Analyses and publications

Sustainable development has ceased to be an element of financial institutions’ image strategies. ESG has become firmly embedded in the language of regulation, supervision and risk management, emerging as one of the key factors influencing banks’ stability, access to capital and the assessment of portfolio quality. What only a few years ago functioned as an area of voluntary commitments and good practices, now constitutes one of the foundations of the banking sector’s operation in the European Union. ESG has ceased to be an add-on to strategy – it has become an integral part of it. What ESG is and why...

The European housing market is a complex organism, responding to shared impulses – decisions of the European Central Bank, shifts in inflation, global economic crises or demographic trends, yet in practice it remains a mosaic of several dozen highly diverse national markets. Differences between them are visible not only in price levels and rent rates, but also in investor activity and housing affordability. These disparities stem from a range of factors, the most obvious of which is the wealth of societies. High housing prices in countries such as Luxembourg, Switzerland, Denmark or the Netherlands are not merely the result of...

The year 2025 has redefined the Polish residential market by introducing far-reaching transparency mechanisms. It is an unprecedented moment, when after years of lack of transparency, Polish lawmakers made this sector more translucent. This unparalleled level of openness is the result of not one, but three key pieces of legislation, which, in just a few months, have fundamentally reorganised the rules of data accessibility. Yet, revealing the data is only half of the success – genuine “total transparency” requires more than free access: it requires competence. For many years, the Polish primary market was characterised by significant information asymmetry that...

Poland’s current geopolitical situation has prompted the government to intensify efforts related to national defence. One of the key steps aimed at preparing society for potential threats, such as war, natural disasters or terrorist attacks, was the adoption, in December 2024, of the Act on Civil Protection and Civil Defence, commonly referred to as the “Shelter Act.” This legislation defines in detail, how civil protection and civil defence are to be organized, including the obligation to prepare suitable infrastructure known as collective protection facilities. The Act distinguishes three types of such facilities: Shelter – a protective structure or part of...

Just a decade ago, buying a house outside the city was perceived as a compromise. Today, it has often become an end in itself – a symbol of comfort, independence and living closer to nature. Suburbanisation, once regarded mainly as a social phenomenon, has become one of the driving forces of the real estate market. It has changed how we think about space, investment, and what truly constitutes a “good place to live.” What exactly is suburbanisation? Suburbanisation is nothing more than the spreading of cities – the migration of residents from city centres to their outskirts and neighbouring municipalities....

The real estate market in Poland is developing very dynamically and buying, selling, or renting an apartment or house is, for most people, the most important financial decision of their lives. In light of this, the question often arises: is it worth using an agent’s services or is it better to act independently and avoid additional costs? The answer is certainly not clear-cut – it is worth analysing both the advantages and disadvantages of working with a real estate agent. Who is a real estate agent? A real estate agent is a person or company that helps with buying, selling,...

An aging society is increasingly confronted with new everyday challenges. Old age itself can at times be burdensome and public healthcare is unable to keep up with the needs of a rapidly aging patients. This confronts seniors with even greater challenges. Many elderly people live alone, barely make ends meet and are in clear need of support with daily routines, such as shopping. Mundane situations suddenly become so troublesome that they hinder daily functioning. Seniors have access to several forms of support. These include, among others, social welfare homes, day-care centres, universities of the third age and intergenerational activity centres....

The first half of 2025 brought a breakthrough on the Polish real estate and mortgage markets, ending a prolonged period of high interest rate policy. After a long wait for signs of monetary easing, the Monetary Policy Council (MPC) made decisions that set a new direction. Although the nominal interest rate cuts in May and July 2025 were moderate, their significance went far beyond a simple adjustment of values. The MPC’s resolutions acted as a catalyst, sparking optimism and a revival that may reshape the market. Groundbreaking MPC Meetings At its meeting on May 6-7, 2025, the Monetary Policy Council decided...

The origins of artificial intelligence date back to the 1950s – to the work of Alan Turing and the Dartmouth Conference (1956), during which the very concept of AI (Artificial Intelligence) was defined. However, it is only in the past several years, with the growth of computing power, machine learning methods and most importantly, access to vast datasets, that AI has reached a level enabling it to significantly influence reality. Today, AI is present in many areas of our lives: in medicine it supports diagnostics and treatment, in the automotive industry it powers autonomous driving systems, in finance it manages...

As of early 2026, the Polish spatial planning system will undergo a significant transformation. The currently used “studies of conditions and directions of spatial development” (SUiKZP), which have so far been informal in nature, will be replaced by a new act of local law. The reform is intended to bring order to local spatial policy, curb chaotic development and eliminate speculative practices related to obtaining zoning decisions (WZ). As a result, investors and landowners will face an entirely new system, in which decisions will only be issued for areas designated by the municipality as suitable for development and their validity will be...

In recent years, there has been increasing discussion about the need to protect the environment and implement eco-friendly solutions. This is no longer just a matter of trends or fear of ongoing climate change, but also of EU regulations, specifically the European Green Deal, launched in 2019, and the Corporate Sustainability Reporting Directive (CSRD), adopted at the end of 2022. This directive obliges companies to report on ESG factors – environmental (E), social (S), and governance (G) criteria, used to assess a company’s impact on the environment, society and corporate governance, enabling the identification of risks and opportunities associated with...

In recent years, the Polish real estate market has experienced unprecedented changes that have significantly influenced the housing preferences of Polish citizens. Rising inflation, sharp interest rate increases and a consequent drastic decrease in mortgage availability have forced many people to revise their plans. An analysis of market data from recent years reveals a clear shift from the long long-dominant ownership paradigm to the growing rental popularity. In 2023, the number of taxpayers reporting rental income increased by 22%, and between 2019 and 2023, this figure increased by nearly 50%. CHART 1. NUMBER OF TAXPAYERS REPORTING RENTAL INCOME source: own...

The housing problem in Poland is a real pain point for young people, affecting many aspects of their lives – from decisions about starting a family to freedom in job searching or access to education. High prices, ownership culture and shortages in social housing create a complex picture of the situation where it's increasingly difficult to get one's own place. As a result, more and more people aged 25-34 live with their parents and this phenomenon is becoming a permanent element not only of the Polish social landscape – it's a trend visible throughout Europe and even worldwide. The terms...

In recent years, micro-apartments, i.e. compact units with a floor area often not exceeding 25 sqm., have become an increasingly discussed topic in the real estate market. Although such housing solutions have existed for decades in many countries, especially in Asia, they remain a new and controversial phenomenon in Poland. Some perceive them as a potential solution to the housing crisis and a response to the needs of young people, while others see them as a troubling symptom of a deteriorating socio-economic situation and declining urban planning standards. Polish law defines the minimum residential area as 25 sqm. (pursuant to...

The Polish housing market is constantly changing – prices’ fluctuations, changes in the supply structure, differences between regions – all of this means that anyone interested in the subject of housing should be aware that this is a dynamic and highly complex phenomenon. Property prices are influenced by a number of factors: from the general condition of the economy and the level of inflation, through local investment decisions, to the demographic structure of a given city or the availability of public transport. One of the key elements of this puzzle is the relationship between the primary market (i.e. new apartments)...

