Tuesday, 15 September 2026
Murapol expects apartment sales to strengthen during the second half of 2026 as improving access to mortgage finance and demand for more affordable homes support buyer activity across Poland’s major residential markets. The developer is maintaining its objective of approximately 3,300 residential sales for the year and expects the third quarter to produce a better result than the second.
This would mark a change in direction after contracted sales eased during Q2, when 615 homes were sold compared with 715 during the first three months of the year. During the first half of 2026, Murapol recorded 1,330 sales under development and preliminary agreements. Including paid reservations after cancellations, the total reached 1,569 homes, broadly unchanged from the corresponding period of 2025 and putting the company close to halfway towards its full-year objective.
The composition of those sales provides a clearer indication of where demand is currently concentrated. Homes costing less than PLN 600,000 accounted for 76% of Murapol’s first-half sales, suggesting that affordability remains a decisive factor for buyers despite improving financing conditions. Mortgage customers represented 57% of buyers during the period, while cash purchasers accounted for the remaining 43%.
Improving borrowing conditions are helping support demand, although buyers continue to operate in a market with considerable choice. The expected increase in Murapol’s sales should therefore not necessarily be interpreted as evidence of an unrestricted recovery across the Polish residential sector. Available housing remains relatively high and developers continue to compete for buyers on price, location, specification and the overall quality of their projects.
Murapol’s geographical sales pattern also demonstrates the importance of Poland’s large urban markets. Łódź generated 241 contracted sales during the first half, followed by Gdańsk with 192 and Warsaw with 169. The company expects additional projects in Warsaw, Gdańsk and Kraków to contribute to sales activity during the remainder of the year.
The developer has considerable supply available to support that expansion. At the end of June, almost 4,100 homes were being marketed across 15 cities, while 7,489 units were under construction in 99 buildings across 12 cities. Murapol’s land holdings provided capacity for approximately 19,200 additional homes across 18 markets.
The company is increasingly directing its development activity towards Poland’s largest metropolitan areas. More than three quarters of the residential projects under construction for individual buyers are located in major urban markets, while a similar proportion of projects being prepared for future development are concentrated in these locations.
Murapol’s financial results reflect the timing of completions rather than a straightforward increase in activity throughout the first half. Revenue for the six-month period declined 12% year on year to PLN 465.7 million as the number of homes handed over fell to 841. Net profit amounted to PLN 70.1 million.
The second quarter was considerably stronger financially. Revenue reached PLN 323.4 million, approximately 63% higher than a year earlier, while net profit attributable to shareholders increased to PLN 48.4 million from PLN 28.3 million. Operating profit rose to PLN 60.7 million.
The contrast between weaker contracted sales during Q2 and management’s expectations for Q3 makes the coming months particularly important. Murapol is entering the second half with a large available offer and additional projects reaching the market, while maintaining its target of approximately 3,300 sales for the full year.
For the wider Polish residential sector, Murapol’s performance suggests that improving mortgage conditions are beginning to provide support for demand, but buyers remain selective. The concentration of sales below PLN 600,000 indicates that price remains central to purchasing decisions and that developers capable of delivering homes within accessible price ranges may be best positioned to capture any improvement in activity.
Murapol’s expected sales acceleration therefore represents less a signal of a universal housing rebound than evidence of a market gradually becoming more active as financing conditions improve. Whether that improvement develops into a broader recovery will depend on mortgage costs, household purchasing power and the ability of developers to convert Poland’s substantial available housing supply into completed transactions.
