Tricity real estate market 2021- a year of price increases.

When it comes to the real estate market in Poland in the Tri-City area (Gdansk, Gdynia, Sopot) , we can safely describe the year 2021 as the year in which we experienced an increase in real estate prices. Especially when we are talking about new flats, we have experienced considerable price increases here. Of course, this is also related to the increase in real estate sales and the number of loans granted for their purchase.

How have real estate prices increased as a percentage in 2021?

As for flats from the primary market, according to the data that the Polish national bank acquires from companies that build flats and intermediaries in their sale, the average prices on an annual basis increased as follows:

• Gdansk – 10%
• Gdynia- as much as 18% !

The situation is slightly different when it comes to the secondary housing market in Gdansk and Gdynia- prices were also rising, but not as much as in the case of new flats:

• Gdansk – 7,6%
• Gdynia- 9,6%

What was the average asking price of flats in the entire Tri-City at the end of 2021?

The average asking price of flats in the entire Tri-City (Gdansk, Gdynia, Sopot) at the end of the year was 11,000 PLN per square meter.

Observing the above data, we can see that the difference between the transaction price and the offer price is getting smaller every year. This is of course influenced by the very high demand for flats. At the moment, we can observe an increase in real estate prices not only in Poland but also around the world. The real estate sale period is also very short. Shopping madness on the real estate market continues in every segment and it cannot be hidden.

There is even a problem with buying them. Interestingly, the secondary market is dominated by cash customers, the number of which is growing every year. At the moment, about 80% of flats in Gdańsk are bought for cash – most of them are customers who buy flats for investment purposes – that is, for rent. No wonder, it is a safe form of investing savings that allows you to earn money.

So let’s take a look at how real estate prices have changed in Gdynia

Change in housing prices in Gdynia on the primary market:

Change in housing prices in Gdynia on the secondary market:

A particularly large increase in interest in new apartments was visible among foreign investment funds. They make mass purchases of new flats in order to rent them further.

What will 2022 bring to the real estate market?

Many people planning to buy a flat count on a drop in real estate prices, but do not expect miracles – the prices of building materials are still rising, the prices of workers’ maintenance also, and all this translates into higher prices. As a result of the increased interest rates, the demand for flats is not visible on the market as well.