The new “First Keys” programme is the government’s response to the growing difficulties that Poles face when trying to purchase their own home. Stringent credit requirements and high property prices mean that many persons are unable to afford a place of their own. The aim of this initiative is to enable individuals, who previously had no opportunity to enter the housing market by improving access to financing, while maintaining market balance and mitigating the risk of price inflation driven by excessive demand. The “First Keys” programme could become an important tool in addressing the housing crisis in Poland. Since the...

REITs, or Real Estate Investment Trusts, are special funds that invest on the real estate market and generate income from leasing or selling properties. REITs currently operate in 46 countries worldwide. The United States has the longest history with REITs, having introduced them through the REIT Act in 1960. The intention behind this solution was primarily to open up the commercial real estate market, previously dominated by large funds and wealthy investors, to smaller, individual investors. A key feature of the new solution was the imposition of several requirements on these entities, the most important of which included the obligation...

The suburban town of Ząbki may seem unassuming due to its small area – just 11 km². Over the years, Ząbki has undergone significant changes in character, evolving from a settlement to a garden city concept and, ultimately, into its current state as a high-density urban area. The city’s Development Strategy for 2024-2033 envisions its transformation into a compact city. The structural dynamics of Ząbki stem from its location, population influx and changing residents’ needs. Located approximately 9 km from the centre of Warsaw, Ząbki’s character is largely shaped by its proximity to the capital. The rapid development of multi-family...

In recent years, the concept of ESG (Environmental, Social and Governance) has gained significance, influencing many industries, including the real estate market. The challenges faced by the real estate sector are highly diverse and complex. Construction in Europe has a huge impact on environment, accounting for nearly half of total energy consumption, about half of raw materials exploitation, one-third of water consumption and substantial waste generation. These figures highlight the extent of the construction sector’s impact on natural resources and ecosystems, underscoring the need for sustainable development. A responsible approach to resource management, along with the implementation of innovative technological solutions,...

The Origins and General Principles of the Garden City The garden city concept was developed by Ebenezer Howard in the late 19th century as a response to the issues faced by industrial urban centres, which were overcrowded and expanding in an unplanned and rapid manner. Residents of these cities lived in poor conditions, often in rented, cramped apartments suffering from humidity issues and a lack of access to sunlight. These conditions negatively impacted public health and contributed to social problems. At the same time, E. Howard observed depopulation in rural settlements. He aimed to create a solution that would improve...

For many years, unfinished single-family houses have been part of the landscape in various regions of the country. Among these buildings, you can find both those that, despite visible deficiencies, e.g. an unfinished facade, are already in use and perform residential functions, as well as those whose construction has stopped at the stage before it was possible to move into them. We are talking about buildings erected by so-called individual investors, i.e. people who decide to build a house mainly to meet their own housing needs, and not for commercial purposes. There are many reasons why the completion of a...

The year 2024 brought significant changes to Poland’s housing market. Demand for both mortgage loans and apartments fluctuated, influenced primarily by political factors. Two government subsidy programmes for housing loans played a major role – the ‘Safe Loan 2%’ programme, introduced before the 2023 parliamentary elections, and the ‘0% Loan for a Start’ programme, announced for the post-election period. During the first quarter of 2024, the trends observed at the end of the previous year continued, driven by the introduction of the ‘Safe Loan 2%’ subsidy programme. Mortgage loans under this programme were issued until the end of March 2024,...

The invasion on Ukraine, launched by the Russian Federation on February 24, 2022, has had a profound impact on many aspects of social, political and economic life in Poland. The real estate market, particularly in Rzeszow and its surrounding areas, has undergone significant changes due to the influx of refugees and the increasing demand for various forms of accommodation. Rzeszow, the capital of the Podkarpackie Voivodeship, has a unique location near the Ukrainian border. Following the outbreak of war, it became a frontline city, the first major urban centre at a relatively safe distance from the border. As a result,...

According to Statistics Poland (GUS), as of the end of 2023, the country’s housing stock totalled over 15.7 million dwellings. With a population of 37.6 million, this equates to approximately 2.4 person per dwelling. Eurostat data indicates that the average number of rooms per person in Poland is 1.2, the second lowest in the EU, where the EU average is 1.6. Additionally, 36.9% of Poles live in overcrowded housing, far above the EU average of 17.5%. The 2021 national census recorded 15.34 million dwellings, with approximately 12.1% unoccupied, translating to 1.86 million vacant properties in Poland. The issue of vacant properties has...

Autonomous homes, also known as self-sufficient homes, are innovative buildings that enable residents to become independent of external energy, water and heat providers. The primary aim of such a project is to create a building that, through appropriate technologies, can operate almost entirely independently of external infrastructure and utility networks. This solution is gaining popularity, particularly among individuals who value an eco-friendly lifestyle and aim to minimize their carbon footprint. Autonomous homes are characterized by several key features that set them apart from standard buildings, including: energy production and storage – autonomous homes are equipped with systems that utilize renewable...

The real estate market is directly influenced by macroeconomic factors across the entire country, as well as by specific regional dynamics. Agricultural areas have defined operational frameworks that determine their productive potential. Factors such as land location, soil classification, slope and sunlight are some of the attributes affecting a region's production capacity. The WRPP (Agricultural Production Space Valorisation) Index reflects the productive capacity of agricultural lands based on natural conditions. This index is estimated from soil quality and agricultural suitability (including soil classification), agro-climate, terrain topography and soil water relations. Based on the WRPP Index, the most favourable agricultural development...

The systemic transformation and the resulting economic changes of the 1990s brought far-reaching consequences for many areas of social and economic life. Unlike most large cities, which coped fairly well with the new challenges, many small and medium-sized towns found themselves in a very difficult situation. Rising unemployment due to the collapse of unprofitable businesses, a lack of new investments, and, most significantly, a population outflow, particularly among young people, are the main negative consequences of these changes, which are still perceptible today across the entire regions. After joining the European Union, Poland became one of the largest beneficiaries of...

Buying a real estate is considered one of the most beneficial and safest long-term investments. It not only effectively protects capital from losing value, as shown by the recent period of high inflation, but it can also generate regular income without the need for constant involvement in the work process. Unfortunately, renting doesn’t always go smoothly. One of the main challenges that property owners face is finding a reliable tenant. Rent arrears, damaged furnishings, or neighbours’ complaints about noisy all-night parties are just a few difficulties that landlords encounter. It’s therefore worth taking steps to minimize the risk of financial...

In recent years, more and more foreigners, especially from EU countries and Ukraine, have decided to buy flats in Poland, both for investment and residential purposes. Stable economic growth and low interest rates have sustained the growing demand for local housing until 2019. Flat prices were rising rapidly, especially in large cities such as Warsaw, Cracow, Wroclaw and Gdansk. The outbreak of the COVID-19 pandemic in 2020 temporarily froze the housing market. Many transactions were put on hold and developers delayed new projects. Despite the initial slowdown, housing prices did not fall. Demand recovered quickly, driven by low interest rates...

The percentage of people renting dwellings in Poland remains relatively low (it amounted to only a few percent), although the rental market (both private and institutional) is steadily developing. According to Eurostat data as for 2023, 4.2% of Poles lived in apartments rented on market terms. It's not much, but comparison of Poland's recent result with statistics for the year 2009 showed almost a twofold increase. The development of rental market, concentrated mainly in the largest agglomerations, was the result of increasing occupational mobility of Poles, who don’t intend to establish lasting ties in particular location. Constantly rising property prices,...

