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Mortgage craze hit Poland in 2019

More loans were given out by banks only during the 2007-2008 boom

editor: REMIX NEWS
author: Marek Chądzyński

Poles took out a near-record amount of mortgages in 2019, amounting to a total of €15.3 billion, according to the Loan Information Bureau (BIK).

During 2019, the value of mortgages also increased by over 15 percent, which is much more than was expected by (BIK).

BIK had previously forecast the increase to amount to a maximum of 8 percent, but it had underestimated the market’s potential, and in particular, the increase in the price of housing in 2019.

Lead BIK analyst, Waldemar Rogowski, explained that 2019 was a record year in terms of the value of average salaries, and given the historically low interest rates, it allowed Poles to significantly increase the amount of mortgages they took out.