Poland’s annual house price gain of 13% in the fourth quarter of 2023 surpassed Bulgaria (10.1%) and Croatia (9.5%), which experienced the second and third greatest increases, respectively. Luxembourg (-14.4%), Germany (-7.1%), and Finland (-4.4%) saw the steepest drops in housing prices. Prices in the EU as a whole climbed by 0.2%.
Poland experienced the biggest quarterly gain in the EU, at 4.8%, followed by Croatia (3.4%) and Ireland (3%). Between the third and fourth quarters, EU house prices declined by 0.3%, with the most significant declines in France (-2.7%), Latvia (-2.5%), and Sweden (-2.3%).
Poland has already experienced the EU’s second-fastest house price increase in the third quarter of 2023, with a 9.3% year-on-year jump. This rise occurred following the implementation of a mortgage subsidy program by the then-Law and Justice (PiS) government.
A housing shortage, estimated to reach as many as 4 million units, has also driven up prices. This has made it difficult for young Poles to enter the labour market, as nearly half live with their parents, one of the highest rates in the EU.
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(Source: Notes from Poland)