Climate change is one of the most significant challenges the modern world faces. We are increasingly experiencing extreme weather events, such as heavy rainfall, floods, droughts, heatwaves, hurricanes and wildfires. The summer of 2023 brought extreme heatwaves across Europe, particularly in the southern regions of the continent. Spain and Italy recorded temperatures exceeding 45°C, with a record-breaking 48.8°C in Sicily, the highest ever recorded in European history. Poland is also experiencing extreme weather events: on August 19 and 20 of this year, measuring devices in the Bielany district of Warsaw recorded daily rainfall levels of 119 mm, equivalent to nearly...

Real estate flipping has become an extremely popular investment strategy worldwide in recent years. This phenomenon, initially developed in the United States, is gaining increasing popularity in Poland as well. This type of investment strategy attracts both experienced investors and newcomers to the real estate market. Why has it gained such popularity, and what factors influence the development of this market? What are the key steps in the flipping process, and what risks should one be prepared for? Real estate flipping is a strategy of quickly reselling houses or residential units after their renovation/modernization. Therefore, a flipper is an unofficial...

The concept of "15-minutes cities" was proposed by Sorbonne urban planner Carlos Moreno. He encourages the creation of cities where residents have access to all essential services, jobs, schools, parks and entertainment within 15 minutes on foot or by bike. The proposed approach aims to improve the quality of life for residents, reduce traffic and decrease CO2 emissions by reducing dependence on cars. Increasingly, cities around the world are experimenting with this concept, making changes in urban planning and infrastructure to better meet the needs of citizens. In a model city of the 15-minute city idea, the centre features a...

Population aging is a demographic phenomenon characterized by an increasing proportion of elderly people in the population. It is caused by both longer life expectancy and low fertility rates. On one hand, the favourable phenomenon is that people live longer thanks to advances in medicine, better access to healthcare and improved living conditions. This means that the number of elderly people in the population is growing, indicating an improvement in quality of life and health in society. On the other hand, low fertility rates, which means an insufficient number of births, exacerbate the aging process. Social changes in recent years,...

High housing prices and declining rental investment profitability in Poland, along with the desire to secure capital or a potential place of emigration in politically uncertain times, are prompting more and more Poles to look for real estate abroad. Among the countries most often chosen by Polish buyers are Southern European countries - Italy, Portugal and Spain. According to Registradores de España data, last year Poles purchased 3 118 properties in Spain, slightly more than in 2022, when there were 2 973 transactions concluded. In the first quarter of this year, there were already about 800, indicating at least a maintained...

Property tax is one of the key sources of funds for local governments. It covers land, buildings and their parts, as well as structures related to running a business. In recent years, attention has been increasingly drawn to the problem of differentiating tax rates based on the type and purpose of the property. Many taxpayers wondered why their property tax rate for a garage was several times higher than their neighbour’s rate. This caused numerous controversies and protests from garage owners. The problem was that garages attached to a residential premises (legally constituting part of this dwellings) were taxed at...

In 2024, a series of new regulations in the field of construction law will come into force, encompassing changes resulting from provisions announced by March 14, 2024. Amendments arise from changes to the regulation on technical conditions to be met by buildings and their location, and the regulation on the detailed scope and form of the construction project. Furthermore, in February of this year, the Ministry of Economic Development and Technology announced work on further updates to legal regulations affecting construction law. The aim of these changes is to improve the quality and safety of buildings. New regulations are aligned...

For several months now, there has been public discussion about the government programme called “Loan for a Start”. I intentionally avoided using the adjective “new” because it’s merely a more mathematically complex version of the previous program, “Safe Loan 2%”. Similar to all the previous programmes aimed at financially supporting selected borrowers – starting with the “Family on Its Own” programme from 2007-2013, followed by the “Flat for Youth” programme from 2014-2018, and ending with the “Safe Loan 2%” – the “Loan for a Start” programme also provides state subsidies for purchasing a first housing. Successive governments imitate their predecessors, attempting to...

Recent years have highlighted how much society relies on electricity. An additional aspect driving even greater demand for electricity is the electro-dependence of basic household appliances - from heating systems to kitchen appliances or smart systems controlling various components in buildings. All of this makes the lack of power supply impossible for normal functioning. In search of an alternative and following the rapidly growing and popularizing trend of renewable energy sources (RES), interest can be noticed not only in solar energy but also in the possibilities of obtaining thermal energy. Geothermal energy in Poland has not yet gained as much...

In an age of rapidly changing climate conditions, the most sensible approach is naturalistic design. Modern construction focuses on ecology, functionality, minimalism, climate change adaptation, and responsible building practices. One of modern urban and architectural solutions is blue-green infrastructure (BGI). Greenery in private, residential and public spaces may not only serve an aesthetic purpose, but also may fulfil an ecosystem function. While ornamental value is often a priority in private gardens, it's crucial to consider the usefulness of greenery even in such projects. However, contemporary form of urban areas is mostly shaped by public spaces and property development investments, both...

The world's population growth, depletion of natural resources and air pollution require societies to rethink and change current consumption habits. Climate change is speeding toward catastrophe and the existence of linear economy, which is based on low-cost production, assuming unlimited access to large quantities of materials and unlimited waste production capacity, will not be possible any longer. The construction industry not only is responsible for significant quantities of global greenhouse gas emissions, but also produces the large amount of waste – from the beginning of building construction to later everyday maintenance. Moreover, only a tiny percentage of construction waste can...

Once again, the topic of property tax is returning. Poles are slowly getting used to double-digit increases. This year we had to pay almost 12% more than last year, and there is no sign of improvement in the next one. On 14 July 2023 the President of the Statistics Poland has issued a statement on the consumer price index for the first six months of this year vs. the corresponding period of the last year, which showed a jump of 15% upwards. We can also expect an increase in the levy by this much, as the Minister of Finance is...

At the end of May 2023, Polish parliament completed work on the Act on state aid in saving for housing purposes. The act is in force since July 1, 2023 and introduces a new programme called First Apartment. One of the basics of this programme is a new form of credit – 2% Safe Loan, which is available in a few banks since July 3, 2023. According to BGK (pol. Bank Gospodarstwa Krajowego – the managing entity) these are currently: PKO Bank Polski S.A., Bank Pekao S.A., Alior Bank S.A., VeloBank S.A., SGB Bank S.A., Bank BPS S.A. and cooperative...

So far, the increasingly stringent requirements for the energy efficiency of buildings have only applied to newly built properties, but the newest EU law will also affect existing buildings. The main objectives of the revision of the Energy Performance of Buildings Directive (EPBD), known as ‘Buildings Directive’ are to substantially reduce greenhouse gas emissions and energy consumption in the EU building sector by renovation of all existing buildings (both residential and public). The draft amendment to EPBD is currently in trilogue negotiations (between the EU Parliament, the EU Council and the European Commission), the publication of the final shape of...

Beginning of the 21. century is a time when the actual scale of the impact of industrial civilization and consumerism on the environment and its potential influence on the planet slowly began to reach the awareness of the societies. The threat of a climate catastrophe caused by greenhouse gas emissions, the imbalance of ecosystems, overproduction of waste and the perspective of depleting fossil fuel resources have prompted not only scientists, but also politicians and professionals from various fields to search for some new solutions. Construction sector is one of those areas of human activity that to a greater extent contribute...

