The Warsaw real estate market is the largest and most expensive market in Poland. Based on the data otodom.pl let’s look at the established price for the purchase and rental of apartments in different areas of the Polish capital following the results of the 1st quarter of this year.
Average prices for apartments in Warsaw
To begin with, let’s take a look at the general state of affairs in the Warsaw apartment market.
According to Narodowy Bank Polski according to the results of the 1st quarter of 2024, average prices for apartments in Warsaw were set at the following level: for the primary market – 15,888 PLN/sq.m (3666 EUR/sq.m), which is 6.4% more than in the previous period, for the secondary market – 14,380 PLN/sq.m (3318 EUR/sq.mm), +5.2% compared to the previous period. The price difference between the primary and secondary market is 10.5% in favor of the primary market.
Average price per square meter, PLN/sq.m.
It is also important to note that the number of apartments for sale is growing on the market, as evidenced by the data on the number of sales offers on the Otodom and Olx websites. Since the beginning of the year, the number of apartments for sale has increased 1.5 times and exceeded last year’s figures.
Dynamics of changes in the number of sales offers – Olx
Dynamics of changes in the number of sales offers – Otodom
Average prices for the purchase of apartments by districts of Warsaw
Warsaw is divided into 18 districts, which differ in such parameters as the number of inhabitants, area, building density, level of infrastructure development, location and many other factors. All this has a direct impact on the cost of housing in these areas.
Traditionally, the most expensive areas to buy an apartment are Śródmieście, Wola, Żoliborz, Mokotów. Prices here in both the primary and secondary markets are superior to other areas.
Śródmieście is the central and most prestigious district of the Polish capital. It includes the Old and the New City, the newest buildings that appeared after the Second World War. It is here that the Warsaw skyscrapers Złota 44, the Palace of Culture and Science, Cosmopolitan Twarda 4, Chmielna 35, as well as many museums and other attractions are located.
All of the above makes Śródmieście the cultural and business center of the capital and forms a high price tag for housing. The average price per square meter in the primary market is 28.786 PLN/sq.m (about 6642 EUR/sq.m), in the secondary market 23.404 PLN/sq.m (5400 EUR/sq.m).
Wola – this area, like Śródmieście, boasts skyscrapers and attractions. Such skyscrapers as Varso Tower, Warsaw Spire, Warsaw Trade Tower and others are located here. The most famous cultural attraction in the area is the Warsaw Uprising Museum. There are also many modern residential complexes located here: Capital Art Apartments, Browary Warszawskie, 19; Dzielnica and others.
Thanks to all these data, the Wola district has earned the status of a prestigious one, and housing prices in it correspond to the status. In the primary market, the average price per square meter is 27.074 PLN/sq.m (6248 EUR/sq.m), in the secondary market — 20.681 PLN/sq.m (4772 EUR/sq.m).
Żoliborz is the smallest district in Warsaw by area. Probably the greenest area of the capital, which is known for its parks. Also, Żoliborz is located near the center, which allows you to get there quickly. Żoliborz is an excellent choice for those who want to live in a quiet area with a variety of parks and at the same time have the opportunity to be in the center in a short time.
The prices for apartments here are as follows: in the primary market – 24,171 PLN/sq.m (5578 EUR/sq.m), in the secondary market – 20,092 PLN/sq.m (4636 EUR/sq.m).
Mokotów is one of the largest districts of Warsaw, which has the most inhabitants. It has a lot of squares and parks.
The average price per square meter in the Mokotów area is 21.182 PLN/sq.m (4888 EUR/sq.m) for the primary market and 19.374 PLN/sq.m (4471 EUR/sq.m) for the secondary market.
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The cheapest areas of Warsaw to buy a home are Rembertów, Wawer, Wesoła. All three districts are similar to each other, they are located next to each other in the southeastern part of Warsaw. These districts have the lowest population density among all districts of the Polish capital. The population density in them ranges from 1080-1300 people/sq. km, in most other areas the population density ranges from 2,100 to 7,000 people/sq. km. It is worth noting that the most densely populated areas are Praga-Południe and Ochota — the population density in them is about 8350 people/sq. km.
If you like a quiet and measured life away from the noise of the big city and the distance from the center does not bother you, then these areas are for you. The districts are developing and being built up with modern residential complexes at an affordable price, and are overgrown with new infrastructure. The advantage is that these areas include many different parks, squares and forests.
The average price per square meter in the primary market in these areas ranges from 12,119 to 15,508 PLN/sq.m (from 2797 to 3579 EUR/sq.m), in the secondary market from 13,390 to 13,495 PLN/sq.m (from 3090 to 3114 EUR/sq.m).
Below is the average price per square meter in the primary market in the districts of Warsaw
Below is the average price per square meter in the secondary market in the districts of Warsaw
Rental market and real estate investments
In the 1st quarter of 2024, rental rates decreased in 12 of the 18 districts of Warsaw. Depending on the area, the decrease ranged from -0.1% in the Mokotów area and to -12.3% in the Rembertów area.
The growing supply of rental apartments has a great influence on the reduction of rental rates. Thus, the number of rental offers on the Otodom website has increased by 18% since the beginning of the year, on the Olx website the growth was 43%.
Dynamics of changes in the number of rental offers – Otodom
Dynamics of changes in the number of rental offers – Olx
Below is the average monthly rent for an apartment of 40-60 sq.m in the districts of Warsaw.
The increase in the number of available apartment rental offers on the market, along with a decrease in rental rates, is good news for potential tenants. In turn, for people who invest in real estate for the purpose of renting, this news is not so pleasant. After all, when apartment prices rise on the market and rental rates decrease, this leads to a decrease in rental yields. Thus, according to the results of the 1st quarter of 2024, the average return on investment from investments in apartments in Warsaw was 4.6%, in turn, in the 4th quarter of 2024, the average return on investment was 4.9%.
Frequently Asked questions about real estate prices in Warsaw
What is the average price per square meter of housing in Warsaw?
According to data for the 1st quarter of 2024, the average price in the primary market is 15,888 PLN/sq.m (3666 EUR/sq.m), in the secondary market — 14,380 PLN/sq.m (3318 EUR/sq.m).
Which areas of Warsaw are considered the most expensive to buy a home in?
The most expensive areas are traditionally Śródmieście, Wola, Żoliborz and Mokotów.
Where can I find the most affordable housing in Warsaw?
The most affordable areas for home purchase are Rembertów, Wawer and Wesoła, located in the southeastern part of the city.
How have real estate prices changed in Warsaw over the past year?
Compared to the previous period, prices in the primary market increased by 6.4%, and in the secondary market — by 5.2%.
How has the number of offers for the sale of apartments in Warsaw changed?
Since the beginning of the year, the number of apartments for sale has increased 1.5 times and exceeded last year’s figures.
What are the trends in the rental market in Warsaw?
In the 1st quarter of 2024, there was a decrease in rental rates in most districts of Warsaw, while the number of rental offers increased.
What is the average return on investment in real estate in Warsaw?
According to the results of the 1st quarter of 2024, the average return on investment from investments in apartments in Warsaw was 4.6%.
Author
Roman Tomashevich Analyst
I show the situation on the real estate market in graphs and figures.
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