Poland recorded one of the highest increases in property prices among European Union countries in the first quarter of 2024, according to data published by Eurostat.
While many European states are witnessing significant reductions in property prices, Poland’s market trends starkly contrast. Property prices in Poland surged by 10.9 percent compared to the first quarter of 2023, with a quarterly increase of 2.8 percent.
Eurostat released a comprehensive report on property prices across the EU, showing a modest overall rise of 1.3 percent in the EU during the same period, whereas the Eurozone noted a decrease of 0.4 percent.
The data confirms significant disparities across the European residential real estate market. While the Eurozone continued its downward trend, the pace has slowed, with the decline easing from 1.2 percent in the fourth quarter of 2023 to just 0.4 percent in the early part of 2024.
Across the EU, however, the situation varies considerably. The momentum of price increases rose from 0.2 percent in the last quarter of 2023 to 1.3 percent in the first quarter of 2024, signaling a revitalization in the EU’s real estate market.
A closer examination of individual EU member states reveals vast differences. Seven countries reported annual declines in property prices, while 19 saw increases. The steepest drops were in Luxembourg (down 10.9 percent), Germany (down 5.7 percent), and France (down 4.8 percent).
Conversely, Poland stands out with an annual increase of 18 percent in housing prices, the highest among all analyzed countries. It is closely followed by Bulgaria, with a 16 percent rise, and Lithuania, where prices increased by 9.9 percent.
After a period of relative stability from 2010 to 2013, property prices in Poland have been on a dynamic upward trajectory, reaching new highs each year, especially evident since 2020. The pace of increase has further accelerated in recent quarters of 2023 and into early 2024.