The process of population ageing, which means an increase in the number of older people within a population, is one of the biggest issues in the 21. century. According to the Statistics Poland projection, the share of people aged 60 and more in Poland will equal 29.9% in 2030 (whereas in 2021 it was 25.7%). Moreover, in 2050, 40.4% of the entire population will be older people. For that reason, the problem of ensuring adequate retirement pensions due to the growth in the number of pensioners will become noticeable in the future. The financial situation of Polish pensioners has been...

Noise is one of the biggest nuisances of living in a big city. According to the World Health Organization, noise pollution is the second largest civilization cause of ill health after smog. When buying or renting a property, it is worth examining acoustic conditions in the property and its surroundings. It is also good to read the planning documents to find out if there are any troublesome investments planned near the place we are interested in that will have a bad impact on our well-being and health in the future. NOISE – A NUISANCE OR A REAL THREAT? Noise is...

Amendment to the Construction Law Act consists of a number of changes announced successively in 2022. The announcement of the Marshal of the Sejm, dated March 10, 2023, on the publication of the unified text of the Act lists 7 acts, the amendments of which will affect this sector of the economy. The new regulations provides for numerous changes, among which the most important are the extension of the catalogue of construction objects that do not require a building permit, as well as modifications to the rules for commissioning construction objects and the regulation of the functioning of IT systems...

According to the data of Central Statistical Office, in 2022 tourist accommodation facilities were used by 34.2 million tourists, who were provided with 90.0 million overnight stays. Compared to 2021, it was more by respectively 54.3% and 43.2%. However, these data do not include persons using non-registered accommodations, including private houses and flats rented to tourists for a short time. At the same time, according to data from the National Census 2021, housing stock in Poland amounted to over 15.4 million dwellings. So, how many properties in Poland are used for short-term rental? This article concerns a growing category of...

Saving energy is an issue that is being discussed more and more often in our homes. It results not only from the growing awareness of the impact of human activity on the natural environment degradation, but also from desire to achieve an energy freedom. The autonomous home responds to our needs and overcomes this problem. It is 100% self-sufficient. It works for itself, supplies its own electricity, water and sewage. For many, it is a gateway to their dreams for a life away from civilization, among the forests, where the ground is not equipped with technical infrastructure. But is it...

Although the subject of “patho-development” (not necessarily under this name) has been presented in the public debate for a very long time, in recent weeks it appeared again due to the conflict surrounding the Bliska Tower, JW Construction investment, also known as the "Warsaw's Hong Kong". At the same time, the problem of housing quality was noticed also by the Ministry of Development and Technology – at the press conference held on March 31, 2023 the Ministry’s representatives presented a number of solutions aiming at counteracting this phenomenon. So-called “patho-development” is a term referring to (according to Wikipedia) “all the...

Until now, restrictive regulations have de facto prevented building of new onshore wind farms in Poland. In 2016, the so-called ‘wind turbine act’ (Wind Farm Investments Act) was adopted, which introduced the ‘10H rule’, meaning that new wind turbines had to be separated from the nearest residential buildings by the distance of at least 10 times the turbine height. In practice it was about 1.5-2 km and the same rule also applied to the construction of new wind turbines near, among others, national parks, landscape parks, reserves and Natura 2000 areas, so over 99% of Poland’s territory was excluded from...

The obligations of the parties to the real estate sale transaction are affected, among others, by its legal status and other factual circumstances linked to it. Two of the public law obligations closely related to real estate transactions are often confused with each other, even though they have been functioning in the Polish legal system for many years. Their imposition is most often a significant financial burden for property owners. We are talking about betterment levy and planning fee. In this article you will find the answer to when these fees may be imposed, who sets them and what can be...

Nowadays, both citizens and state authorities are increasingly paying attention to the ecological aspects of their activities and attempting to reduce the negative impact of urbanization on the natural environment. One of the disadvantageous phenomena that we as a society have an impact on is the deterioration of air quality. It is mostly caused by the use of outdated heat sources as a method of heating buildings. Pollution from heating sources goes directly to people’s areas and can cause contamination concentrations at a level dangerous for health. The biggest emission of pollution is observed during the heating season, when each...

According to InfoMonitor S.A. Economic Information Bureau, high bills for electricity, gas and water are the most burdensome expenses for Poles. Other problematic expenses are those related to the purchase of fuel, food, heating fuels, and expenses for rent or loan instalments. At the end of October 2022, the total value of consumer debt was nearly PLN 77.4 billion, and almost 2.7 million people already had a problem with paying their current obligations. Housing fees are monthly expenses that have been steadily increasing in recent times, putting more and more burden the household budget. Therefore, the government has prepared various...

Last Recommendation J draft amendments concerning the policy of data gathering and processing on the real estate market include PHI certificate provision. Banks will be obliged to collect information on buildings being certified. According to the reference, it will have a crucial impact on property value. This certificate validates that all passive building standards are achieved. Passive buildings come under sustainable buildings, which make a distinction between energy-efficient buildings, passive buildings, and zero-energy buildings. These building types vary in terms of energy demand (zero-energy buildings are completely self-sufficient), the minimal thickness of thermal insulation, type of ventilation, and heat source....

In mid-December last year, the Ministry of Economic Development and Technology announced the preparation of a new, comprehensive programme of support for people who want to buy their first flat. This programme will consist of two solutions, the first of which is addressed to people who are planning to buy an apartment now, the second to those who are planning to do so, but in a few years' time. Safe Mortgage Loan 2% is one of the two components of the First Flat Programme. It will be a preferential loan granted at a guaranteed fixed interest rate of 2% (plus...

With the prevailing energy crisis, as well as rising inflation, from spring 2023 it will be mandatory for owners of single-family houses and flats to pay for an energy performance certificate. In what circumstances and who will be required to have such a document? What will be the penalties for not having it? What is an energy performance certificate (energy certificate)? Since January 1, 2009, EU Directive 2002/91/EC has made energy certification mandatory in Poland, which means that every building (with certain exceptions) is required to have an energy performance certificate. An energy performance certificate, also called an energy passport...

The long-lost competitiveness is beginning to return to the real estate market. Rising interest rates, with persistently high prices, have significantly reduced the creditworthiness of potential buyers. As a result, fewer and fewer people can afford to buy their own flat. Responding to the economic situation, developers have begun to reach for various solutions to attract customers to their investment. One of them is the proposal to finish the apartment in a turnkey standard. "Turnkey" finished, what does it mean? A turnkey finished apartment on the primary market is a new dwelling, in which no renovation work is necessary before...

Until the mortgage, which is the basic collateral of a mortgage loan, is effectively entered into the mortgage register of the property, bank is exposed to higher risk related to inadequate collateral for the credit facility. As a consequence, banks used to require a temporary collateral in form of so-called bridge insurance for the period from disbursement of the loan till the mortgage is established, i.e. until the date, when the registration of the mortgage in mortgage register is valid. The insurance was executed in two ways: by additional insurance contribution paid by the borrower, amounting to approx. 0.07 –...

