Keywords: real estate, housing prices, factors, analysis


In recent years the polish real estate market has been characterised by a significant increase in supply and demand. This was facilitated by a number of macroeconomic factors. In recent years, housing has been commissioned as 30 years ago. Therefore, the depth analysis issue of the causes and consequences for the Polish economy of these trends is now relevant. Among the reasons are significant economic growth, low interest rates on loans, rising welfare, low unemployment, stable inflation and, of course, the COVID-19 pandemic. We assess these and other reasons in this article in order to further forecast the real estate market's indicators.

In addition, the Poland society is characterised by a significant proportion of those who want to own housing, not rent it. This is due to historical events and the incomes level of the population, which is still one of the poorest among the European Union member states, therefore real estate ownership is a sign of households' stability and economic security. At the same time, the purchase of housing is influenced by rather low interest rates on loans, which encourage the population to use the opportunities to buy housing on credit. That is why a significant amount of real estate is built for credit resources and purchased in this way.


Download data is not yet available.

Author Biographies

Tetiana Osadcha, Odesa Mechnikov National University

Professor at the Accounting and Taxation Department

Oleksandr Melnychenko, Gdansk University of Technology

Professor at the Department of Finance


Abildgren, K., & Kuchler, A. (2021). Revisiting the inflation perception conundrum. Journal of Macroeconomics, 67, 103264.

Aizenman, J., & Jinjarak, Y. (2009). Current account patterns and national real estate markets. Journal of Urban Economics, 66(2), 75-89.

Ali, S. Z., Anwar, S. (2013). Inflation and interest rates in the presence of a cost channel, wealth effect and agent heterogeneity. Economic Modelling, 31, 286-296.

Bachmann, R., Berg, T. O., & Sims, E. R. (2015). Inflation expectations and readiness to spend: Cross-Sectional evidence. American Economic Journal: Economic Policy, 7 (1), 1-35.

Budowlany tor przeszkód. Retrieved 21.01.2022 from

Budownictwo mieszkaniowe w okresie styczeń-grudzień 2021 r. Retrieved 21.01.2022 from,5,122.html

Buono, I., & Formai, S. (2018). New evidence on the evolution of the anchoring of inflation expectations. Journal of Macroeconomics, 57, 39-54.

Coibion, O., Georgarakos, D., Gorodnichenko, Y., & van Rooij, M. (2019). How does consumption respond to news about inflation? Field evidence from a randomized control trial. NBER Working Paper 26106.

Coibion, O., Gorodnichenko, Y., Kumar, S., & Pedemonte, M. (2020). Inflation expectations as a policy tool? Journal of International Economics, 124, 103297.

Crowe, C., Dell’Ariccia, G., Igan, D., & Rabanal, P. (2013). How to deal with real estate booms: Lessons from country experiences. Journal of Financial Stability, 9(3), 300-319.

Czyżewski, B., Przekota, G., Poczta-Wajda, A. (2017). The incidence of agricultural policy on the land market in Poland: Two-dimensional and multilevel analysis. Land Use Policy, 63, 174-185.

Dräger, L., & Nghiem, G. (2021). Are consumers’ spending decisions in line with an Euler equation? The Review of Economics and Statistics, 103(3), 580-596.

Ewing, B. T., & Payne, J. E. (2005). The response of real estate investment trust returns to macroeconomic shocks. Journal of Business Research, 58(3), 293-300.

Fisher, I. (1930). The Theory of Interest, Macmillan, New York, NY

Gregor, J., Melecký, M. (2018). The pass-through of monetary policy rate to lending rates: The role of macro-financial factors. Economic Modelling, 73, 71-88.

Grum, B., & Govekar, D. K. (2016). Influence of Macroeconomic Factors on Prices of Real Estate in Various Cultural Environments: Case of Slovenia, Greece, France, Poland and Norway. Procedia Economics and Finance, 39, 597-604.

House or flat – owning or renting. Retrieved 21.01.2022 from

Informacja o cenach mieszkań i sytuacji na rynku nieruchomości mieszkaniowych i komercyjnych w Polsce w III kwartale 2021 r. Retrieved 21.01.2022 from

Kose, N., Emirmahmutoglu, F., & Aksoy, S. (2012). The interest rate–inflation relationship under an inflation targeting regime: The case of Turkey. Journal of Asian Economics, 23(4), 476-485.

