Forecasts for the housing market in 2023. Demand is likely to fall, and real estate prices, even if they fall, will be only slightly [6.01.2022]
War, pandemic, high inflation, restrictions on access to loans – these and other factors have turned the real estate market upside down. With so many unknowns regarding possible scenarios on the real estate market, it is difficult to predict what will happen in 2023. However, most analysts do not expect a significant drop in prices – neither offer nor transaction prices, of course, apart from the occasions that should be more than usual. Such a difficult situation on the market will also mean that the demand for apartments and the number of transactions will either stop at the level of 2022 or even decrease slightly.
According to data from the Credit Information Bureau, in December last year the mortgage market crash deepened even further. BIK recorded an over 60% decrease in inquiries for loans for the purchase of an apartment or house. Due to the lack of loans, the demand for the purchase of flats, both new and on the secondary market, is small, and minus the investment purchases for cash – negligible. Despite this, the prices per square meter have not significantly decreased, and a clear consequence of the economic downturn is that developers have slowed down the pace of building new apartments.
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Among the surveyed Metrohouse real estate agents, a uniform image of the market does not emerge either.
A survey conducted in December among the agents of the largest network of real estate agencies, Metrohouse, shows that they are quite divided when it comes to forecasts regarding the development of prices on the housing market.
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