higher. Building land of the area of 5 000 m2 in III quarter of this year were cheaper than in the previous quarter. Prices fell the most in Warsaw (15,2%), Cracow (5,6%), Poznań (4,8%) and in Wrocław (3,4%).