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Quarterly Report on housing loans and real estate transaction prices (AMRON-SARFiN Report) became a commonly known source of basic information on housing market and mortgage loans market. Reports include characteristics of last quarter’s mortgage and housing market in long-term perspective and presents the trends analyses in nationwide perspective.

Report is published by Polish Banks Association and developed by AMRON Centre basing on data from AMRON and SARFiN Systems, as well as data published by Bank Gospodarstwa Krajowego, Central Statistical Office and National Bank of Poland.

English version of the AMRON-SARFiN Report is chargeable. In purpose to order it please fill in the order form and sent it to AMRON Centre (e-mail: or, fax: +48 22 417 32 30).

AMRON-SARFiN Report order formDownload the AMRON-SARFiN Report order form

Year 2017 turned out to be a record-breaking both on the housing market,
as well as mortgage loans market. During that period banks granted over
190 thousand housing loans for a total amount of PLN 44 billion, which meant
the best result of the banking sector for six years. It was remarkably successful
year of dwellings sales by developers, too. The number of new building permits
and started investments guarantees an interesting housing offer in 2018.

The housing market has been recording systematic and sustainable growth for the last few years. Buying a dwelling as a capital investment appears now to be the safest form of investing money. It is affected by low interest rates and growing uncertainty and unpredictability of government and parliamentary activities in economic regulations, which have been exemplified by changes in rules of trade in land properties and changes in rules of wind farms construction and taxation.

The housing market has been recording systematic and sustainable growth for the last few years and it is confirmed by the results of the second quarter of 2017. While interest rates are low, many people consider buying a dwelling as a capital investment, which brings measurable profits in a long term. On the other hand, there is also a large group of buyers who change their "first dwelling" purchased between 2005-2008 during property boom to larger one in order to improve their current housing conditions.

Number of housing loans granted in Q1 2017 exceeded 50 thousand, which meant an increase in lending activity by almost 20% in comparison to the previous quarter – such increase has not been observed on Polish market since mortgage boom in 2006 – 2008 and the following period of market reaction to subprime mortgage crisis in 2010.

In the current edition of the Report we present the results of fourth quarter and the whole 2016 with reference to the results from several previous quarters and data recorded in 2015. In 2016, there were no major changes recorded on the housing market in Poland. Sale of dwellings, especially on primary market, remained at a high level and in the largest Polish cities prices confirmed clearly a slight upward trend ongoing since 2013. Purchasers withdrew their savings from the financial market and invested in dwellings for rent and therefore a significant increase in share of cash transactions on housing market was noted. This resulted in high developers’ sales results, encouraging them to start new investments.

Results of banks’ lending activity in Q3 2016 confirmed opinion presented in previous editions of the Report that race of potential borrowers to benefit from funds of the ‘Flat for Youth’ Programme was the basic reason for the high lending results in the first two quarters of this year. When subsidies expired, the highest decline in number of loans (quarter to quarter) over last 5 years was observed. Number of new loans granted in Q3 2016 declined by 13.20% in comparison to previous quarter, while value of newly granted loans diminished by 8.78%. Despite that the overall results of first three quarters of 2016 were slightly better than the results of the same period last year and therefore the repetition of last year’s lending results is likely to be expected.

The end of ‘Flat for Youth’ Programme, which is approaching very fast, together with seasonality effect typical for Polish residential market, led to an increase in banks’ lending activity in Q2 2016. During this period, banks granted more than 49 thousand new housing loans for a total amount of PLN 10.6 billion, which was more by respectively 9.80% and 12.45% comparing to the previous quarter. Loan portfolio quality remains at the high level. The high demand on real estate market in Q2 2016 improved developers’ sales results and caused a slight increase in transaction prices in the largest Polish cities.

Results of Q1 2016 turned out to be significantly lower than the results of Q4 2015. Despite the high interest in ‘Flat for Youth’ Programme, a decrease both in number (by 8.15%) and value of new loans (by 10.85%) was recorded. at the same time, number of active loan agreements as for the end of Q1 2016 for the first time ever exceeded the level of 2 million. However, further increase in share of Warsaw market in total structure of new housing loans to a record level of 40.98% noted at the end of March is alarming - it means that almost every second housing loan was granted in the capital city.