On 1 January 1995, with the entry into force of the Act on Premises Ownership, the concept of a housing association was introduced, defined as an obligatory form of association of owners of premises in property - a new legal and property entity in Polish law. The Act was not the first piece of legislation to regulate the ownership of premises, earlier these issues were regulated by the Civil Code. The management of the common property was regulated much earlier, with the entry into force of the Decree of the President of the Republic of Poland of 24 October 1934...

Attempts to answer the question ‘to buy or to rent’ have been appearing in the publications of many housing market analysts for quite a long time. Naturally, the answer is not obvious. We all know pros and cons of both forms of meeting housing needs. Buying a flat, even when taking a long-term mortgage loan, is also a form of saving, investing owned or accumulated capital, building a sense of long-term stability and security, also in the context of having a source of permanent rental income. Moreover, in future this capital may be passed on to next generations. On the...

Central Statistical Office announced recently the so-called quick estimate of the Consumer Price Index, which in September 2022 was quoted at 17.2%. Inflation at a similar level was recorded last time in February 1997. Therefore, it is the highest notation of inflation in the current century. What matters the most from the point of view of both mortgage and housing markets is that this increase exceeded analysts' forecasts and it makes the following decisions on further increases in interest rates even more plausible. A year ago, in October 2021, the NBP reference rate was only 0.10%. After 11 consecutive monthly...

The change to the Spatial Planning and Development Act is a part of the National Reconstruction Plan. The reform is expected to improve cooperation between local government units and investors. It assumes simplification of planning procedures, clarification of rules for issuing land development decisions, or replacement of the study of conditions with a general plan. The draft spatial planning reform was presented at the beginning of this year. The amendment to the law is currently under consultation. It is likely to be enacted and come into force in early 2023. The following are some of the significant changes and assumptions...

In times of rising inflation, it is good to find the right way to protect and multiply your savings. There are many options for increasing capital, such as purchasing of government bonds, shares on the Stock Exchange, mutual funds, setting up deposits and savings accounts, investing in gold or real estate. The tangible nature of property has the advantage over other forms of capital investment that it gives a sense of real ownership. In the case of rental properties, it is additionally possible to earn a passive income. Therefore, investing in real estate is a popular method of saving. There are...

Year 2022 is another period of dynamic increases in home maintenance costs. According to data from the Central Statistical Office in July this year, these costs were higher than in the corresponding period of 2021 by an average of 25.3%. The fastest increases were in gas and fuel costs - by 44.9% and as much as 131.2%, respectively. There are approximately 5.5 million single-family buildings in Poland, inhabited by more than half of our country's population. Despite the considerable activity of individual investors observed in recent years, most of them are still buildings that do not meet current functional and...

According to an annual survey conducted by the Public Opinion Research Centre (CBOS), in 2022, as many as 58% of surveyed Poles declared having savings, compared to 23% in 2007. Despite the significant increase in the number of savers, Poles are still reluctant to invest their money, which loses its value over time. It is well known that inflation is the enemy of savings and investments. Rising prices of goods and services reduce the purchasing power of the money and force people to look for ways to secure their savings. In recent years, the purchase of real estate has been...

On July 1, 2022, the act on protection of rights of buyers of residential premises or single-family houses and the Developer Guarantee Fund (DFG) entered into force. It ensures the protection of payments made by customers who buy flats or houses on the primary market, the sale of which started after 1 July 2022. Changes for buyers The law changes provide full protection for buyers of new flats or single-family houses. The principal of the DFG is similar to the Tourist Refund Fund – it guarantees return of payments made by buyers in case of: the bankruptcy of the developer...

Buyers’ behaviour on the real estate market is often the subject of analysis by economic scientists and real estate professionals. Preferences are divided into revealed and declared. Declared preferences refer to the behaviour of potential consumers at the time of the interview or survey. The other ones relate to the actual market choices made by consumers and can be analysed using the transaction prices database. The main objective of the survey of buyer preferences is to gain knowledge of what influences the decision to purchase a dwelling, while also influencing demand on the housing market. Analysis of the results of...

The installation of photovoltaic modules has been especially popular in recent years. The common use of this type of energy generation is mainly influenced by the idea of saving money by using renewable energies, which is also supported by subsidies, e. g. from the “My Energy” programme. Solar radiation can be converted into electrical energy or used for water heating. However, the optimal use of photovoltaic modules requires a sufficient amount of solar energy, and unfortunately the location of the house and the weather conditions might not be conducive to energy generation. The answer to these doubts is a solar...

The installation of photovoltaic modules has been especially popular in recent years. The common use of this type of energy generation is mainly influenced by the idea of saving money by using renewable energies, which is also supported by subsidies, e. g. from the “My Energy” programme. Solar radiation can be converted into electrical energy or used for water heating. However, the optimal use of photovoltaic modules requires a sufficient amount of solar energy, and unfortunately the location of the house and the weather conditions might not be conducive to energy generation. The answer to these doubts is a solar...

In multi-family buildings that have been used for several decades, the consumption of primary non-renewable energy (Epis much higher than in newly constructed ones, which results from technical solutions available at the time the buildings were constructed, not providing efficient thermal insulating capacity. As a result of long lifespan, many existing buildings are in bad technical condition and require complete renovation. The excessive heat loses, caused by, among others, lack of thermal insulation, lack of tightness in the external thermal insulation system or so-called thermal bridges, i.e. places in the walls, ceilings or roof, where the heat is excessively lost,...

Aerial photography is an innovative form of object representation and serves many areas of the economy, including the construction sector. Aerial photographs are commonly used to present investments at various stages. Photos taken by satellites, as well as unmanned aerial vehicles - drones, are used to create an orthophotomap. Orthophotomap created in the process of transformation aerial photos is invaluable in the real estate industry, for construction investments, planning and site inventory. What is an orthophotomap? Orthophotomap is a raster image of terrain surface in orthogonal projection (perpendicular to the photographed plane), identified with a classical map, presented in an...

Poland is in a very unfavourable geopolitical position. The events taking place beyond our eastern border have a direct and negative impact on the Polish economy. In mid-November 2021, the migrant crisis on the border with Belarus escalated. Unfortunately, the situation is still tense and attempts to enter Poland illegally are still being recorded. On February 24, 2022, Russia invaded Ukraine. Since then, 2.415 million war refugees have arrived to our country (as of April 1, 2022). The consequences of these tragic events affect the most important branches of the Polish economy, including the real estate market, where changes are...

On 8 March, 2022 the Monetary Policy Council raised the reference interest rate once again. This time the rate was increased by 0.75 basis points and reached the level of 3.5%, which is the highest value since February 2013. The Monetary Policy Council has been systematically raising the main interest rate every month since October 2021, which results in another increase in instalments of variable interest rate loans. These types of loans dominate in Poland. According to the data of the European Mortgage Federation, in December 2020 variable interest rate mortgage loans in Poland constituted 100% of all granted mortgage...

Construction costs of apartments and houses depend on many factors, such as technology, cost of building materials, cost of work, cost of a construction project, building area or standard of an apartment or a house. From year to year, construction costs increase, which is mainly caused by rising prices of building materials, an increase in employment costs and a low supply of investment land, and hence an increase in land prices. Therefore, rising costs incurred by developers have an impact on the prices of apartments and houses. The extremely high rates per square meter of a dwelling are also affected...

