Tuesday, 13 October 2026
Sales of newly built apartments increased across Poland’s largest cities during the third quarter of 2026, providing further evidence of improving demand in the residential property market. However, the recovery remains uneven, with developers continuing to hold a substantial number of completed properties awaiting purchasers. According to JLL, approximately 12,500 apartments were sold across seven major residential markets between July and September, representing annual growth of 5.7%.
Developers brought approximately 12,800 apartments onto the market during the same period, slightly exceeding the number sold. At the end of September, the combined number of properties available for purchase stood at approximately 70,200. Although new supply and sales were relatively balanced during the quarter, the overall volume of available housing remains considerable, particularly in cities where residential construction has outpaced purchasing activity.
Warsaw continued to account for the largest share of transactions, with approximately 3,900 apartments sold during the quarter. Kraków, Wrocław and Tricity each recorded sales ranging from approximately 1,700 to 2,000 properties. Poznań registered around 1,400 transactions, followed by Łódź with 1,100 and Katowice with approximately 500. Purchasing activity increased towards the end of the quarter, with September accounting for approximately 4,400 sales across the seven markets.
The balance between newly introduced apartments and completed transactions differed between individual cities. In Wrocław, developers marketed approximately 2,000 additional properties while selling around 1,700. Tricity recorded approximately 2,600 new apartments compared with 1,900 sales. By contrast, Kraków and Łódź experienced stronger sales relative to new supply, reducing the number of properties available in those markets.
A more significant issue is the increasing number of apartments that have already been completed but remain without buyers. JLL estimates that more than 17,000 finished properties were available at the end of September, almost double the number recorded a year earlier. Completed apartments represented approximately 25% of all properties offered by developers, compared with 16% in September 2025. The figures indicate that stronger purchasing activity has not yet absorbed the housing delivered during earlier development cycles.
The proportion of finished apartments varies considerably across Poland’s main residential markets. Katowice recorded the highest share at approximately 38%, followed by Łódź at 33%, Poznań at 31% and Kraków at 29%. In Warsaw and Wrocław, completed properties accounted for approximately one-fifth of available housing, while Tricity recorded a substantially lower proportion of slightly more than 10%. These differences reflect varying levels of construction activity and demand across individual cities.
For developers, holding completed apartments for extended periods can increase financial pressure. Properties that remain unsold tie up investment capital and may generate additional maintenance and financing expenses. Where inventories remain elevated, companies may respond by offering more flexible purchasing arrangements, negotiating prices or postponing new developments. However, the available research does not establish that apartment prices are declining across Poland, and the extent of any discounts would require separate transaction-level analysis.
JLL’s estimates also indicate substantial differences in the time needed to sell existing housing inventories. At current sales rates, developers in Łódź would require more than two years to sell their available apartments without introducing additional properties. In Katowice, the equivalent period approaches three years. Such conditions could influence future construction decisions, particularly where developers are already carrying significant volumes of completed housing.
Separate research from Otodom supports the broader improvement in residential purchasing activity. The property platform estimated that approximately 13,100 new apartments were sold across seven major markets during the third quarter, compared with JLL’s figure of 12,500. Although their methodologies differ, both sets of figures indicate that more buyers are returning to the market. Mortgage costs and expectations concerning future interest rates remain important factors influencing purchasing decisions, particularly among households dependent on bank financing.
During the first nine months of 2026, JLL recorded approximately 37,200 apartment sales across the seven markets. The consultancy considers full-year sales of around 50,000 properties achievable, although this would require approximately 12,800 transactions during the final quarter. The outlook for 2027 remains uncertain, with household purchasing power, financing conditions and construction costs likely to influence both demand and the pace of new residential investment.
Poland’s residential sector is therefore entering the final months of 2026 with stronger transaction volumes but unresolved supply pressures. While sales have improved, the accumulation of finished apartments indicates that the market has not returned to balanced conditions everywhere. For developers and investors, the differences between Warsaw, Kraków, Wrocław and smaller regional markets will be important in determining future project launches, pricing strategies and investment priorities.