Kowalczyk, C., Nowak, M., & Źróbek, S. (2019). The concept of studying the impact of legal changes on the agricultural real estate market. Land Use Policy, 86, 229-237.

Li, Y., Qi, Y., Liu, L., Yao, J., Chen, X., Du, T., Jiang, X., & Zhu, D. (2022). Monetary policy and corporate financing: Evidence from different industries. Cities, 122, 103544.

Lian, C., Ma, Y., Wang, C. (2019). Low Interest Rates and Risk-Taking: Evidence from Individual Investment Decisions. The Review of Financial Studies, 32(6), 2107–2148.

Manzhynski, S., Źróbek, S., Batura, O., Zysk, E. (2018). Why the market value of residential premises and the costs of its purchase differ: The examples of Belarus and Poland. Land Use Policy, 71, 530-539.

Melnychenko, O. (2020). Is Artificial Intelligence Ready to Assess an Enterprise’s Financial Security? Journal of Risk and Financial Management, 13, 191.

Melnychenko, O. (2021). The Energy of Finance in Refining of Medical Surge Capacity. Energies, 14, 210.

Melnychenko, O. (2021a). Energy Losses Due to Imperfect Payment Infrastructure and Payment Instruments. Energies, 14, 8213.

Melnychenko, O. (2021b). The Energy of Finance in Refining of Medical Surge Capacity. Energies, 14, 210.

Melnychenko, O. (2013). Economic analysis tools of electronic money and transactions with it in banks. Financial And Credit Activity: Problems Of Theory And Practice, 2(15), 59-66.

Melnychenko, O., & Hartinger, R. (2017). Role of blockchain technology in accounting and auditing. European Cooperation, 9(28), 27 – 34

Osadcha, T., Melnychenko, O., & Spodin, S. (2021). MONEY CIRCULATION IN CONDITIONS OF ENERGY FEVER. European Cooperation, 3(51), 7-33.

Osadcha, T., & Melnychenko, O. (2021). PAYMENT TRANSACTIONS’ ENERGY EFFICIENCY. European Cooperation, 2(50), 18-39.

Shkodina, I., Melnychenko, O., & Babenko, M. (2020). QUANTITATIVE EASING POLICY AND ITS IMPACT ON THE GLOBAL ECONOMY. Financial And Credit Activity-problems Of Theory And Practice, 2, 513-521.

Tanrıvermiş, H. (2020). Possible impacts of COVID-19 outbreak on real estate sector and possible changes to adopt: A situation analysis and general assessment on Turkish perspective. Journal of Urban Management, 9(3), 263-269.

Vatamanyuk-Zelinska, U., & Melnychenko, O. (2020). The effectiveness of financial and economic regulation of land relations in the context of stimulating entrepreneurial activity in the regions of Ukraine. Problems And Perspectives In Management, 18, 11-27.

W 2019 r. oddano do użytkowania ponad 200 tys. mieszkań, czyli najwięcej od 1980 roku. Retrieved 21.01.2022 from

Zhang, C. (2013). Money, housing, and inflation in China. Journal of Policy Modeling, 35(1), 75-87.

Осадча, Т. С., Мельниченко О. В. (2021). Ринок страхування життя ЄС в умовах змін клімату. Вісник Черкаського національного університету імені Богдана Хмельницького, 3, 4-14.

Осадча, Т. С. (2016a). Методологія бухгалтерського обліку та аналізу ренти: монографія. Житомир: ПП «Рута», 292 с.

Осадча, Т. С. (2016b). Глобалізація та розвиток бухгалтерського обліку. Економічні науки: збірник наукових праць/Серія «Облік і фінанси», 13(49), 145-151.

How to Cite
Osadcha, T., & Melnychenko, O. (2022). CURRENT SITUATION ON THE POLAND REAL ESTATE MARKET. European Cooperation, 1(53), 20-30.

Most read articles by the same author(s)