On November 15, 2021, the President of the Republic of Poland signed the Guaranteed Housing Loan Act, which is a part of the "Housing without down-payment" programme that comes into force in 2022. New regulations are designed to make home financing more accessible to people who are creditworthy but have not built up savings of 10-20% of the value of the purchased property. The Act introduces a number of conditions that must be met in order to benefit from the programme. In 2013, the Polish Financial Supervision Authority, with the amendment of Recommendation S, obliged banks to require borrowers to...

The ‘green energy’ gains popularity in Poland, as it is related to considerable environmental benefits and at the same time – significant savings in energy costs compared to costs of traditionally produced energy. As the prices of electricity and coal has been constantly increasing, renewable energy appears to be more and more attractive. Renewable energy sources are all the sources used for production of electric and heat energy, the long-term use of which does not result in significant deficit or which may be renewed in a short-time. The available renewable energy sources include: hydro plants that use the gravitational energy...

The year 2021 did not bring the end of the COVID-19 pandemic, but it did bring many other significant events. It was another period of record performance on the residential real estate market in Poland. A variety of factors contributed to the dynamic increase in residential premises over the past year. As in previous years, buyers’ interest continued to grow and developers struggled to meet the demand. The good situation on the market was also influenced by factors in its environment, including, among others, a significant increase in inflation, a dynamic increase of prices, especially of construction materials and land for...

The government plans to change the regulations on expropriation and compensation for expropriated property. Intended changes include amendments to the act on real estate management, as well as to a number of special acts (energy, road and rail). The main purpose is to resign from so-called principle of benefits in the valuation of expropriated property, determining the amount of due compensation. According to the provisions of Chapter 5 of the act on real estate management that regulates the expropriation issues (more specifically it is the article 134), the basis for determining the value of compensation for the expropriated property is...

More and more new technological solutions are applied in the construction industry, just as in other sectors of the economy. One of such solutions is BIM technology. Implementation of BIM already in the early stages of an investment and its consistent use during the project can allow for easy integration of all the components of the investment stage, resulting in the subsequent efficient management of the property. Property management is not just about overseeing the current condition of a property, but also planning for future goals leading to property maintenance and development. Collection and processing of data to obtain information...

For most people, buying a flat is a moment in life that evokes a lot of emotions. However, before you move into your new dream apartment bought from the developer, a technical acceptance of a flat must be conducted. This is the last and the most important step before receiving the keys. What is a technical acceptance of a flat and why is it important? You will find out this in this article. What is the technical acceptance of a flat? The technical acceptance of a flat is a buyer’s verification if the developer has completed the flat according to...

Cities cover only 2% of the Earth's surface, but they have a significant impact on the climate crisis. They generate about 70% of the world's greenhouse gas emissions and have a large potential to gradually reduce this high number. Today, more than half of humanity lives in cities. This number is constantly growing - according to UN forecasts, by 2050 68% of the world's population will live in cities, areas that are very vulnerable to the effects of climate change. The environmental impact will also increase. City dwellers will increasingly experience the effects of global warming in the form of...

As a consequence of lenient mortgage lending criteria applied nowadays by banks, more and more Poles can afford to buy their own dwelling. According to AMRON-SARFiN Report 2/2021, the number of loans granted in the second quarter of 2021 increased by 17.21% compared to the previous quarter. Before implementing a plan to purchase a dwelling, it is good to know all details related to legal aspects of the transaction, including types of contracts and rights they ensure for the contracting parties. In June 2021, an amendment to the Act on the Protection of Rights of Buyers of Housing Unit or...

According to the latest estimates of the Central Statistical Office (CSO), the rate of economic growth expressed in Gross Domestic Product (GDP) in the second quarter of 2021 was the highest in the Polish history. It reached as much as 11.1%, so we managed to make up for the pandemic losses. This was not the only record that our country has achieved recently, but unfortunately in this case there is no reason for optimism. Inflation is rising alarmingly and its recent rate is at the highest level for 20 years. In 2021, inflation ranged from 2.4% in February to 5.5%...

Record low interest rates, which have been maintained for several years, and loosening of the banks' requirements regarding down-payment have a strong impact on high demand on the housing market, which translates into economic growth. Since 2016, more and more housing loans have been granted each year. A slowdown of the upward trend could be observed only in 2020. According to the data presented in the AMRON-SARFiN Report, the number of housing loans granted in 2020 amounted to 204 170, which was lower by 3.13% than the number recorded in 2019. The value of newly issued mortgage loans in the...

Recent quarters have brought dynamic changes in European economies. COVID-19 pandemic and restrictions imposed in its consequence, as well as activities aimed at counteracting their negative effects, have had a significant impact on the housing markets of European cities, changing not only the level of prices, but also rents. Therefore, we decided to review prices and rent levels in capitals of EU countries. The analysis covers prices and rent rates of apartments of the floor area ranging from ​​45 to 55 square meters, of an average standard, located outside strict city centres. The rent rates are considered net rents, excluding...

Public consultations on the draft Act on investments in the field of drought prevention dated August 12, 2020 are completed. The comprehensive draft act prepared by Ministry of Maritime Economy and Inland Navigation resulted from work of the inter-ministerial team dealing with drought in Poland and was consulted in all voivodeships under the ‘Stop Drought Program’. According to the justification, the amendments are intended to ‘(…) introduce solutions to the legal system that will simplify and accelerate work related to preparation for implementation of retention projects aimed at reducing consequences of drought in Poland’. The draft is another so-called special...

The COVID-19 pandemic has left its mark on the construction industry. The global situation has affected the speed of land purchase decisions and increased interest in building homes. The popularity of single-family houses is constantly growing, and this trend is strongly reinforced by fears of further pandemic waves and the imposition of remote working as a standard operating model. More and more people appreciate the opportunity to own their own home with a garden or recreational plot. Factors influencing the prices of building plots are primarily: location, shape and size, availability of access road, access to utilities, plot environment and...

On May 20, 2021, the Parliament passed an act on the protection of rights of buyers of residential premises or single-family homes and on a Developer Guarantee Fund prepared by the President of the Office of Competition and Consumer Protection. This is an amendment to so-called Development Act which came into force on April 29, 2012. New regulations introduce a number of changes aimed, among others, at improving the security of legal transactions of real estate and eliminating the risk of loss of payments to escrow accounts by purchasers of new apartments. In addition, the Act defines new rules, as...

During the press conference on fundamentals of the Polish Deal programme, the planned changes in legal aspects of single-family construction process were presented. New provisions were inspired by previously introduced solutions concerning construction of a small recreation house and provide construction of a single-family house of a covered area not exceeding 70 sqm. based only on a notification. Building permit, site manager and a construction logbook will not be required any more, which will shorten the whole construction process and limit the investor’s costs. However, it must be remembered that the assumptions of a Polish Deal programme are described in...

As of July 1, 2021, you no longer need to leave your home to apply for a construction permit. Via e-budownictwo.gunb.gov.pl website you may submit 23 applications related to the construction process. As the Ministry of Development, Labour and Technology (MRPiT) emphasises that this website will be a tool that simplifies and reduces the time of the construction process. About website The e-Budownictwo portal (e-budownictwo.gunb.gov.pl) is an official government website, where you can fill and submit documents related to the construction process. These documents are then sent online to the relevant office, which will process the application. It was launched...