Last year banks' lending activity was the best since 2012, what was caused by very good results of Q4 2015. Both, the number (181 thousand), and the value (PLN 39.3 billion) of newly granted loans in 2015 were similar to results of crisis 2009 (respectively 189 thousand of loans for a total amount of PLN 38.7 billion). We managed to return to the defined several years ago by the Polish Banks Association the organic ability of Polish market to generate an annual value of housing loans at level of PLN 38-40 billion with the volume of 180-190 thousand.

AMRON-SARFiN Report No. 3/2015 In 2009 AMRON Centre started publishing the complex AMRON-SARFiN Report on housing loans and real estate transaction prices. By publishing the Report, most of all we intended to provide all real estate market participants with interesting and unique information on housing market and mortgage loans. This initiative succeeded - after six years, AMRON-SARFiN Report is a must-read not only for journalist, bankers, developers, property valuators or parliamentarians and central administration’s specialists, but also for those, who intend to sell or buy a dwelling.
This time exlusively English version of Report's jubilee edition is free of charge - download in by clicking the Report's cover on the left.

Second quarter of this year brought an extraordinary increase in number and value of new housing loans, which fortunately stopped downward trend in this segment observed for some time. The number and value of housing loans granted by Polish banks increased both on a quarterly and annual basis. In scope of interest rates and housing prices in the biggest agglomerations, there were no significant changes recorded.

First quarter of 2015 did not bring the mortgage lending revival that has been hoped for some time, however the final results turned out to be slightly better than in analogic period of previous year. Volume and value of new mortgage loans portfolio was comparable to volume and value of loans granted in last quarter of 2014, despite lowered margins and constantly diminishing interests rates.

The results of the last quarter of 2014 strengthened the downward trend observed since mid-2011, both in terms of the number of new loans, as well as their total value. Thus, as predicted by AMRON Centre – 2014 was the weakest year for the mortgage industry since 2005. Both the number (174 thousand) of granted loans in 2014, as well as their value (PLN 36.8 billion) were lower even than those obtained in the crisis year 2009 (189 thousand for a total amount of PLN 39 billion).

The analysis of banks’ lending activity in Q3 2014 shows that the summer months have brought a decrease in both number and value of new granted loans. In comparison to Q2 2014, the value of new loans was lower by 3.61% and amounted to PLN 9.232 billion. Polish banks granted 43 653 new mortgage loans, which was 4.06% less than in the previous quarter. Lending activity was also lower comparing to the same period last year.

Unlike results of Q1 and Q2 2013, which were not congruent with the model of seasonal cyclicity, the numbers noted in Q2 2014 related to the results carried out by banking sector in the previous three quarters confirmed seasonal cyclicity of the phenomena occurring both on housing loans and – what is more obvious – also housing market.

In Q1 2014, the decrease of both volume of newly granted loans (41 942, i.e. -7.65%) and total value of new housing loans (PLN 8 854 Mio, i.e. -9.35%) was noted. Value of the average housing loan granted in Q1 2014 amounted to PLN 206 thousand, i.e. PLN 3 075 (1.47%) less than the average value of a loan granted in the last quarter of previous year.

It was the weakest year for mortgage business since 2005. Both volume of loans granted in 2013 (176 thousand) and its value (PLN 36.5 billion) were lower than the volume and value of loans granted in the crisis year 2009. Neither the unusually low interest rates, nor attractive prices, which seemed to reach its minimal levels in most of locations, were not attractive enough to encourage potential purchasers to take out a long-term mortgage loan. Even such an incentive as amended Recommendation S, which limited loans with LtV ratio at the level of 100% after January 1, 2014, did not work out.

The third quarter of 2013 in terms of results of both volume (45.8 thousand of new loans) and value (PLN 9.5 billion) of newly granted loans, was already the second period recording the increase of both indicators. Unfortunately, even sustaining such speed of growth - on the level of c.a. 4% - in the following fourth quarter of 2013, does not change the fact that the most probable results of the year 2013 will turn out to be lower than those achieved in the worst as far as till now, the after-the-crisis year 2009.

