Poland: Apartments completed fell 13.9% y/y and construction starts fell 39.4% y/y in February

The number of apartments completed in February fell 13.9% y/y to 15,838, while on a monthly basis it fell 13.2%, the Central Statistical Office (GUS) reported.

Developers completed 8,433 apartments last month, down 18.5% y/y. On a monthly basis, there was a 19% drop, the GUS also reported.

According to preliminary data, 34.1 thousand housing units were put into operation in January-February 2023, 2.9% less than in the same period of 2022. Developers put into operation 18.8 thousand housing units - 2.4% less than a year ago, while individual investors put into operation 14.8 thousand housing units, 1.7% less. Under these forms of construction, a total of 98.7% of the total newly completed housing units were built. In the other forms of construction, i.e. cooperative, communal, social rental and company construction, a total of 0.5 thousand housing units were completed (compared to 0.8 thousand a year ago).

The usable area of completed apartments totaled 3.3 million sqm, down 3.5% from a year ago, and the average usable area of 1 apartment reached 96.5 sqm, the Authority also reported.

The number of apartments with construction starts fell 39.4% y/y in February

The number of apartments whose construction began in February fell by 39.4% y/y to 10,817, while on a monthly basis it rose by 14.5%, the Central Statistical Office (GUS) reported.

Among developers, the number of housing units whose construction began fell - by 41.8% y/y to 6,588 units, while on a monthly basis it recorded a 13.3% increase, the Office also reported.

In the first two months of 2023, construction began on 20,300 housing units, 31.7% less than a year ago. Developers started construction of 12.4 thousand housing units (33.5% less), and individual investors 7.5 thousand (28.9% less). In total, the share of these forms of construction amounted to 98.3% of the total number of housing units. In other forms of construction, construction of 0.4 thousand housing units was started (similar value in the previous year).

As of the end of February 2023, an estimated 819.2 thousand housing units were under construction, 5.4% less than in the same month of 2022, the Authority also reported.