Spatial order is a broad and general concept that has a significant impact on public spaces. In addition, it is a subjective and relative concept, so it is difficult to have a universal definition of it. In the context of this article, spatial order will be understood as a multidimensional way of shaping space, the main goal of which is to achieve harmony, legibility and proportionality. Its formation should take into account social, economic, natural and cultural needs. The space, which is shaped with spatial order in mind, is tidy, of high compositional and aesthetic values, and the objects are...

Polish Deal, a new social and economic programme announced on May 15, 2021 by the Prime Minister Mateusz Morawiecki, implies new regulations intended to be some kind of an energy boost for weakened, post-pandemic economy. As the Programme does not relate much to the economy itself, two proposals draw particular attention of the public: subsidies for housing purchases called ‘housing voucher’ and the state guarantee for mortgage borrowers. Housing vouchers are described as specific form of state support for the families expressed in precise sums of money and therefore discussed the most by Polish political and economic commentators. However, it...

COVID19 pandemic has brought significant turbulences in the real estate market. Apart from the changes of the macroeconomic situation, like a decline in GDP or an increase in inflation, it also caused important social changes, resulting from the movement restrictions or a reduction of the social trust. Introduction of the possibility to work or study remotely was also an important factor that had a significant impact on the housing market. For obvious reasons commercial real estate market, including primarily it’s retail and office sectors, was the most affected by the pandemic, while on the housing market the strongest impact of the...

Every city faces many economic, social and environmental challenges. Therefore, effective solutions are needed to mitigate these problems in order to ensure the best possible quality of life for city dwellers. Increasingly, technology is being used to influence whether a city is smart. Currently there is no single common definition of a Smart City. The term can be understood in different ways, but it is most often identified with a city, in which public issues are addressed using information and communication technologies (ICT). These technologies play a significant role in supporting cities, making them a better place to live by...

When you want to buy a piece of land for building a new house, you should check not only the legal status of the property or infrastructure utilities for the plot, but also you should take account of surroundings. In that case, the sixty-four-dollar question should be: is my building plot located in a floodplain? Flood is a big problem that threatens people’s lives and their property. But how to check it? This article aims to help you in search of an answer to this question. THE HIGH-RISK FLOOD ZONE – WHAT IS IT? According to a definition from Water Law Act...

Real estate expropriation is one of the procedures described in the Polish Act of August 21, 1997 on Real Estate Management (Journal of Laws 2020, item 1990) that regards to the possibility of depriving or limiting (under an administrative decision) the right of ownership, perpetual usufruct or the right in rem to real estate. This procedure is possible only for real estate located in areas designated in local spatial development plans for public purposes or for real estate with a binding decision to determine the location of a public investment. Moreover, expropriation may take place only when public goals cannot...

The European Banking Authority (EBA) published the final version of the Guidelines on loan origination and monitoring on May 29, 2020. They are in response to the European Commission's action plan, the main objective of which is to reduce the level of non-performing loans at banks in the European Union. The main objectives of introducing the Guidelines are: to improve the processes and mechanisms for new lending in Europe, to ensure reliable standards of credit risk taking, management and monitoring by institutions, to ensure high credit quality for new lending, to ensure that consumer protection is adequate and properly implemented....

Tenement houses – some of them are neglected and have shabby facades with plaster falling off the walls, while others impress because they are richly decorated and maintained in excellent condition. Living in a historical and well-kept tenement house is currently synonymous with luxury that costs a lot. In Warsaw, a square meter of a floor area in tenement house is on average more expensive than in the new building. It is therefore not surprising that tenement houses are attracting more and more interest, not only among enthusiasts of old buildings with atmospheric interiors, but also among investors. This article presents the characteristics...

Despite disturbing information about the coronavirus pandemic threat that was coming from China, the beginning of 2020 on the real estate market in Poland was another period of growth. Demand for residential real estate remained high, mainly due to low NBP interest rates (reference rate at 1.5%), rising inflation and high price availability of housing. As a result, prices reached new records, flats were sold even within a few hours, the offer remained at a stable, high level and developers started new investments. Slowing economic growth was believed to be the main threat to the demand on residential market. Combined...

Revitalization is a concept heard more and more often in the context of space transformation, especially in big cities. According to Art. 2 of the Revitalization Act of October 9, 2015 (Journal of Laws of 2020, item 802), revitalization in Poland is understood as a process of recovering from a crisis state, through integrated actions for the local community, space and economy, territorially focused, carried out by revitalization stakeholders on the basis of municipal revitalization program. This means that revitalization does not only refer to the renovation or modernization of a building object, but apart from its spatial significance, it...

One-quarter period of restrictions related with the pandemic turned out to be too short to change residential market trends in a meaningful and lasting way. Contrary to some market observers expectations, there was no downturn of the trend and no decline in home prices. Moreover, the activity of market participants, after a short break, returned to the level close to the pre-pandemic level, and even, in case of developers, clearly exceeded it. At the same time, however, situation on the residential rental market developed differently. Restrictions and changes introduced as a consequence of the pandemic resulted in reductions of rent...

When investing on the real estate market or buying a property for own use, it should be remembered that the purchaser becomes the owner of the rights to the property. However, before signing a contract it is worth checking what rights and restrictions are imposed on the subject of the transaction. All necessary information can be found in the land and mortgage register of a property, available at the district court competent for the given area. Special attention should be paid to limited rights in rem, which include usufruct, servitude, pledge, cooperative ownership right to premises and mortgage. Among the...

There are as many reasons for investing in real estate, as investors, who decided to do so. Most of all real estate is a physical asset that can be seen, touched or felt. That physical aspect is particularly important in periods of financial turmoil, when decreasing exchange quotations lead some investors to hasty and ill-considered decisions. Secondly, investment in real estate protects the capital from inflation, which is mostly due to decrease in value of fiduciary money, much easier to print than actual increase of housing stock. Thirdly, real estate can generate constant and regular revenue, which for most of...

On September 19, another amendment to the construction law entered into force. Changes introduced by the Act amending the construction law as of February 13, 2020 have a very wide scope and their purpose is not only to simplify and accelerate the investment process, but also to organize several important areas of regulations related to the construction and use of buildings. There are such important issues among them, as legalization of unauthorized construction, facilitating the access to infrastructure networks or the requirements for obtaining building permits and notifying construction works. One of the most far-reaching changes, which is intended to...

Short-term rental has become a more and more popular option of accommodation per night. Development of services such as Airbnb or Booking.com has strongly contributed to it. Since the very beginning of that type of accommodation, tourists have been very enthusiastic about it. This trend is apparent in big cities and touristic destinations. Business dependent on renting a flat for short period generates higher profits than a traditional long-term rental. This is a reason why the investors’ activity in this scope has increased significantly within few last years, both for the benefit of tourists and business travellers. Until now, this market...

Quite recently, the housing market in Poland was recording an impressive boom and the prospect of a correction seemed remote. Dwellings prices kept rising, flats had been sold really quickly and developers willingly started new investments. But then the coronavirus-related restrictions came, the entire economy unexpectedly stopped and all real estate participants held their breath waiting for what would happen next. Property prices have been a hot topic since the beginning of the pandemic. Potential home buyers were looking forward to discounts and bargains. Meanwhile, summer months did not bring a significant change on the housing market. After a temporary...