It is a great pleasure to share some good news with you for the first time since last five quarters. In fact, previous quarter’s mortgage results were the weakest for four years, both in terms of volume (41.6 thousand of new loans) and value (PLN 8.0 billion). Fortunately, last quarter’s results turned out to be better than Q1 2013 and also than Q4 2012.

As predicted, in Q1 2013 both number and value of newly granted mortgage loans decreased, respectively by 12.46% and 9.34%, comparing to Q4 2012 results. Termination of ‘Family on Its Own’ Programme and difficult economic situation resulted in the weakest mortgage results since 2009. In addition, after several months of downward trend, the average transaction prices of financed housing units slightly increased.

Last quarter of previous year brought the significant decrease in both volume and value of new housing loans – respectively by 6.25% and 11.76%. Even the record-breaking results of „Family on Its Own” Programme did not improve the whole sector’s performance. Value of housing loans granted in 2012 was 20% lower than in 2011, which was the effect of lower by 15% number of granted loans and considerable diminution of the average value of a loan.

Third quarter of 2012 was the subsequent quarter of stagnation. Number and value of new loans were similar to previous quarter’s results, however comparing to the results of third quarter of the previous year, the significant drop was noted. Every two out of ten new loans were granted under the “Family on Its Own” Programme. PLN loans constituted over 97% of total value of new loans portfolio. During last quarter, transaction prices in major Polish cities diminished – the decrease equalled from 1 up to nearly 5%, comparing to second quarter’s results.

Lending results for Q2 2012, both in terms of volume (49 620) and value of granted loans (PLN 10.044 Mio) are very serious signals alarming turbulences on housing finance market. It was the first time since several years, when second quarter results turned out to be worse than results obtained at the beginning of the year. Such situation negate the regularity observed during few recent years, when results for second quarter were even 20-30% higher than those for first quarter. This time it is not as we might have expected.

In first quarter of 2012, a decrease both in volume and value of newly granted loans was noted – respectively by 5.96% and 5.46%. In new loans currency structure, the share of loans granted in PLN grew up to the level of almost 85% share in total portfolio. The only mortgage lending indicator that reached its maximum was the average value of a housing loan, which exceeded the level of PLN 209 000.

Mortgage lending figures noted in last quarter of 2011 were significantly lower, both in terms of volume and value (respectively by 13.02% and 15.54%). However, the result of the whole year turned out to be slightly better than of the results of 2010. Currency structure of the new loan portfolio confirms the dominant share of PLN loans (up to the level of 78.58% in 2011). Within the denominated loans, volume of CHF loans had constantly decreased, contrariwise to EUR loans.

Mortgage lending figures as for third quarter of 2011, both in terms of volume (59 571) and value (PLN 12.8 bn), confirm the decrease of over 4%, comparing to the records of the previous quarter. Basing on the current results, slightly weaker than expected, it is hard to anticipate whether banks and potential borrowers will try to avail the time before the full version of Recommendation S becomes binding and decide to take the postponed housing loan decisions.

In second quarter of 2011, volume and value of granted mortgage loans increased in comparison to previous quarter’s results, however it slightly diminished in relations to the relevant period of the year 2010. Housing units supply increased, what influenced the decreased level of average prices in the greatest Polish cities. Borrowers tried to take advantage of the last possible chance for a loan under the governmental „Family on Its Own” programme. Banks’ decisions on margins cuts also supported the increasing mortgage lending figures.

'In first quarter of 2011, the slight increase in volume and value of granted loans were noted, comparing to the results of fourth quarter of 2010. However, the increase in both volume and value was pretty significant, when comparing to the results of first quarter of previous year.' – informed Krzysztof Pietraszkiewicz, President of Polish Banks Association during the presentation of the Report on press conference. What’s interesting – currency loans disappear from banks’ offer – 80% of the whole portfolio of newly granted loans were PLN loans.

Agnieszka Pilcicka
Analyst, Market Service Specialist

phone: +48 22 463 47 56

zwiazek banków polskich centrum prawa bankowego linia
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