NEWS
4th September 2006 - Poland\'s mortgage boom
The first half of 2006 saw the value of mortgages granted in Poland rise by 13bn PLN compared to the same period last year.
Analysts point to the booming demand for new flats and houses which began after Poland’s accession to the European Union in mid 2004.
Four main factors have contributed to the boom: rising incomes and more jobs, low interest rates,
Confidence that the improvement in the macroeconomic situation is permanent, and easing of restrictions by the banks on mortgage applicants.
The combination of higher incomes and lower interest rates saw the credit scoring of Polish households grow by 75% between 2001 and 2005, which has resulted in a rapid increase of mortgages, and their share in the Polish real estate market growing from 20% to 60%. Unsurprisingly, the biggest demand for new flats and housing has been recorded in large Polish cities such as Warsaw, Krakow, Katowice, Wroclaw, Poznan, Lublin, Lodz, and the Tri-Cities.
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