Increases in energy prices and heating costs of buildings significantly influence the growing interest in modern technologies that allow to reduce these expenses. In order to lessen the house's demand for heat, it is good to get a closer look at the concept of an energy-efficient building. ENERGY-SAVING HOUSE source: https://www.dobrzemieszkaj.pl The operating costs should be considered as early as at the stage of choosing a house project. Then we should think about how to locate the house on the plot and what solutions to apply to reduce heating bills during the operation. In order to increase the energy efficiency...

Real estates are perceived as good investment objects. According to the average Pole, who does not invest professionally in shares, bonds or his own company, investing on the real estate market is the best and the safest way of making a profit. The current interest on deposit accounts in Polish banks is at a record low level and does not protect savings from inflation. Therefore it is not surprising that Poles are interested in alternative forms of investment and very often choose real estates due to relatively low risk of loss. However, the decision to invest in these assets should...

The H-frame and the large-panel are two competitive technologies for construction of multi-family buildings, that were used in Poland in the second half of the 20th century. Both are based on the use of prefabricated and repeatable elements that make the construction of the building process much faster and less complicated than other technologies. The need to speed up the construction process appeared in Poland after the end of World War II, when the vast majority of the population was deprived of their homes because of war damages. Social policy of the Polish People’s Republic was based, among others, on...

On April 30, 2020, the Act amending Geodetic and Cartographic Law and some other acts was published. The main reason of the amendment was to specify the rules of geodetic and cartographic works performance and to clarify legal relations between the contractors of the works and the geodetic and cartographic administration bodies. In addition, changes were aimed to facilitate the implementation of geodetic and cartographic works, including reduction of the number of bureaucratic procedures and, consequently, accelerate the entire investment and construction process. A significant change introduced by the new law is the abolition of the obligation to report construction...

Quite recently, the housing market was booming and another record-breaking results were noted in mortgage sales. Increasing wages, stable situation on the labour market and low interest rates encouraged to purchase dwellings and take out housing loans. However, the appearance of the ‘black swan’ in March 2020 - the new coronavirus disease, changed the situation radically. Banks reacted immediately to the risk increase due to uncertainty about the economic effects of COVID-19 epidemic, and significantly tightened lending conditions in March. At present, the lockdown is over and interest in dwellings purchasing is slowly growing, but the reality is now quite...

Due to an outbreak of a COVID-19 epidemic, it is easy to notice some changes in preferences of the housing market participants in Poland. Obligatory lock-down resulted in increased popularity of single-family houses, as well as construction and recreation plots. One of the possible option of ’escaping‘ from the city and the flat, where all inhabitants are forced to spend 24 hours a day, is a purchase of a recreation plot and construction of a small holiday house. According to art. 29 of the act on construction law, in case of detached, single-storied, individual recreation building intended to be used...

‘I will buy a flat. For cash’ - I often find this type of leaflets in my letterbox in a block in Warsaw's Wola. Sometimes there are even a few such announcements per week. All of them read and look similar. Usually they are handwritten and photocopied, signed only by a first name and a contact phone number of an author, who often is interested in a flat for renovation and always adds the ’I will buy for cash’ slogan. What is the point of these announcements?  As it turns out, this is one of the ways how housing “flippers” work. HOUSE...

Coronavirus pandemic and suspended business activity as a result of a global lockdown raise questions about the future. Crisis seems to be unavoidable, but the scale of it is hard to predict yet. On the mortgage market, problems with debt servicing during the following six months will be covered by an option to suspend the whole instalment or its part. But what if some borrowers will not be able to repay their loans after that period? Termination of loan agreements, enforcement proceedings, bailiff auctions? Or maybe a takeover of a property in return for release from a debt? In 2019, Polish...

Nowadays greenery in the city is being referred to as ‘green infrastructure’. It performs an undeniable climate function and it has become very valuable and desirable aspect in humans life. Among other things, greenery is important when choosing the location of a new flat. Building in a compact way, even at the expense of green areas is not uncommon in Poland. The undeniable fact is that the proximity of greenery is what makes the location of the apartment attractive. How that affects the prices? DIAGRAM 1. AVERAGE PRICES OF FLATS NEAR GREEN AREAS AND AVERAGE PRICES IN DISTRICT (PLN/sqm) source:...

In recent discussion about the future of construction and development market and especially the factors affecting the increase of the housing construction costs, it is the new regulation on Technical Conditions that seems to be pointed on more and more frequently. Technical Conditions 2021 (in short ‘WT 2021’) are the new requirements for newly constructed buildings, which will come into force from the beginning of 2021. The legal basis for introduced changes is the Regulation of the Ministry of Transport, Construction and Maritime Economy from the 5th of July 2013, amending former regulation on the technical conditions to be met...

Exceeding the historical maximum nominalhousing prices in most of the largest Polish cities has triggered, by simple analogies to the previous business cycle peak, expectations for their sharp falls, speculation about the rise of the speculative bubble and the prospects of its burst. Current market situation is however decisively different from the one we dealt with almost twelve years ago. Prices in real terms (taking inflation into account) are not high, interest rates are much lower and the level of wages is much higher. Considering these basic differences, the availability of apartments is still much higher than then, even before...

2019 was the second-best year in the history of the developer market in terms of the number of sales of new flats, which amounted to 65.4 thousand. This is only 10% less than in the record year 2017, when the ‘Flat for Youth’ Programme was eligible for application. The annual increase in property prices did not exceed 10%. Despite the price increase, demand was at a high level. The six largest Polish cities were analysed, based on the latest data published by the National Bank of Poland. CHART 1. AVERAGE APARTMENT PRICES PER SQ.M. IN THE SIX LARGEST POLISH CITIES...

Almost every twentieth adult in Poland lives in a flat rented at market prices. It is almost twice as much as 8 years ago. Nevertheless, we are still far from the European leaders. For example, in Switzerland half of the citizens rent apartments at market prices and in Germany or Denmark this percentage is around 40%. CHART 1. SIZE AND STRUCTURE OF THE RENTAL MARKET IN EUROPE IN 2018 (PERCENTAGE OF THE POPULATION) source: own study based on EUROSTAT and OECD data The conservative attitude towards renting in Poland is determined by historical and sociological factors and our country is...

We have been observed slight, systematic increases in dwellings prices in the largest Polish cities for several years, but in recent quarters we have noted an acceleration of this trend, when quarterly increases in both primary and secondary markets have amounted to even 5 - 6%. In Q3 2019 the average transaction prices of 1 sqm of floor area of dwellings in the largest Polish agglomerations increased by approx. 4% - this phenomenon was observed not only in the capital city, but also in Bialystok or Katowice agglomeration. In relation to the same period of 2018, recorded increases amounted to...

The aviation market in Poland is currently in a phase of dynamic development. In recent years, significant increases have been observed in both the passenger traffic and the number of air operations. Furthermore, airport-related areas are constantly expanding. The need to integrate the airport spaces and the nearest situated buildings, the necessity for rational development of areas adjacent to airports, as well as the growing acoustic discomfort of residents were the main reasons for creating Restricted Use Zones (hereinafter referred to as ’RUZ’). According to the definition, RUZ are legally-separated areas which are negatively affected by nearby plants or facilities....